Full text of Business Conditions Digest : January 1987
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BUSINESS CONDITIONS DIGEST JANUARY 1987 U.S. DEPARTMENT OF COMMERCE Malcolm Baldrige, Secretary Robert Ortner, Under Secretary for Economic Affairs BUREAU OF ECONOMIC ANALYSIS Allan H. Young, Director Carol S. Carson, Deputy Director Edward K. Smith, Associate Director for National Analysis and Projections Feliks Tamm, Editor This report is prepared in the Statistical Indicators Division of the Bureau of Economic Analysis. Technical staff and their responsibilities for the publication are— Barry A. Beckman—Technical supervision and review Brian D. Kajutti—Composite indexes Mary D. Young—Data collection and compilation (Phone: 202-523-0541) The cooperation of Government and private agencies that provide data is gratefully acknowledged. Agencies furnishing data are indicated in the list of series titles and sources at the back of this report. This publication is prepared under the general guidance of a technical committee consisting of the following persons: Ronald E. Kutscher, Acting Chairman, Bureau of Labor Statistics, U.S. Department of Labor Ahmad Al-Samarrie, Office of Management and Budget John H. Auten, U.S. Department of the Treasury Andrea Kusko, Board of Governors of .theJFederal Reserve System Edward K. Smith, Bureau of Economic Analysis, U.S. Department of Commerce Charles A. Waite, Bureau of the Census, U.S. Department of Commerce ABOUT THIS REPORT BUSINESS CONDITIONS DIGEST (BCD) provides a monthly look at many of the economic time series found most useful by business analysts and forecasters. The original BCD, which began publication in 1961 under the title Business Cycle Developments, emphasized the cyclical indicators approach to the analysis of business conditions and prospects. The report's contents were based largely on the list of leading, roughly coincident, and lagging indicators maintained by the National Bureau of Economic Research, Inc. In 1968, BCD was expanded to increase its usefulness to analysts using other approaches to business conditions analysis. Principal additions to the report were series from the national income and product accounts and series based on surveys of businessmen's and consumers' anticipations and intentions. The composite indexes were added at that time, and the report's present title was adopted. The dominant feature of the current BCD is the cyclical indicators section, in which each business cycle indicator is assigned a three-way timing classification according to its behavior at peaks, at troughs, and at all turns. This section is supplemented by a section containing other important economic measures. The method of presentation is explained in the introductory text which begins on page 1. Annual subscription price: $44.00 domestic, $55.00 foreign. Single copy price: $4.00 domestic, $5.00 foreign. Foreign airmail rates are available on request. Address correspondence Most of the data contained in this report also are published by their source agencies. A series finding guide and a complete list of series titles and sources can be found at the back of the report. Cyclical Indicators are economic time series which have been singled out as leaders, coinciders, or laggers based on their general conformity to cyclical movements in aggregate economic activity. In this report, cyclical indicators are classified both by economic process and by their average timing at business cycle peaks, at business cycle troughs, and at peaks and troughs combined. These indicators have been selected primarily on the basis of their cyclical behavior, but they also have proven useful in forecasting, measuring, and interpreting short-term fluctuations in aggregate economic activity. Other Economic Measures provide additional information for the evaluation of current business conditions and prospects. They include selected components of the national income and product accounts; measures of prices, wages, and productivity; measures of the labor force, employment, and unemployment; economic data on Federal, State, and local government activities; measures of U.S. international transactions; and selected economic comparisons with major foreign countries. concerning subscriptions to Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. Make checks payable to Superintendent of Documents. BCII PART II. OTHER IMPORTANT ECONOMIC MEASURES Al A2 A3 A4 A5 _A6_ A7 A8 NATIONAL INCOME AND PRODUCT GNP and Personal Income Personal Consumption Expenditures Gross Private Domestic Investment Government Purchases of Goods and Services Foreign Trade National Income and Its Components Saving Shares of GNP and National Income Chart 40 41 42 43 44 45 46 47 Table 80 80 81 81 82 82 82 83 48 49 84 87 51 89 . 52 53 90 90 56 57 92 93 58 59 59 94 95 96 PRICES, WAGES, AND PRODUCTIVITY Bl B2 Price Movements Wages and Productivity LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT Civilian Labor Force and Major Components GOVERNMENT ACTIVITIES Receipts and Expenditures Defense Indicators U.S. INTERNATIONAL TRANSACTIONS Merchandise Trade Goods and Services Movements INTERNATIONAL COMPARISONS Industrial Production Consumer Prices Stock Prices PART III. APPENDIXES A. MCD and Related Measures of Variability (See 1984 Handbook of Cyclical Indicators) QCD and Related Measures of Variability (See 1984 Handbook of Cyclical Indicators) B. Current Adjustment Factors (December 1986 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 (October 1986 issue) G. Experimental Data and Analyses Alphabetical Index—Series Finding Guide Titles and Sources of Series 97 104 105 110 114 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 in 1 1 1 1 4 5 5 6 JANUARY 1 9 8 7 Data Through December Volume 27, Number 1 PART I. CYCLICAL INDICATORS Al A2 A3 A4 COMPOSITE INDEXES AND THEIR COMPONENTS Composite Indexes Leading Index Components Coincident Index Components Lagging Index Components Bl B2 B3 B4 B5 B6 B7 CYCLICAL INDICATORS BY ECONOMIC PROCESS Employment and Unemployment Production and Income Consumption, Trade, Orders, and Deliveries Fixed Capital Investment Inventories and Inventory Investment Prices, Costs, and Profits Money and Credit Chart 10 12 14 15 Table 60 — — — 16 19 21 23 26 28 31 61 63 64 65 68 69 71 36 — 39 74 77 — DIFFUSION INDEXES AND RATES OF CHANGE Cl C2 C3 Diffusion Indexes Selected Diffusion Index Components Rates of Change The Secretary of Commerce has determined that the publication of this periodical is necessary in the transaction of the public business required by law of this Department. Use of funds for printing this periodical has been approved by the Director of the Office of Management and Budget through September 30, 1987. 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, DC 20230 NEW FEATURES AND CHANGES FOR THIS ISSUE A limited number of changes are made from time to time to incorporate recent findings of economic research, newly available time series, and Changes in this issue are as follows: revisions made by 1. The Bureau of Economic Analysis plans to make a change in the calculation of the composite index of leading indicators (series 910) effective with the publication of the February index in the March 1987 issue of BCD. At that time, the series on net business formation (series 12) will be suspended from the index. This suspension is necessary because this series has deteriorated as a measure of change in the business population, primarily because of the poor quality of one component of the series and the unavailability of data of another component in time for inclusion in the initial release. If net business formation had been excluded from the index now, the index would have increased 2.4 percent in December, 1.2 percent in November, and 0.8 percent in October. The composite index of capital investment commitments (series 914), of which net business formation also is a component, will be discontinued in the March issue. 2. The series on employment and unemployment in the civilian labor force (series 37, 42-44, 90, 91, 441, 442, 444-448, and 451-453) have been revised by the source agency for the period 1982 to date. These revisions reflect the application of updated seasonal adjustment factors. 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. 3. Appendix C contains historical data for series 25, 31, 38, 39, 65, 78, 93, 94, 96, 104, 109, 548, 910, 920, and 930. 4. Appendix G contains cyclical comparisons for series 1, 30, 47, and 50. The February issue of BUSINESS CONDITIONS DIGEST is scheduled for release on March 9. H I source agencies in concept, composition, comparability, coverage, seasonal adjustment methods, benchmark data, etc. Changes may result in revisions of data, additions or deletions of series, changes in placement of series in relation to other series, changes in composition of indexes, etc. COMPUTER USERS: YOU ARE INVITED TO TAP-IN TO OF THE U.S. DEPARTMENT OF COMMERCE A one-stop source for CURRENT ECONOMIC INFORMATION For access to the latest releases from the Bureau of Economic Analysis, the Bureau of the Census, the Bureau of Labor Statistics and other Federal agencies on such topics as: • • • • Gross National Product The Employment Situation Personal Income Consumer Price Index Also available are • Summaries of economic news from the Department of Commerce • Economic Indicators • Foreign trade data • Special economic studies and reports • Listings of new publications and data bases from the Office of Business Analysis, Bureau of Economic Analysis, Bureau of the Census, National Technical Information Service. 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Name Organization Address City, State, ZIP NTIS will use the information you furnish on this form to process your request or order and to inform you about other NTIS products and services. The collection of this information is authorized by U.S.C. 1151-1157. METHOD OF PAYMENT • Enclosed is my check to NTIS for $ • Enclosed is Purchase Order No. • Charge my NTIS Deposit Account No. Charge to: • American Express • VISA • MasterCard Card No. Exp. Date Signature (Required to Validate Order) Occupation Telephone Bank card and NTIS Deposit Account holders may register for immediate access by calling 703-487-4630 OR RETURN THIS FORM TO: U.S. DEPARTMENT OF COMMERCE National Technical Information Service 5285 Port Royal Road Springfield, VA 22161 BBC METHOD OF PRESENTATION This report is organized into two major parts. Part I, Cyclical Indicators, includes about 150 time series which have been found to conform well to broad fluctuations in comprehensive measures of economic activity. Nearly three-fourths of these are individual indicators, the rest are related analytical measures: Composite indexes, diffusion indexes, and rates of change. Part II, Other Important Economic Measures, covers over 140 series which are valuable to business analysts and forecasters but which do not conform well enough to business cycles to qualify as cyclical indicators. (There are a few exceptions: Four series which are included in part I are also shown in part II to complete the systematic presentation of certain sets of data, such as real GNP and unemployment.) The largest section of part II consists of quarterly series from the national income and product accounts; other sections relate to prices, labor force, government and defense-related activities, and international transactions and comparisons. The two parts are further divided into sections (see table of contents), and each of these sections is described briefly in this introduction. Data are shown both in charts and in tables. Most charts begin with 1962, but those for the composite indexes and their components (part I, section A) begin with 1950, and a few charts use a two-panel format which covers only the period since 1975. Except for section F in part II, charts contain shading which indicates periods of recession in general business activity. The tables contain data for only the last few years. The historical data for the various time series are contained in the 1984 Handbook of Cyclical Indicators. In addition to the charts and tables described above, each issue contains a summary table which shows the current behavior of many of the series. Appendixes present seasonal adjustment factors, measures of variability, specific cycle turning dates, cyclical comparison charts, and other information of analytical interest. An index appears at the back of each issue. It should be noted that the series numbers used are for identification purposes only and do not reflect precise relationships or order. However, all series considered as cyclical indicators are numbered in the range 1 to 199. Seasonal Adjustments Adjustments for average seasonal fluctuations are often necessary to bring out the underlying trends of time series. Such adjustments allow for the effects of repetitive intrayear variations resulting primarily from normal differences in weather conditions and from various institutional arrangements. Variations attributable to holidays are usually accounted for by the seasonal adjustment process; however, a separate holiday adjustment is occasionally required for holidays with variable dates, such as Easter. An additional adjustment is sometimes necessary for series which contain considerable variation due to the number of working or trading days in each month. As used in this report, the term "seasonal adjustment" includes trading-day and holiday adjustments where they have been made. Most of the series in this report are presented in seasonally adjusted form and, in most cases, these are the official figures released by the source agencies. However, for the special purposes of this report, a number of series not ordinarily published in seasonally adjusted form are shown here on a seasonally adjusted basis. MCD Moving Averages Month-to-month changes in a series are often dominated by erratic movements. MCD (months for cyclical dominance) is an estimate of the appropriate span over which to observe cyclical movements in a monthly series. (See appendix A.) It is the smallest span of months for which the average change in the cyclical factor is greater than that in the irregular factor. The more erratic a series is, the larger the MCD will be; thus, MCD is 1 for the smoothest series and 6 for the most erratic. MCD moving averages (that is, moving averages of the period equal to MCD) tend to have about the same degree of smoothness for all series. Thus, a 5-term moving average of a series with an MCD of 5 will show its cyclical movements about as clearly as the seasonally adjusted data for a series with an MCD of 1. The charts in this report generally include centered MCD moving averages for those series with an MCD greater than 4. The seasonally adjusted data are also plotted to indicate their variation about the moving averages and to provide observations for the most recent months. Reference Turning Dates The historical business cycle turning dates used in this report are those designated by the National Bureau of Economic Research, Inc. (NBER). They mark the approximate dates when, according to NBER, aggregate economic activity reached its cyclical high or low levels. As a matter of general practice, neither new reference turning dates nor the shading for recessions will be entered on the charts until after both the new reference peak and the new reference trough bounding the shaded area have been designated. The historical reference turning dates are subject to occasional reviews by NBER and may be changed as a result of revisions in important economic time series. The dates shown in this publication for the 1948-70 time period are those determined by a 1974 review. Since then, NBER has designated turning points for recessions in 1973-75, 1980, and 1981-82. Part I. CYCLICAL INDICATORS Business cycles have been defined as sequences of expansion and contraction in various economic processes that show up as major fluctuations in aggregate economic activity—that is, in comprehensive measures of production, employment, income, and trade. While recurrent and pervasive, business cycles of historical experience have been definitely nonperiodic and have varied greatly in duration and intensity, reflecting changes in economic systems, conditions, policies, and outside disturbances. One of the techniques developed in business cycle research and widely used as a tool for analyzing current economic conditions and prospects is the cyclical indicators approach. This approach identifies certain economic time series as tending to lead, coincide with or lag behind the broad movements in aggregate economic activity. Such indicators have been selected and analyzed by NBER in a series of studies published between 1938 and 1967. During the 1972-75 period, a new comprehensive review of cyclical indicators was carried out by the Bureau of Economic Analysis (BEA) with the cooperation of the NBER research staff. The present format and content of part I of BCD are based on the results of that study. Section A. Composite Indexes and Their Components All cyclical indicators have been evaluated according to six major characteristics: Economic significance, statistical adequacy, consistency of timing at business cycle peaks and troughs, conformity to business expansions and contractions, smoothness, and prompt availability (currency). A formal, detailed weighting scheme was developed and used to assess each series by all of the above criteria. (See articles in the May and November 1975 issues of BCD.) The resulting scores relate to cyclical behavior of the series during the period 1947-70. This analysis produced a new list of indicators classified by economic process and typical timing at business cycle peaks and troughs. (See tables on page 2 and text below relating to section B.) This information, particularly the scores relating to consistency of timing, served as a basis for the selection of series to be included in the composite indexes. The indexes incorporate the best-scoring series from many different economic-process groups and combine those with similar timing behavior, using their overall performance scores as weights. Because they use series of historically tested usefulness and given timing characteristics (for example, leading at both peaks and troughs), with diversified economic coverage and a minimum of duplication, composite indexes give more reliable signals over time than do any of the individual indicators. Furthermore, much of the Cross-Classification of Cyclical Indicators by Economic Process and Cyclical Timing A. Timing at Business Cycle Peaks N. \ . Economic Process Cyclical^ Timing N^^ LEADING (L) INDICATORS (61 series) ROUGHLY COINCIDENT (C) INDICATORS (24 series) 1. EMPLOYMENT AND UNEMPLOYMENT (15 series) II. PRODUCTION AND INCOME (10 series) III. CONSUMPTION, TRADE, ORDERS, AND DELIVERIES (13 series) IV. FIXED CAPITAL INVESTMENT (19 series) V. INVENTORIES AND INVENTORY INVESTMENT ( 9 series) VI. PRICES, COSTS, AND PROFITS (18 series) VII. MONEY AND CREDIT (28 series) Marginal employment adjustments " (3 series) Job vacancies (2 series) Comprehensive employment (1 series) Comprehensive unemployment (3 series) Capacity utilization (2 series) Orders and deliveries (6 series) Consumption and trade (2 series) Formation of business enterprises (2 series) Business investment commitments (5 series) Residential construction (3 series) inventory investment (4 series) Inventories on hand and on order (1 series) Stock prices (1 series) Sensitive commodity prices (2 series) Profits and profit margins (7 series) Cash flows (2 series) Money (5 series) Credit flows (5 series) Credit difficulties (2 series) Bank reserves (2 series) Interest rates (1 series) Comprehensive employment (1 series) Comprehensive output and income (4 series) Industrial production (4 series) Consumption and trade (4 series) Business investment commitments (1 series) Business investment expenditures (6 series) LAGGING (Lg) INDICATORS (19 series) TIMING UNCLASSIFIED (U) (8 series) Business investment expenditures (1 series) Comprehensive unemployment (2 series) Comprehensive employment Consumption and trade (1 series) Velocity of money (2 series) Interest rates (2 series) Business investment commitments (1 series) (3 series) Unit labor costs and iabor share (4 series) Interest rates (4 series) Outstanding debt (4 series) Sensitive commodity prices ( 1 series) Profits and profit margins ( 1 series) Inventories on hand and on order (4 series) Interest rates (1 series) B. Timing at Business Cycle Troughs Cyclical ^ \ Timing N^^ 1. EMPLOYMENT AND UNEMPLOYMENT (15 series) II. PRODUCTION AND INCOME (10 series) III. CONSUMPTION, TRADE, ORDERS, AND DELIVERIES (13 series) IV. FIXED CAPITAL INVESTMENT (19 series) V. INVENTORIES AND INVENTORY INVESTMENT (9 series) VI. PRICES, COSTS, AND PROFITS (18 series) VII. MONEY AND CREDIT (28 series) Marginal employment adjustments (1 series) \ v ^ Economic \ ^ Process Industrial production ( I series) Orders and deliveries (5 series) Consumption and trade (4 series) Formation of business enterprises (2 series) Business investment commitments (4 series) Residential construction (3 series) Inventory investment (4 series) Stock prices ( I series) Sensitive commodity prices (3 series) Profits and profit margins (6 series) Cash flows ( 2 series) Money (4 series) Credit flows (5 series) Credit difficulties (2 series) Marginal employment adjustments (2 series) Comprehensive employment (4 series) Comprehensive output and income (4 series) industrial production (3 series) Capacity utilization (2 series) Consumption and trade (3 series) Business investment commitments (1 series) Profits and profit margins ( 2 series) Money ( 1 series) Velocity of money (1 series) Orders and deliveries (1 series) Business investment commitments (2 series) Business investment expenditures (7 series) Unit labor costs and iabor share Velocity of money (1 series) Bank reserves ( 1 series) Interest rates (8 series) Outstanding debt (4 series) LEADING (L) INDICATORS (47 series) ROUGHLY COINCIDENT (C) INDICATORS (23 series) LAGGING (Lg) INDICATORS vl\v • I lyivn 1 /41 cpripc^ TIMING UNCLASSIFIED (U) (1 series) lob vacancies (2 series) Comprehensive employment (1 series) Comprehensive unemployment (5 series) Inventories on hand and on order (5 series) (4 series) Bank reserves (1 series) independent measurement error and other "noise" in the included series are smoothed out in the index as a whole. The indexes include only monthly series that are acceptable in terms of relatively prompt availability and reasonable accuracy. The main composite indexes are distinguished by their cyclical timing. Thus, there is an index of leading indicators, series which historically reached their cyclical peaks and troughs earlier than the corresponding business cycle turns. There is an index of roughly coincident indicators, consisting of series which historically reached their turning points at about the same time as the general economy, and an index of lagging indicators, which includes series that typically reached their peaks and troughs later than the corresponding business cycle turns. The leading index contains series with long as well as short leads, but each series leads on the average over time and shows a frequency of leads at the individual turns exceeding that attributable to chance, given the historical distribution of cyclical timing. (An analogous statement applies to the components of the lagging index.) Since 1948, leads were generally more frequent and longer at peaks than at troughs of business cycles, while lags were generally more frequent and longer at troughs than at peaks. The adopted system of scoring and classifying the indicators takes into account these well-established differences in timing. Consequently, rough coincidences include short leads (-) and lags ( + ) as well as exact coincidences (0). (For monthly series, the range is from -3 through + 1 at peaks and from -1 through + 3 at troughs, where minus denotes leads and plus denotes lags in months.) For purposes of constructing a composite index, each component series is standardized: The monthto-month percent changes in a given series are divided by the long-run average (without regard to sign) of those changes. Thus, the more volatile series are prevented from dominating the index. The coincident index is calculated so that its longterm trend (since 1948) equals the average of the trends of its four components. This trend, which is similar to that of GNP in constant dollars, can be viewed as a linear approximation to the secular movement (at an average growth rate) in aggregate economic activity. The indexes of leading and lagging indicators have been adjusted so that both their trends and their average month-to-month percent changes (without regard to sign) are approximately equal to those of the coincident index. (For a more detailed description of the method of constructing the composite indexes, see the 1984 Handbook of Cyclical Indicators.) In addition to these principal composite indexes, differentiated according to cyclical timing, there are five indexes based on leading indicators which have been grouped by economic process. Taken together, these additional indexes include all 12 component series of the overall leading index, plus a few related series. Also shown in this section is the ratio of the index of roughly coincident indicators to the index of lagging indicators, a series known to have a useful pattern of early cyclical timing. Numbers entered on the charts of the composite indexes show the length, in months, of leads (-) and lags ( + ) at each of the reference turning dates covered. The next set of data consists of series included in the principal composite indexes. These are the 12 components of the leading index, the 4 components of the coincident index, and the 6 components of the lagging index. Following the title of each series, its typical timing is identified by three letter symbols in a small box. The first of these letters refers to the timing of the given indicator at business cycle peaks, the second to its timing at business cycle troughs, and the third to its timing at all turns, i.e., at peaks and troughs combined. " L " denotes a tendency to lead, "C" a tendency to roughly coincide with the business cycle turns (as represented by the 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 period since 1970 can be determined by inspection of the charts, where the recessions of 1973-75, 1980, and 1981-82 are shaded according to the dates of the NBER reference cycle chronology. Section B. Cyclical Indicators by Economic Process This section covers 112 individual time series, including the 22 indicators used in the construction of the composite indexes. The peak and trough timing classifications are shown on the charts in the same manner as described above, but this section includes series with different timing at peaks and at troughs, as well as series where the timing is not sufficiently consistent to be classified as either L,C, or Lg according to the probabilistic measures and scoring criteria adopted. Such series are labeled U, i.e., unclassified as to timing at turning points of the given type. Eight series are unclassified at peaks, one series at troughs, and 19 series at all turns (of the 19, 15 have definite but different timing at peaks and at troughs). No series that is classified as U both at peaks and at troughs is included in the list of cyclical indicators. The classification scheme which groups the indicators of this section by economic process and cyclical timing is summarized in the two tabulations on page 2. Cross-classification A is based on the observed behavior of the series at five business cycle peaks (November '48, July '53, August '57, April '60, and December '69); crossclassification B, on their behavior at five business cycle troughs (October '49, May '54, April '58, February '61, and November 70). Each tabulation distinguishes seven major economic processes and four types of cyclical timing. The titles in the cells identify subgroups of the given economic process with the given timing characteristic. The number of series in each such group is given in parentheses following the title. Complete information on how individual indicators are classified by timing at peaks, troughs, and all turns, along with selected measures and scores, is provided in the 1984 Handbook of Cyclical Indicators. Section C. Diffusion Indexes and Rates of Change Many series in this report are aggregates compiled from numerous components. How the individual components of an aggregate move over a given timespan is summarized by a diffusion index which indicates the percentage of components that are rising (with half of the unchanged components considered rising). Cyclical changes in these diffusion indexes tend to lead those of the corresponding aggregates. Since diffusion indexes are highly erratic, they are computed from changes measured over 6- or 9-month (or 3- or 4-quarter) spans, as well as 1-month (or 1-quarter) spans. Longer spans help to highlight the trends underlying the shorter-term fluctuations. Diffusion indexes are shown for the component series included in each of the three composite indexes and for the components of some of the aggregate series shown in section B. Diffusion measures can be derived not only from actual data but also from surveys of anticipations or intentions. Indexes based on responses of business executives about their plans and expectations for several operating variables are presented, along with the corresponding indexes based on actual data, as the last set of diffusion series. This section also records rates of change for the three composite indexes (leading, coincident, and lagging) and for four indicators of aggregate economic activity: GNP in constant dollars (quarterly), industrial production, employee hours in nonagricultural establishments, and personal income less transfers in constant dollars. Rates of change are shown for 1- and 3-month spans or for 1-quarter spans. Although movements in diffusion indexes and in rates of change for the same aggregates are generally positively correlated, these two measures present information about two related but distinct aspects of economic change. Diffusion indexes measure the prevailing direction or scope of change, while rates of change measure the degree as well as the overall direction. As is the case for diffusion indexes, cyclical movements in the rates of change tend to lead those of the corresponding indexes or aggregates, and thus, they tend to lead at the business cycle turns as well. Part II. OTHER IMPORTANT ECONOMIC MEASURES This part is divided into six sections which cover a wide range of quarterly and monthly time series measuring various aspects of economic activity. Some of these series are very comprehensive, pertaining to the U.S. economy as a whole, others have to do with particular sectors or markets, and still others relate to U.S. international transactions or to selected foreign countries. The represented variables include incomes, outputs, and expenditures; prices, earnings, and productivity; labor resources; government receipts, expenditures, and defense-related activities; exports and imports; and selected indicators for a few key foreign countries. Section A. National Income and Product The national income and product accounts, compiled by BEA, summarize both receipts and final expenditures for the personal, business, foreign, and government sectors of the economy. Section Al shows the gross national product, final sales, and personal and disposable personal income. The four major components of the gross national product—personal consumption expenditures, gross private domestic investment, government purchases of goods and services, and net exports of goods and services—are presented in sections A2 through A5. Most of the series in section A are presented in current as well as constant dollars. There are also a few per capita series. The national income and product accounts, briefly defined below, are described more fully in the Survey of Current Business, Part I, January 1976. Gross national product (GNP) is the market value of final goods and services produced by the labor and property supplied by residents of the United States, before deduction of allowances for the consumption of fixed capital goods. It is the most comprehensive measure of aggregate economic output. Final sales is GNP less change in business inventories. Personal income is the income received by persons (individuals, owners of unincorporated businesses, nonprofit institutions, private trust funds, and private noninsured welfare funds) from all sources. It is the sum of wage and salary disbursements, other labor income, proprietors' income, rental income of persons, dividends, personal interest income, and transfer payments, less personal contributions for social insurance. Disposable personal income is the personal income available for spending or saving. It consists of personal income less personal taxes and nontax payments to government. Personal consumption expenditures (A2) is goods and services purchased by individuals, operating expenses of nonprofit institutions, and the value of food, fuel, clothing, rent of dwellings, and financial services received in kind by individuals. Net purchases of used goods are also included. Gross private domestic investment (A3) is fixed capital goods purchased by private business and nonprofit institutions and the value of the change in the physical volume of inventories held by private business. The former include all private purchases of dwellings, whether purchased for tenant or owner occupancy. Net purchases of used goods are also included. Government purchases of goods and services (A4) is the compensation of government employees and purchases from business and from abroad. It excludes transfer payments, interest paid by government, and subsidies. It includes gross investment by government enterprises but excludes their current outlays. It includes net purchases of used goods and excludes sales and purchases of land and financial assets. Net exports of goods and services (A5) is exports less imports of goods and services. Exports are part of the national production; imports are not, but are included in the components of GNP and are therefore deducted. More detail on U.S. international transactions is provided in section E. National income (A6) is the incomes that originate in the production of goods and services attributable to labor and property supplied by residents of the United States. Thus, it measures the factor costs of the goods and services produced. It consists of the compensation of employees, proprietors' income, rental income of persons, corporate profits, and net interest. Saving (A7) is the difference between income and expenditures during an accounting period. Total gross saving includes personal saving, business saving (mainly undistributed corporate profits and capital consumption allowances), and government surplus or deficit. Shares of GNP and national income (A8).—The major expenditure components of GNP (consumption, investment, etc.) are expressed as percentages of GNP, and the major income components of national income (compensation of employees, corporate profits, etc.) are expressed as percentages of national income. Section B. Prices, Wages, and Productivity The important data on price movements include the monthly consumer and producer price indexes and their major components. Based largely on these series are the quarterly price indexes from the national income and product accounts, notably the GNP implicit price deflator (with weights reflecting the changing proportions of different expenditure categories in GNP) and the fixedweighted price index for the gross business product. Data on both levels and percent changes are presented for the period since 1975. The group of series on wages and productivity consists of data on average hourly earnings and average hourly compensation (including earnings and other benefits) in current and constant dollars, output per hour of work in the business sector, and rates of change for most of these measures. Section C. Labor Force, Employment, and Unemployment This section contains measures of the civilian labor force and its major components: Total numbers of employed and unemployed persons. The number of unemployed is subdivided into selected categories defined by sex, age, and class of worker. Also included are data on participation rates for a few principal segments of the labor force. Section D. Government Activities Receipts, expenditures, and their balance (surplus or deficit) are shown quarterly on two levels: (1) Federal Government and (2) State and local government. Also shown is a selection of series from the discontinued Defense Indicators. These series measure defense activities which influence short-term changes in the national economy. Included are series relating to obligations, contracts, orders, production, shipments, inventories, outlays, and employment. These series are grouped according to the time at which the activities they measure occur in the defense order-production-delivery process. Series measuring activities which usually precede production, such as contract awards and new orders, are classified as "advance measures of defense activity." Series measuring activities which tend to coincide with production, such as employment, and activities which usually follow production, such as shipments, are classified as "intermediate and final measures of defense activity." Section E. U.S. International Transactions This group includes monthly series on exports (excluding military aid) and general imports, plus a few selected components of these aggregates. Also shown are the balances between receipts and expenditures for goods and services, merchandise, and investment income. Section F. International Comparisons This section is designed to facilitate a quick review of basic economic conditions in six of the nations with which we have important trade relationships. The U.S. business cycle shading has been omitted from these charts. Data on industrial production, consumer prices, and stock prices for Canada, the United Kingdom, France, West Germany, Japan, and Italy are compared with the corresponding U.S. series. Also included is an industrial production index for the European countries in the Organization for Economic Cooperation and Development (OECD). The industrial production series provide cyclically sensitive output measures for large parts of the economies covered. Changes in consumer price indexes (plotted for the period since 1975) provide important measures of the rates of inflation in the major industrialized countries. Stock prices (also shown beginning in 1975) tend to be significant as leading indicators. HOW TO READ CHARTS Peak (P) of cycle indicates end of expansion and beginning of recession (shaded area) as designated by NBER. Basic Data Arabic number indicates latest month for which data are plotted. ( " 9 " = September) Solid line indicates monthly data. (Data may be actual monthly figures or moving averages.) Dotted line indicates anticipated data. Broken line indicates actual monthly data for series where a moving average is plotted. Roman number indicates latest quarter for which data are plotted. ( " I V " = fourth quarter) Solid line with plotting points indicates quarterly data. Parallel lines indicates a break in continuity (data not available, extreme value, etc.). mmDiffusion Indexes Solid line indicates monthly data over 6- or 9-month spans. Broken line indicates monthly data over 1-month spans. Various scales are used to highlight the patterns of the individual series. "Scale A " is an arithmetic scale, "scale L - 1 " is a logarithmic scale with 1 cycle in a given distance, "scale L-2" is a logarithmic scale with two cycles in that distance, etc. Arabic number indicates latest month for which data are used in computing the indexes. Broken line with plotting points indicates quarterly data over 1-quarter spans. Roman number indicates latest quarter for which data are used in computing the indexes. Solid line with plotting points indicates quarterly data over various spans. Diffusion indexes and rates of change are centered within the spans they cover. Trough (T) of cycle indicates end of recession and beginning of expansion as designated by NBER. Dotted line indicates anticipated quarterly data over various spans. Rates of Change Arabic number indicates latest month used in computing the changes. Solid line indicates percent changes over 3- or 6-month spans. Broken line indicates percent changes over 1-month spans. Broken line with plotting points indicates percent changes over 1-quarter spans. Solid line with plotting points indicates percent changes over 3- or 4-quarter spans. Roman number indicates latest quarter used in computing the changes. JWmW HOW TO LOCATE A SERIES See ALPHABETICAL INDEX-SERIES FINDING GUIDE at the back of the report where series are arranged alphabetically according to subject matter and key words and phrases of the series titles, o r - 2. See TITLES AND SOURCES OF SERIES at the back of the report where series are listed numerically according to series numbers within each of the report's sections. Table 1. Summary of Recent Data and Current Changes for Principal Indicators Percent change Series title and timing classification1 Annual average 2dQ 1986 1985 3d Q 4th Q Oct. to Nov. 1986 Oct. 1986 Nov. to Dec. 1986 2d Q to 3dQ 1986 3d Q to 4th Q 1986 I. CYCLICAL INDICATORS Al. Composite Indexes 910. 920. 930. 940. Twelve leading indicators Four roughly coincident indicators Six lagging indicators Ratio, coincident index to lagging index L,L,I— CCC... Lg,Lg,Lg.... L,L,L-••• L,L,L L,L,L L,L,L L,L,L Leading Indicator Subgroups: 914. Capital investment commitments 915. Inventory investment and purchasing 916. Profitability 917. Money and financial flows 967 = 100... .do. .do. do do do 169.1 160.3 127.0 126.3 178.7 164.5 132.3 124.3 178.0 164.5 131 . 7 124.9 179.3 164.7 131 . 8 124.9 183 .0 165.6 133.7 123.9 180 .6 164.9 133.3 123 .7 182.2 165.3 133 .5 123.8 186 .1 166 .6 134.2 124.1 0.9 0 .2 0.2 0 .1 110.3 102.0 115.2 138.8 109.9 103.2 NA 144.4 110 .2 103.1 120.0 142.0 109.8 102.5 119.9 146 .0 109.6 103 .7 NA 148.8 109.0 102 .6 118.1 147 .9 109.2 103.5 118.0 147 . 4 110.5 104.9 NA 151 .0 0.2 0.9 -0.1 -0.3 2.1 0.8 0.5 0.2 1 .2 1 .4 NA 2 .4 0 .7 0 .1 0.1 0. 2.1 0 .5 1 .4 -0.8 -0.4 -0.6 -0.1 2.8 -0.2 1 .2 NA 1 .9 B. Cyclical Indicators by Economic Process Bl. Employment and Unemployment Marginal Employment Adjustments: * 1 . Average weekly hours, mfg 21. Average weekly overtime hours, mfg.3 *5. Average weekly initial claims (inverted4) L,L,L.... Hours do L.C.L.... L,C,I— "housands... 40.7 3.5 370 40.7 3.4 377 40.7 3.5 373 40 .8 3.5 347 40 .7 3.5 343 40.8 3.5 342 40.9 3.6 3 56 0.2 0. 0.3 0.2 0.1 -4.1 0. 0.1 1 .1 0.2 0. 7 .0 L,Lg,U.... Ratio.. L,Lg,U.... .967 = 100.... Job Vacancies: 60. Ratio, help-wanted advertising to unemployment3 46. Help-wanted advertising in newspapers 40.5 3.3 383 0.497 139 0.502 139 0.475 134 0.495 136 0.528 144 0.510 141 0.530 147 0.543 145 0.020 4.3 0.013 -1.4 0.020 1 .5 0.033 5.9 182.30 103.97 97 . 6 1 24,930 187.41 107 .03 100.83 24,865 188.51 107 .22 101 .06 24,895 188.52 107 .48 101 .33 24,932 0.4 0 .7 0 .5 -0.3 0.9 0.3 0.8 0.1 0.22 Comprehensive Employment: 48. Employee hours in nonagricultural establishments.... 42. Persons engaged in nonagricultural activities •41. Employees on nonagricultural payrolls 40. Employees in goods-producing industries 90. Ratio, civilian employment to population of working age3 ... C C C . ... L.C.U.. .r., bil. hrs... Millions do housands .. U,Lg,U.. Percent 59.38 59.95 59.85 60.07 60.13 60.07 60.14 60.19 Comprehensive Unemployment: 37. Number of persons unemployed (inverted4) 43. Unemployment rate (inverted4)3 45. Avg. weekly insured unemployment rate (inv.4)3. •91. Average duration of unemployment (inverted4) 44. Unemployment rate, 15 weeks and over (inv.4)3 ... L,Lg,U.... ... L,Lg,U.... ... L,Lg,U.... .. Lg.Lg.Lg.... . Lg.Lg.Lg.... housands... 'ercent do Weeks 8,312 7 .2 2.8 15.6 2.0 8,237 7 .0 2.8 15.0 1 .9 8,379 7.1 2.8 14.9 1.9 3,191 6.9 2.8 15.4 1 .9 8,138 6.8 2.7 15.0 1.8 8,222 6.9 2.7 15.2 1 .8 8,243 6 .9 2.7 14.8 1.9 7,949 6.7 2.6 15.0 1 .8 . U.C.C. .. u,c,c. Percent 1 8 6 . 4 4 185.68 1 8 6 . 5 0 188.15 1 0 6 . 4 3 106 .08 1 0 6 . 8 7 107 .24 100.17 99.85 1 0 0 . 3 2 101.08 2 4 , 9 4 0 24,952 2 4 , 8 7 2 24,897 -0.3 0. 0. 2.6 -0.1 3.6 0.2 0.1 -1.4 0 .1 2.2 0 .2 0. -3 .4 0 . 0. 0.6 0.06 0.6 0.1 0 .1 2.6 0.1 0.7 -0.4 B2. Production and Income Comprehensive Output and Income: .. C C C . A.r., bil. dol.. 50. Gross national product in 1982 dollars ...do . CCC. 52. Personal income in 1982 dollars •51. Personal income less transfer payments do .... CCC... in 1982 dollars.. 53. Wages and salaries in 1982 dollars, mining, mfg., do .... CCC... and construction Industrial Production: *47. Industrial production 73. Industrial production, durable mfrs 74. Industrial production, nondurable mfrs 49. Value of goods output in 1982 dollars L.C.U.. L,C,U.. 3 6 7 6 . 5 3661 .4 3686 . 4 3702 .4 30 5 2 . 8 3071 .7 3 0 5 8 . 5 3062.8 3057 .2 3056.0 3075.1 2527 . 4 2603.0 0.2 0. 0 .7 -0.6 542.0 544.3 540.3 541 .5 -0.7 0.2 -0.5 125.0 124.4 126 .0 127 .1 127 .7 128.8 131 . 8 133.1 130.2 1562.8 1 5 6 8 . 0 1581 .6 125 .3 128.2 132.3 126 .0 128.7 133 .1 126 .6 129.6 133.8 0 .6 0.4 0 .6 0.5 0.7 0 .5 79.7 77 .9 79.9 78.5 80 .3 78.6 0.2 0.6 0.4 0 .1 103.03 106 .26 107 .42 103.57 99.12 95.63 100.39 101.34 96.05 98.69 5.1 5.0 0 .9 0.9 3 .1 2.7 0 .4 91 .98 86.76 87 .41 85.90 84.60 85.44 88.43 86.15 2.16 -2.01 -1.90 0.63 0.06 1 . 2 1 -1 .24 -3.87 Bil. dol., EOP ... 353 . 0 4 3 5 3 . 7 7 353.87 357 . 5 0 353.77 353.62 355.78 353.77 56 54 56 52 55 Percent 45 52 52 -1 .7 6.03 0.6 2 7 .1 - 4 . 17 -0.6 0 0.8 3.11 1 .0 0 2.6 -2.45 -1.0 3 Bil. dol ....do.. 0.3 0.4 0.7 -0.6 -0. NA NA 0 .9 4.4 4.0 NA NA 0.9 -0.2 -0.9 -6.7 -3 C C C . 1977 = 100 do.... C,C,C. do.... C,L,L.. C C C . A.r., bil. dol Capacity Utilization: 82. Capacity utilization rate, mfg3 84. Capacity utilization rate, materials3 3585.2 2 96 2 . 8 Percent ...do... 538.0 541 . 4 125.1 123 .8 128.0 127 . 3 130.9 125.1 1533.2 1569.0 80.1 80.2 79.8 78.5 2621 .9 2 6 0 5 . 2 542.5 79.5 78.3 539.8 79.7 78.1 2610 .6 2605.0 2604.2 2622.6 80.0 78.3 0 0.9 1 .0 0.9 B3. Consumption, Trade, Orders, and Deliveries Orders and Deliveries: 6. Mfrs.' new orders, durable goods 7. Mfrs.' new orders in 1982 dollars, durable goods *8. Mfrs.' new orders in 1982 dollars, consumer goods and materials 25. Change in mfrs.' unfilled orders, durable goods3 96. Mfrs.' unfilled orders, durable goods5 *32. Vendor performance, slower deliveries3 (u) Consumption and Trade: 56. Manufacturing and trade sales *57. Manufacturing and trade sales in 1982 dollars 75. Industrial production, consumer goods 54. Sales of retail stores 59. Sales of retail stores in 1982 dollars 55. Personal consumption expenditures, automobiles 58. Index of consumer sentiment ( u ) L,L,L.. L.L.L.. L,L,L.. L,L,L.. L,Lg,U.. L,L,L.. 104.30 105.88 98.46 97 . 9 3 do ...do C,C,C. CCC. C,L,C. C.L.U.. U.L.U.. L,C,C. L,L,L.. ....do A.r., bil. dol I Q 1966=100 424.04 NA 40 6 . 2 7 NA 120.2 124.4 114.50 1 2 0 . 4 5 1 0 6 . 9 3 112 . 3 5 124.3 115.3 94.8 93.2 L,L,L L.L.L. 1967 = 100.... Number 121 .2 55,480 1977 = 100 Bil. dol 425.18 416.32 124.4 118.45 111 .50 115.2 96.8 433.00 NA 435.85 424.75 NA 424.51 124.9 124.8 125.9 123 .22 122.95 121 .66 115.00 113.98 113 .06 130.7 140.1 95.6 92 .0 94.8 NA 437 .14 NA 426.40 125 .8 126 .9 120.94 126.26 112.19 116.69 91 .4 89.1 -4.4 -2.5 1 .8 2 .0 0 4.0 3 .1 21.6 -2.1 118.9 NA 118.0 NA -1 .0 NA -0.8 NA -0.1 -2.1 34.27 28.44 35.98 30 .01 6.1 5.7 5.0 5.5 B4. Fixed Capital Investment Formation of Business Enterprises: *12. Net business formation 13. New business incorporations... Business Investment Commitments: 10. Contracts and orders for plant and equipment *20. Contracts and orders for plant and equipment in 1982 dollars 24. Mfrs.' new orders, nondefense capital goods 27. Mfrs.' new orders in 1982 dollars, nondefense capital goods L,L,L. L.L.L. L.L.L. L,L,L. 120.2 NA 120.7 120.8 5 8 , 1 4 7 56 , 9 1 5 32.70 27.19 120.1 NA 33.11 32.44 27 . 1 2 31 . 5 1 26 . 2 5 34.19 28.45 32.31 26.91 29.49 30.07 28.35 3.5 31 . 3 9 33.14 27 . 3 1 32.09 do do 119.0 NA 5 .3 5. 4.0 3 .2 4.2 5.9 Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued Basic data2 Series title and timing classification 1 Percen change Annual verage 1985 2dQ 1986 1986 3dQ 1986 4th Q 1986 Oct. to Nov. 1986 Dec. 1986 Nov. 1986 Nov. to Dec. 1986 2dQ to 3d Q 1986 -8.3 - 1 .6 1 .1 -5 .4 1 .1 NA NA -0 .4 Oct. 1986 5 .3 0.5 0 .8 -0 .5 NA 0.3 -0 .7 -8.4 -7 .9 2.3 -4.3 1 .0 1 .1 3d Q to 4th Q 1986 I. CYCLICAL INDICATORS—Con. B4. Fixed Capital Investment-Con. Business Investment Commitments—Con.: 9. Construction contracts awarded for commercial and industrial buildings, floor space L,C,U.. 11. Newly approved capital appropriations, mfg U,Lg,U.. 97. Backlog of capital appropriations, mfg.5 C,Lg,Lg.. Business Investment Expenditures: 61. Expenditures for new plant and equipment 69. Mfrs.' machinery and equipment sales and business construction expenditures 76. Industrial production, business equipment 86. Nonresidential fixed investment in 1982 dollars 86 . 4 2 27 . 2 2 94.58 77.03 NA NA 78.95 19.99 85.77 77 . 6 7 20.21 81.12 C,Lg,Lg.. A.r., bil. dol 387 . 13 380 . 6 9 3 7 5 . 9 2 374.55 C,Lg,Lg.. C,Lg,U.. C,Lg,C. 401.80 139.6 461 .4 Residential Construction Commitments and Investment: 28. New private housing units started *29. Building permits, new private housing units 89. Residential fixed investment in 1982 dollars Mil. sq. ft Bil. dol dol., EOP ... do 1977 = 100 A.r., bil. dol NA 3 9 6 . 6 6 3 9 8 . 7 3 138.8 137.7 138.8 455.0 456 .8 454.4 1,742 138.1 177.2 1,80 6 140 . 2 193 . 9 1 ,908 145.3 192 .7 1 ,747 133 .8 197 .2 L,L,L... 9.0 10 . 8 15.1 -0 .3 L,L,L... L,L,L... 2.99 9.7 NA NA 12.95 2.9 -7.30 -3 .4 --0 . 3 1 NA -1 .33 0.42 L,L,L. L,L,L. L,L,L. A.r., thousands.. 1967 = 100. A.r., bil. dol. 71 . 7 7 85.41 78.29 19.0 NA 4 0 2 . 0 1 139.2 139.2 451 .0 400 .29 139.2 NA 139.3 -0.4 0. 1 ,585 128.6 1 ,80 2 152.3 -2.6 3.0 78.49 NA NA 394.34 1 ,672 135.2 199 .3 1 ,628 124.8 NA 0.1 13.7 18.4 B5. Inventories and Inventory Investment Inventory Investment: 30. Change in business inventories in 1982 dollars3 *36. Change in mfg. and trade inventories on hand and on order in 1982 dollars (smoothed6)3 31. Change in mfg. and trade inventories, book value3 38. Change in mfrs.' inventories, materials and supplies on hand and on order, book value3 Inventories on Hand and on Order: 71. Mfg. and trade inventories, book value5 70. Mfg. and trade inventories in 1982 dollars5 65. Mfrs.' inventories, finished goods, book value5 *77. Ratio, mfg. and trade inventories to sales in 1982 dollars3 78. Mfrs.' inventories, materials and supplies on hand and on order, book value5 L,L,I do do Bil. dol L,Lg,Lg.... NA - 1 3 . 5 9 -10 .88 NA 41 .8 -11 .4 NA - 2 0 . 2 5 NA -6.3 -11.2 NA NA 2.71 -53.2 NA 1 .17 NA 1 .75 NA NA NA NA -0.2 0. 1 .5 NA NA NA -0.1 -0.4 -1 .4 NA NA NA NA -0.01 NA -0.03 NA NA 0.2 NA 0.6 NA -0.10 247 . 5 1.85 -0.67 3.5 1 .17 -0.81 -0.8 0.10 1 .03 9.9 1 .18 186.84 2 3 6 . 3 4 240 .58 241 .15 243.69 237 .36 245.09 2 4 8 . 6 1 3.3 0.2 1 .1 Lg,Lg,Lg.... Bil. dol., EOP . 583.15 638.43 Lg,Lg,Lg.... ....do 88.37 do Lg,Lg,Lg.... Lg,Lg,Lg.... Ratio -15.4 -11.5 1 .56 dol., EOP . 214.24 NA 588.91 588.07 NA 646.28 643.48 NA 86 .71 85.52 NA 1.55 1.52 NA 210 .31 211 .57 NA -0.82 0.35 NA 591 .56 5 90 .61 NA 644.78 644.67 86.74 NA 85.45 NA 1 .52 1 .51 NA 210 .76 211 .10 NA NA B6. Prices, Costs, and Profits Sensitive Commodity Prices: 98. Change in producer prices, sensitive materials3 23. Spot market prices, raw industrial materials© *99. Change in sensitive materials prices (smoothed6)3 L,L,L... Percent... U,L,L... 1967 = 100... L,L,I Percent Stock Prices: *19. Stock prices, 500 common s t o c k s © L,L,I Profits and Profit Margins: 16. Corporate profits after tax 18. Corporate profits after tax in 1982 dollars 79. Corporate profits after tax with IVA and CCAdj 80 do in 1982 dollars 15. Profits after taxes per dollar of sales, mfg.3 26. Ratio, price to unit labor cost, nonfarm business L,L,L... A.r., bil. dol.. L,L,I ....do L,C,L... do L,C,L... do L,L,L... Cents L,L,I 1977 = 100... 131 .4 123 . 1 188.9 181 .0 3 .8 98.8 133.8 N A NA NA NA 98 . 7 128.8 118.3 1 94.2 183.6 4.3 98 .8 135.9 124.3 197 .6 185.3 3 .4 99.0 NA NA NA NA NA 97 . 9 5.5 5.1 1 .8 0.9 -0.9 0 .2 NA NA NA NA NA -1 .1 Cash Flows: 34. Corporate net cash flow 35. Corporate net cash flow in 1982 dollars L,L,L... A.r., bil. dol.. L,L,L... ....do 376.0 374.9 NA NA 374.9 374.1 384.3 383 .8 NA NA 2.5 2 .6 NA NA 1 .2 1941-43 = 10. Unit Labor Costs and Labor Share: 63. Unit labor cost, business sector Lg,Lg,Lg.... 1977 = 100... 68. Labor cost per unit of real gross domestic product, nonfinancial corporations Lg,Lg,Lg.... Dollars 62. Labor cost per unit of output, mfg. a) Actual data Lg,Lg,Lg... 1977 = 100... *b) Actual data as percent of trend3 Lg,Lg,Lg... Percent 64. Compensation of employees as percent of national income3 Lg,Lg,Lg.... -0.22 244.8 -0.42 0 .31 228.9 0.14 0.67 222.1 -0.19 -0.14 220.3 -0.09 0.89 242.2 1 .09 1 .72 235.5 0.13 1.05 243 .7 1.30 -1.15 1.6 0.55 1 .4 164.8 168.9 168.0 16 9.3 17 1 . 3 0.8 0.708 0 . 7 25 0.7 24 0 727 NA 0 4 138.0 85.4 138.5 81 . 1 138.7 81 .8 138.0 80.2 73 .5 NA 73.5 73.8 138.4 79.3 139.4 80 .2 138.0 79.1 137.7 78.5 -1 .0 -1 .1 -0.2 -0.6 -0.5 -1.6 NA 0.3 -0.9 0 .3 NA NA -0.16 -0.13 0.05 3 .7 2.1 0.46 -0.10 NA 3.6 1.6 B7. Money and Credit Money: 85. Change in money supply Ml 3 102. Change in money supply M23 104. Change in total liquid assets3 105. Money supply M l in 1982 dollars *106. Money supply M2 in 1982 dollars L,L,L. L,C,U L,L,L L,L,L L,L,L Velocity of Money: 107. Ratio, GNP to money supply Ml 3 108. Ratio, personal income to money supply M23 C,C,C... Ratio C,Lg,C... do.. Credit 33. 112. 113. *111. 110. Flows: Net change in mortgage debt3 Net change in business loans3 Net change in consumer installment credit3 Change in business and consumer credit outstanding3 Funds raised by private nonfinancial borrowers Credit Difficulties: 39. Delinquency rate, installment loans (inverted4)3 5 .do. do. do I dol L,L,I A.r., bil. dol... L,L,L... do L,L,L... do L,L,L... A.r., percent.. L,L,I A.r., bil. dol... L,Ltl Percent, EOP 0.96 1.46 1 .29 1 .30 1 .76 1 .15 2.37 1 .75 0.65 1 .00 0.74 0.87 0.77 0.89 0.83 0.59 0.67 0.70 NA 0.72 NA 0.56 NA 0.73 532.9 5 9 2 . 2 582.3 603.6 6 2 5 . 1 614.7 623.7 637 . 0 2229.7 2 3 6 2 . 9 2345.7 2395.9 2 4 3 3 . 7 2423.9 2431 .5 2 4 4 5 . 7 6.736 1 .334 77 .64 22.76 81 .52 10 .4 647.34 2.32 6.268 1.300 6.354 1.316 6.185 1.286 NA N A N A 10 . 6 1 - 1 6 . 4 8 13.10 NA 66.85 66.73 7 .1 4.9 6 .1 NA 571 .30 634.69 NA 2.53 2.24 5.970 1 .270 0.60 -0.30 0 .17 1 .5 0.3 0.62 0.24 NA 2.1 0.6 -0.169 - 0 . 2 1 5 -0.030 - 0 . 0 1 6 1 .273 1 .268 1 . 2 6 8 -0 .005 0. NA 53 . 8 5 NA 10 . 7 NA N A 36.32 86 .50 10.1 N A 30.66 48.22 6 .4 NA N A 94.58 -5.66 NA - 3 8 . 2 8 15.5 -3.7 NA 63.92 NA 9.1 NA NA NA NA NA NA NA 29.58 -0.12 1 .2 11.1 0.29 NA 40 .7 5 NA 4.6 NA NA Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued Basic data2 Unit of measure Series title and timing classification1 2d Q 3d Q 1986 Percent change 4th Q 1986 Oct. to Nov. 1986 Oct. 1986 Dec. 1986 -321 -89 -316 75 0.19 0.17 -0.30 -0.23 -0.23 -0.54 0.87 0.14 -0.12 -0.14 0.01 -0.05 2dQ to 3d Q 3d Q 4th Q 1986 I. CYCLICAL INDICATORS—Con. B7. Money and Credit-Con. Bank Reserves: 93. Free reserves (inverted 4 ) 3 © 94. Borrowings from the Federal Reserve3 © Interest Rates: 119. Federal funds rate3 © 114. Discount rate on new Treasury b i l l s 3 © 116. Yield on new high-grade corporate b o n d s 3 © 115. Yield on long-term Treasury b o n d s 3 © 117. Yield on municipal bonds3 © 118. Secondary market yields, FHA mortgages3 © 67. Bank rates on short-term business l o a n s 3 © *109. Average prime rate charged by banks 3 © Outstanding Debt: 66. Consumer installment credit outstanding5 72. Commercial and industrial loans outstanding *101. Commercial and industrial loans outstanding in 1982 dollars *95. Ratio, consumer installment credit to personal income3 L,U,U.... Mil. doL. L,Lg,U.... -492 1 ,321 93 836 -1 857 L,Lg,Lg.... Percent do.. C,Lg,Lg.... do.. Lg,Lg,Lg.... do.. C,Lg,Lg.... do.. UTLg,Lg.... do.. Lg,Lg,Lg.... do.. Lg,Lg,Lg.... do.. Lg,Lg,Lg.... 8.10 7 .49 11 . 7 5 10.75 9.10 12.24 9.74 9.93 6.80 5.97 9.23 8.14 7 .32 9.91 8.11 8.33 6.92 6.13 9.06 7.95 7 .54 9.95 8.13 8.61 Lg,Lg,Lg.... Bil. dol., EOP . Lg,Lg,Lg.... Bil. dol Lg,Lg,Lg.... ...do Lg,Lg,Lg.... Percent -82 874 224 807 -95 841 226 752 542 827 6.21 5.53 9.14 7.89 7 .28 9.90 7 .73 7.85 6.27 5.34 9.05 7.84 6.93 9.42 7 .28 7 .50 5.85 5.18 9.29 8.04 7 .08 9.80 6 .04 5.35 6.91 5.49 8.87 7 .67 6.86 9.21 7 .50 7.50 7.50 535.10 NA 5 6 7 . 6 5 5 8 4 . 3 3 NA NA 591 . 5 4 595.56 331 . 6 5 342.55 3 3 8 . 2 3 3 3 9 . 9 2 3 4 7 . 7 5 3 4 3 . 4 2 345.98 353.86 321 . 5 2 342.00 3 3 8 . 7 9 3 4 1 . 9 7 348.80 0. 0. 0 .7 0 .7 NA 2 .3 -306 -67 -0.71 -0.60 0 .08 -0.06 -0.26 -0.05 -0 .40 -0.76 0.06 -0.19 -0.09 -0.05 2.9 0 .5 NA 2.3 0.6 2.5 0.9 NA 16.81 16.89 NA 0.08 NA 0.39 115.0 328.9 0 .2 322.0 297 .4 308.4 276.7 304.7 306.8 282 .8 115.3 330.8 0.2 326 . 3 298.4 309.5 280.3 305.4 309.8 285.3 330 0 325.0 298.3 309.3 281.8 304.9 309.2 285.0 330.8 0.3 326 .7 298.7 309.8 281 .9 305.4 310.1 285.4 331 .1 0.2 327 .2 298.1 309.3 277.3 305.9 310.1 285.4 0.1 0.1 0.5 0.1 0.2 0. 0.2 0 .3 0.1 0.1 -0.1 0.2 -0.2 -0.2 -1 .6 0.2 0. 0. 168.8 169.3 170.6 170.0 170.9 170.8 0.5 -0.1 0.3 95.3 178.5 99.3 107 . 4 105.7 95.1 179.6 99.3 107 . 3 105.7 95.2 180 . 9 99.3 106.7 105.2 95.1 95.4 95.1 0.3 -0.3 -0.2 0.6 0. -0.1 0. 0.1 0.7 0. -0.6 -0.5 0 0 3.6 2.5 -3 7 -6.1 -3 .1 0.5 0.7 -2.2 -0.6 -2.7 -5.5 -2.6 0.4 -0.6 1.0 -2.0 -1 .9 -0.6 0 .1 -0.2 -0.7 0.4 15.02 NA 16.13 16.52 111.5 322.2 O .3 309.8 308.7 323 . 8 306 .1 318.7 300.5 291 . 8 114.5 328.4 0.1 319.7 299.8 312.1 280 .0 307 .6 306 .4 284.8 114.0 326 . 5 0 .1 316 .0 298.8 311 .7 274.0 306 . 5 305.6 283.2 165.2 169.2 94.1 173 .9 98.0 106.4 104.8 95.0 179.1 99.0 107 .1 105.5 3 4 4 . 4 5 346.67 355.28 II. OTHER IMPORTANT ECONOMIC MEASURES B. Prices, Wages, and Productivity B l . Price Movements 310. 320. 320c. 322. 330. 335. 331. 332. 333. 334. Implicit price deflator for gross national product Consumer price index for all urban consumers (CPI-U) © . . Change in CPI-U (S/A) 3 Consumer price index for all urban consumers, food Producer price index (PPI), all commodities © PPI, industrial commodities © PPI, crude materials for further processing PPI, intermediate materials, supplies, and components PPI, capital equipment PPI, finished consumer goods 1982 = 100.... 1967 = 100.... Percent 1967 = 100.... do do do do do do 1 .9 -0.5 -1 .1 1 .0 -0.6 0.4 -0.1 0.3 0.6 0. 1.3 0.3 0.4 1 .3 0.2 1 .0 0.9 B2. Wages and Productivity 340. Average hourly earnings of production or nonsupervisory workers on private nonagricultural payrolls 341. Real average hourly earnings of production or nonsupervisory workers on private nonagricultural payrolls 345. Average hourly compensation, nonfarm business sector 346. Real average hourly compensation, nonfarm business sector 370. Output per hour, business sector 358. Output per hour, nonfarm business sector 1977 = 100 ...do do do do do C. Labor Force, Employment, and Unemployment 441. 442. 37. 444. 445. 446. 447. Civilian labor force Civilian employment Number of persons unemployed Number unemployed, males 20 years and over Number unemployed, females 20 years and over Number unemployed, both sexes 16-19 years of age Number unemployed, full-time workers Civilian Labor Force Participation Rates: 451. Males 20 years and over3 452. Females 20 years and over3 453. Both sexes 16-19 years of age3.... Millions ....do.... Thousands.. do.... do.... do.... Percent do.... do.... 1 1 5 . 4 6 117 . 8 3 117 . 6 3 1 1 8 . 1 7 1 1 8 . 5 6 118.41 1 1 8 . 6 8 1 1 8 . 5 9 1 0 7 . 1 5 1 0 9 . 6 0 1 0 9 . 2 5 1 0 9 . 9 8 1 1 0 . 4 2 110 .19 1 1 0 . 4 3 110 . 6 4 8,191 8,379 8,237 8,138 8,222 8 , 2 43 7,949 8,312 3,750 3,772 3,751 3,786 3,814 3 , 8 2 0 3,725 3,715 3,006 3,089 3,032 2,945 2,994 2 , 9 7 6 2,865 3,129 1 ,434 1 ,407 1 ,414 1 , 4 4 7 1 ,359 1 ,46 8 1 , 4 5 4 1 , 5 1 8 6,647 6,827 6,708 6,609 6,688 6 , 6 7 3 6,465 6 , 7 93 78.1 54.7 54.5 78.1 55.5 54.7 78.0 55.4 55.1 78.0 55.8 54.7 78.1 55.7 54.4 77 .9 55.8 55.0 78.2 55.8 54.5 78.3 55.6 53 .8 0.2 0 0 -0.5 D. Government Activities D l . Receipts and Expenditures 500. 501. 502. 510. 511. 512. Federal Government surplus or deficit3 Federal Government receipts. Federal Government expenditures State and local government surplus or deficit3 State and local government receipts State and local government expenditures. 517. 525. 548. 557. 570. 564. Defense Department gross obligations incurred Defense Department prime contract awards Mfrs.' new orders, defense products Industrial production, defense and space equipment.. Employment, defense products industries Federal Government purchases for national defense . A.r., bil. dol. .do. .do. .do. .do. .do. -198.0 - 2 0 4 . 0 - 2 3 2 . 2 7 86.8 8 2 6 . 2 813.5 984.9 1 0 3 0 . 2 1 0 4 5 . 7 61 .7 60 . 8 58.9 577 .5 6 1 8 . 8 611.5 515.8 557 .9 552.6 Mil. dol do do Thousands A.r., bil. dol... 26,883 12,240 8,022 170.6 1 ,544 259.4 Mil. dol do do do do do 17 ,772 2,426 3 ,917 28,838 4,180 4,688 34.8 2.4 -1.5 5.1 2.9 2.3 NA -197 .4 NA 833.1 1030 .5 1 0 4 3 . 0 NA 64.0 NA 629.1 575.5 565.1 NA NA 1 .2 NA NA 1 .8 D2. Defense Indicators 1977 = 100... NA 3 0 , 7 7 6 31 ,078 NA 11 , 7 3 2 14,164 7 , 3 9 4 9,109 8,123 180 .8 178.1 180 . 2 NA 1 , 5 8 9 1 ,608 286.8 278.4 278.4 NA 27,803 31 ,565 NA NA 7,549 5,001 10,356 6,657 183.6 184.5 184.8 NA 1 ,611 1,615 281.9 NA NA 4,615 186.2 NA 13.5 NA 107 .1 0.5 0.2 NA NA -55.4 0.9 NA 1 .0 20.7 23 .2 1 .5 1 .2 3.0 E. U.S. International Transactions El. Merchandise Trade 602. 604. 606. 612. 614. 616. Exports, excluding military aid shipments Exports of domestic agricultural products Exports of nonelectrical machinery General imports Imports of petroleum and petroleum products.. Imports of automobiles and parts 1 8 , 1 5 4 17 , 6 0 9 1 ,941 2,135 3 ,736 3 , 8 2 9 30,266 30,764 2,381 2,511 5,810 5 ,211 19,328 18,593 2 ,447 2,204 3,932 4,138 30,018 36,187 2,155 2,788 7 ,156 5,7 90 -3 .8 -9.9 5.2 20 29.4 23.6 -3 .0 10.0 2.5 1 .6 -5.2 11 .5 NA NA -26 .9 2.2 NA -1.7 Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued Percent change Series title 1st Q 3d Q 1985 4th Q 1985 1st Q 1986 2dQ 1986 3d Q 4th Q 1986 to 2d Q 1986 2dQ to 3d Q 1986 3d Q to II. OTHER IMPORTANT ECONOMIC MEASURES-Con. E2. Goods and Services Movements Except Transfers Under Military Grants 667. 668. 669. 622. 618. 620. 651. 652. Balance on goods and services3 Exports of goods and services Imports of goods and services Balance on merchandise trade3 Merchandise exports, adjusted Merchandise imports, adjusted Income on U.S. investment abroad Income on foreign investment in the United States -23 .58 90 . 0 3 113.60 -28.13 54.98 83 . 1 0 21 . 5 6 16.87 -25.67 89.62 115.30 -31.11 53.61 84.72 22.50 16.20 A.r., bil. dol.. do A.r., dollars.. A.r., bil. dol.. do do A.r., dollars.. 3765.0 3489.9 14,721 3430.7 2670.6 2470.6 10,421 3998.1 3585.2 14,981 3576.2 2828.0 2528.0 10,563 4208.5 3676 . 5 15,222 3665.7 2973.7 2603.7 1 0 , 7 80 4030.5 4087.7 3603.8 3622.3 15,041 15,0 80 3603.1 3627.5 2832.0 2882.2 2524.7 2540 .7 10,537 10,577 4149.2 3655.9 15,188 3616.1 2935.1 2581 .2 10,723 4 1 7 5 . 6 4 2 4 0 .7 3661 . 4 3 6 8 6 . 4 15,179 15,246 3646 . 3 3686 .7 2978.5 2979.9 2625.8 2605.5 10,886 10,776 A.r., bil. dol.. ....do ..do.. do do do do do 2428.2 2246.3 331 .2 318.9 870.1 828.6 1227 .0 1098.7 2600 .5 2324.5 359.3 343 .9 90 5.1 841 .6 1336 .1 1139.0 2762.4 2418.6 388.3 368.9 932.7 872.4 1441 . 3 1177 . 3 2627.1 2342.0 373 .3 357 . 4 907 . 4 843 . 8 1346.4 1140.8 2667 .9 2351 .7 362.0 347 .0 922.6 847.2 1383.2 1157.5 2697 . 9 2372.7 360.8 345.4 929.7 860.6 1407.4 1166.6 2732.0 2408.4 373 .9 357 . 1 928.4 877 . 3 1429.8 1174.0 do do do do do do 662.1 652.0 598.0 592 .8 64.1 59.2 661 .1 6 47 .7 650.0 638.6 11 .1 9.0 686.4 659.7 675.1 648.9 11 . 4 10.8 657 . 4 643 . 8 654.3 643.1 3.1 0.7 669.5 653 .2 672.6 658.4 -3.1 -5.2 708.3 684.0 664.4 644.1 43.8 39.9 ..do.. ..do.. ..do.., ..do.. ..do.. ..do.. 733.4 675.2 311 .3 291 .7 422.2 383.5 815.4 721 .2 354.1 323 .6 461.3 397.6 865.3 748.0 367.2 333.4 498.1 414.5 829.7 731 . 8 360.9 329.9 46 8 . 8 401 . 9 855.6 749.4 380.9 347 .2 47 4.7 402 .2 ..do.. ..do.. ..do.. ..do.. ..do.. ..do.. -58.7 -78.9 -83 .6 - 1 0 8 . 2 382.7 369.8 369.7 362.3 441.4 448.6 453 .2 470 . 5 do do. do. do. do. .do. ...do.. -24.45 - 2 9 . 4 5 - 3 1 . 0 2 90 .23 90 . 8 7 91 . 5 9 1 14.69 1 2 0 . 3 2 122 . 6 1 -31 .68 - 3 7 . 3 5 - 3 6 . 4 6 52.50 53.66 52.73 84.17 90 . 1 2 90 . 0 8 24.50 24.22 24.51 16.24 17 . 7 0 15.25 -30.33 92.06 122 . 3 9 -35.67 55.15 90 . 8 2 22.64 17 . 3 1 -32.10 92.53 124.63 -37.67 55.32 92.99 22.48 16 . 9 7 0.69 0 .5 -0 .2 0.79 2.8 0.8 -6.5 -2.2 -1 .77 0.5 1 .8 -2.00 0.3 2.4 -0.7 -2.0 4268.4 3702.4 15,275 3713 .9 3001 .2 2602 .3 10,737 0.6 0.2 -0.1 0.8 1 .5 1 .7 1 .5 1 .6 0.7 0.4 1 .1 0. -0.8 -1 .0 0 .7 0.4 0.2 0 .7 0.7 -0.1 -0.4 2799.8 2448.0 414.5 391 .6 932.8 875.4 1452.4 1181 .0 2819.9 2445.1 404.2 381 . 3 940.0 876 . 2 1475.7 1187.6 1 .3 1 .5 3.6 3.4 -0.1 1 .9 1 .6 0.6 2.5 -0.2 1 .6 0.6 0.7 -0.1 -2.5 -2.6 0.8 0.1 1 .6 0.6 687.3 664.7 672.8 649.6 14.5 15.1 675.8 651 . 3 6 80.3 651 .6 -4.5 -0.3 674.5 638.8 682.7 650.3 -8.3 -11 .5 -3.0 -2. 1 .3 0.9 -29.3 -24.8 -1 .7 -2.0 1 .1 0.3 -19.0 -15.4 -0.2 -1 .9 0.4 -0.2 -3.8 -11 .2 836 . 7 725.2 3 5 5 .7 320.4 480 . 9 40 4 . 8 860.8 742.2 367 . 6 328.9 493.3 413 . 3 874.0 750.4 369.3 330 . 9 504.7 419.5 889.7 774.1 376 .3 353.5 513.3 420.6 2.9 2.3 3.3 2.7 2.6 2 .1 1.5 1 .1 0.5 0 .6 2.3 1.5 1 .8 3 .2 1 .9 6.8 1 .7 0.3 -93.7 -105.3 -132.0 - 1 2 5 . 9 374.8 368.2 369.2 362.9 46 8 . 5 473.6 495.1 494.8 -104.5 - 1 5 3 .9 363.0 -108.9 -163 .3 370.8 371 . 2 47 9 . 7 534.5 -115.6 -155.6 383.4 385 499 540 .8 -10 .8 -28.0 -3 .1 -2.5 -0.2 3.7 A. National Income and Product Al. GNP and Personal Income 200. 50. 217. 213. 224. 225. 227. Gross national product Gross national product in 1982 dollars Per capita gross national product in 1982 dollars Final sales in 1982 dollars Disposable personal income Disposable personal income in 1982 dollars Per capita disposable personal income in 1982 dollars.., 230. 231. 232. 233. 236. 238. 237. 239. Total Total in 1982 dollars Durable goods Durable goods in 1982 dollars Nondurable goods Nondurable goods in 1982 dollars Services Services in 1982 dollars 240. 241. 242. 243. 245. 30. Total Total in 1982 dollars Fixed investment Fixed investment in 1982 dollars Change in business inventories3 Change in business inventories in 1982 dollars 3 . A2. Personal Consumption Expenditures A3. Gross Private Domestic Investment A4. Government Purchases of Goods and Services 260. 261. 262. 263. 266. 267. Total Total in 1982 dollars Federal Government Federal Government in 1982 dollars State and local government State and local government in 1982 dollars 250. 255. 252. 256. 253. 257. Net exports of goods and services3 Net exports of goods and services in 1982 dollars 3 . Exports of goods and services Exports of goods and services in 1982 dollars Imports of goods and services Imports of goods and services in 1982 dollars 220. 280. 282. 284. 286. 288. National income Compensation of employees Proprietors' income with IVA and CCAdj Rental income of persons with CCAdj Corporate profits before tax with IVA and CCAdj Net interest 290. 295. 292. 298. 293. Gross saving Business saving Personal saving Government surplus or deficit3 . Personal saving rate3 A5. Foreign Trade A6. -83.7 -105.7 -149.7 - 1 1 3 . 8 362.3 373 .0 355.8 371.3 446.0 47 8.7 521 .0 4 6 9 . 6 46 7 . 5 -4.4 -9.4 2.1 3.2 2.6 4.1 -6.7 7 .7 3 .4 3.8 4.0 1 .2 0.6 1.1 -4.0 -0.6 3.0 -1 .6 NA 1.5 2 .2 4.9 NA -3.0 -4.2 1 .2 -45.1 40.0 -2.3 NA NA -2.1 NA -0.1 National Income and Its Components ..do.. ..do.. ..do.. ..do.. ..do.. ..do.. 3032.0 3222.3 3387.4 3 2 4 3 . 4 3287.3 3 3 4 0 . 7 2214.7 2368.2 2498.3 2 3 8 0 . 9 2423 .6 2 4 6 1 . 5 254.4 236.9 262.1 278.9 249.3 265.3 8.3 7.6 15.6 7.3 8.3 12.8 264.7 280 .7 299.7 296 . 3 285 .6 296 . 4 307 .4 311 .4 294.9 309.7 307 .6 304.9 3 3 7 6 . 4 3396 .1 NA 2 4 8 0 . 2 2507 .4 2544.2 277 .5 289.1 283.7 16.2 16.3 17 .0 302 .0 293 .1 NA 297.7 292.9 284.1 573.3 506.1 168.7 •101 . 5 6.3 539.7 559.9 153.1 -173 .3 5.1 1 .1 0.8 9.0 27 .3 -1 .1 -2.4 A7. Saving do.. do.. do.. do.. Percent 551 .5 537 .4 541 . 7 544.5 NA 560.1 143 .3 116.3 119.6 -136.3 -143.1 - 1 3 8 . 0 5.1 4.2 3.9 NOTE: Series are seasonally adjusted except for those, indicated by ( u ) , that appear to contain no seasonal movement. Series indicated by an asterisk (*) are included in the major composite indexes. Dollar values are in current dollars unless otherwise specified. For complete series titles and sources, see "Titles and Sources of Series" at the back of this issue. NA, not available, a, anticipated. EOP, end of period. A.r., annual rate. S/A, seasonally adjusted (used for special emphasis). IVA, inventory valuation adjustment. CCAdj, capital consumption adjustment. The three-part timing code indicates the timing classification of the series at peaks, at troughs, and at all turns: L, leading; C, roughly coincident; Lg, lagging; U, unclassified. 524.1 553.5 125.8 -155.1 4.4 583 . 2 562.6 145.6 -125.1 5.0 517 .1 566 .4 84.1 -133.3 2 .8 NA NA 82 .3 NA 2.7 -7 .5 -0 .5 5 .2 -48.2 0.1 2 For a few series, data shown here are rounded to fewer digits than those shown elsewhere in BCD. Annual figures published by the source agencies are used if available. 3 Differences rather than percent changes are shown for this series. 4 Inverted series. Since this series tends to move counter to movements in general business activity, signs of the changes are reversed. 5 End-of-period series. The annual figures (and quarterly figures for monthly series) are the last figures for the period. 6 This series is a weighted 4-term moving average (with weights 1, 2, 2, 1) placed on the terminal month of the span. CYCLICAL INDICATORS COMPOSITE INDEXES AND THEIR COMPONENTS Chart A l . Composite Indexes i tadex: 1967 = 1001 J 910. Index of twelve leading indicators (series 1,5, 8,12,19,20,29,32,36, 99,106, 111) y -1° f ~~ -8 "- •** 12, / / -' ^ 2 0 . -23 / A / \/ -? "*• Nex of fo.rcgNy^ident indicate (series 41,47, 51, 57) -2 / 0 1 / +1 Hi /\ / r +3 V 4 930. Index of six lagging indicators +3 (series 62, 77, 91, 95,101, 109) 0 -•— +3 8 1 ^ yr +1. ^ + 13 •2 / +5 " 1950 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 1987 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. 1 0 JANUARY 1987 ItCII CYCLICAL INDICATORS COMPOSITE INDEXES AND THEIR COMPONENTS—Continued Chart A l . Composite Indexes—Continued P T F I § :i:. l|(fe 1967=1001 914. Capital investment commitments |series 12,20, 23) -8 1 p M!fi. lnvent<f| hvestment and purchashg (series 8, 3Zgm, 99) —=? 916. Profitably (series 19, W O ) 917. Money and financial flows $ • 104,106,1 940. Ratio, coincident index 1950 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 1987 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. l » f „ ! ) JANUARY 1987 11 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 Chart A2. Leading Index Components 1. Average weekly hours of production or nonsupervisory workers, manufacturing (hours) A 2 E' State programs (thousands—inverted Kale) 8. Manujpurers new orders in 1982 dollars, consumer goods ^A and materials industries (Ml. d d ) |L,L,L| venaor penormance percent or comparies receiving slower deliveries Percent) 12. Net businessjormation (index: 1967=100) •\ 20. Contracts and orders for plant and equipmenlin t 1982 dolars <U. dol.) 1950 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 1987 Current data for these series are shown on pages 61, 64, 65, and 66. 1 2 JANUARY 1987 RCII 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 Chart A2. Leading Index C o m p o n e n t s — C o n t i n u e d 36. Change in manufacturing and trade inventories on hand and on order in 1982 dollars, smoothed1 (ann. rate, oil. dot.) 60- 99. Change in sensitive materials prices, smoothed1 (percent) 19. Stock prices, 500 common stocks (index: 1941-43=10) L.L.L 106. Money supply M2 in 1982 dollars ( h i dot.) 111. Change in business and consumer credit oufatanding 1950 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 1987 'This is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span. Current data for these series are shown on pages 67, 68, 69, 71, and 72. ItClft JANUARY 1987 1 3 CYCLICAL INDICATORS C O M P O S I T E INDEXES A N D THEIR C O M P O N E N T S — C o n t i n u e d Chart A3. Coincident Index C o m p o n e n t s 110 — 10090- 41. Employees on nonagricultural payrolls (millions) 807028002600 2400 2200- 51. Personal income less transfer payments in 1982 dollars (am. rate, bl. dol.) "**~ 2000- ICCCl 18001600 J 140130120110 - 47. Industrial production (index: 1977=190) 1009080450 400350- 57. Manufacturing and trade ales in 1982dofers (bidol.) 300- Cfifi 250 - 200 - 150- 1950 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 1987 Current data for these series are shown on pages 62, 63, and 65. 14 JANUARY 1987 CYCLICAL INDICATORS A I C O M P O S I T E INDEXES A N D THEIR C O M P O N E N T S — C o n t i n u e d Chart A4. Lagging Index C o m p o n e n t s 91. Average duration of unemployment (weeks—inverted scale) 77. Ratio, manufacturing and trade inventories to sales in 1982 dollars (ratio) | Lg.Lg.Lg 62. Labor cost per unit of output, manufacturing—actual data ll 01 UCEIU iit6iil} 11 _ i • I 109. Average prime rate charged by banks (percent) 101. Commercial and industrial loans outstanding in 1982 dollars (bil. dol.) 95. Ratio, comma' installment credtt outstanding to personal income (percent) | Lg,Lg,Lg 1950 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 1987 Current data for these series are shown on pages 62, 68, 70. and 73. IICII JANUARY 1987 1 5 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS Chart B l . Employment and Unemployment [Marginal Employment Adjustments] 42-i 1, Average weekly hours of production or nonsupervisory workers, manufacturing (hours) 4140- 39- 38 J 21. Average weekly overtime hours of production or nonsupervisory workers, manufacturing (hours) 3- 5. Average weekly initial claims for unemployment insurance, State programs (thousands—inverted scale) |L,C,Ll 200-1 300- 400- ' 500600- I Job Vacancies! 700 - 14-1 60. Ratio, help-wanted advertising in newspapers to number of persons unemployed (ratio) | j t , M [ 1.00.6- ' 0.2J 46. Help-wanted advertising in newspapers (index: 1967=100) 180 - 12 zJ_ i J 160140120100- 60 J 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 1989 Current data for these series are shown on page 6 1 . 1 6 JANUARY 1987 KCII CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B l . Employment and Unemployment—Continued 1 Comprehensive Employment] 48. Employee hours in nonagricultural establishments (am. rate, oil. hours) j t> c CI 42. Persons engaged in nonagricuKural activities (millions) ** ME 41. Employees on nonagricuKural payrolls (millions) 40. Employees on nonagricultural payrolls, goods-producing industries (trillions) 90. Ratio, civilian employment to population of working age (percent) 1962 63 64 65 66 67 68 69 70 7! 73 74 75 76 77 T ^ 78 79 80 81 82 83 84 85 86 87 88 1989 Current data for these series are shown on pages 61 and 62. \\i\\ JANUARY 1987 1 7 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B l . Employment and Unemployment—Continued P [Comprehensive Unemployment] 37. Number of persons unemployed (millions—inverted scale) 43. Unemployment rate (percent—inverted scale) V - A \ 45. Average weekly insured unemployment rate, State programs (percent—inverted scale) V- / 91. Average duration of unemployment (weeks—inverted scale) -v—,-,. \ "\ lLg.Li.Lel \ v/v w * f7 \ 44. Unemployment rate, persons unemployed 15 weeks and over (percent—inverted scale) _ \ 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 1989 Current data for these series are shown on page 62. 1 8 JANUARY 1987 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B2. Production and Income N', 4400- [Comprehensive Output and Income! 40003600 - 50. Gross national product in 1982 (talks, Q (aim. rate, bil. dol.) 3200- 2800- 2400 - 3600 3400 • 3200 • 30002800 52. Personal income in 1982 dollars (am. rate, bil. dol.) 26002400. 220020001800- 3000' 2800 • 51. Personal income less transfer payments in 1982 dollars (am.rate,bit.dot) k e e l 2600 2400 • 2200 • 2000' 1800 • 1600 - 1400- 53. Wages and salaries in 1982 dollars, mining, manufacturing, and construction (aim. rate, bil. dot) I Q Q Q 600 550 • 500450 • 400 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 J 88 1989 Current data for these series are shown on page 63. ItCII JANUARY 1987 1 9 CYCLICAL INDICATORS B I CYCLICAL 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 Chart B 2 . P r o d u c t i o n a n d I n c o m e — C o n t i n u e d [industrial Production! 47. Industrial production (index: 1977=100) 73. Industrial production, durable manufactures (index: 1977=100) 74. Industrial production, nondurable manufactures (index: 1977=100) 1800-1 1700 - IV J_ 49. Value of goods output in 1982 dollars, Q (am. rate, bil. dol.) )c,c,C[ 1600150011001300120011001000900800- [Capacity Utilization! 82. Capacity utilization rate, manufacturing (percent) ll,C,Ul 90-i 7060 84. Capacity utilization rate, materials (percent) | L,C,U J 60-1 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 1989 Current data for these series are shown on pages 63 and 64. 20 JANUARY 1987 \ \ \ \ \ CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B3. Consumption, Trade, Orders, and Deliveries [Orders and Deliveries| 7. Manufacturers' new orders in 1982 dollars, durable goods industries (bil. doL) 60- 6. Manufacturers' new orders in current dollars, durable goods industries <bi). dot.) 40 8. Manufacturers' new orders in 1982 dollars, consumer goods and materials industries (bil. dol.) Mill - JHi J 110100- 70- \r 60- 25. Change in manufacturers' unfilled orders, durable goods industries », •> (bil. dol.; MCD moving avg.—4-term) ~ T 0- 420380340300- 96. Manufacturers' unfilled orders, durable goods industries 260- / 220- z 180 - 140- 100- 60 32. Vendor performance, percent of companies receiving sfewer deliveries (percent) J 100-1 7550- 25 J 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 1989 Current data for these series are shown on page 64. IECII JANUARY 1987 21 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B3. Consumption, Trade, Orders, and Deliveries—Continued 550 500 450 • I Consumption and Trade] 57. Manufacturing and trade sales in 1982 dollars (bil dol) 400- c£c] V 350300 250 - 200- 56. Manufacturing and trade sates in current dollars 150 - \ 140 - 75. Industrial production, consumer goods (index: 1977=100) f c T c I 120100 - 140120 - 59. Sales of retail stores in 1982 dollars (bil. dot.) |U,LU| 100 - 60-1 54. Sales of retail stores in current dollars (bil. dot.) |C,L,U| 160- \ 140120 - z 55. Personal consumption expenditures, automobiles, Q (arm. rate, bil. dol.) [L,C,C| 100- 60- 40- 20 J 110 - 58. Index of consumer sentiment (1st Q 1966=100) 100 - 90- 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 1989 Current data for these series are shown on page 65. 22 JANUARY 1987 CYCLICAL INDICATORS B CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B4. Fixed Capital Investment 160 - | Formation of Business Enterprises] 140 120100 J 12. Net business formation (index: 1967=100) [ U X 706050- 13. New business incorporations (thousands) ' 40- 30 - 454035- | Business Investment Commitments [ 3025- 20- 15- 10. Contracts and orders for plant and equipment in current dollars (bil. dol.) n ~ r n 20. Contracts and orders for plant and equipment in 1982 dollars (bil. dol.) I L,LiL [ 40- 27. Manufacturers' new orders in 1982 dollars, nnndtfense capital goods industries (bil. dol.) 353025- 20- V 15- 24. Manufacturers' new orders in current dollars, nondefense capital goods industries (nil. dd.) h m 9. Construction contracts awarded for commercial and industrial buildings (mil. so. ft. of floor space; MCD moving avg.—5-term) 1 llO-i 100 - 90706050-1 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 1989 This is a copyrighted series used by permission; it may not be reproduced without written permission from McGraw-Hill Information Systems Company, F.W. Dodge Division. Current data for these series are shown on pages 65 and 66. I » U ) JANUARY 1987 23 CYCLICAL INDICATORS B I 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 [Business Investment Commitments—Con.j 97. Backlog of capital appropriation!, 1,000 manufacturing corporations, Q (Wl. dol.) 20- 15- 11. Newly approved capital appropriations, 1,000 manufacturing corporations, Q (bil. dot.) 100. Expenditures in 1982 (Wars for new plant and equipment, I Business Investment Expenditures] 61. Expenditures in current dolars for new pant and equipment, Q (ann. rate, bil. dol.) 69. Machinery and equipment sales and business construction expenditures (arm. rate, bil. dol) |cie,L 76. Industrial production, business equipment (index: 1977=100) 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 1989 Current data for these series are shown on pages 66 and 67. 24 JANUARY 1987 KCII CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B4. Fixed Capital Investment—Continued P r T P I Business Investment Expenditures—Cotv.l 550500- Gross private nonresidential fixed investment in 1982 dollars,!} (ann. rateJuLJoL). 450400350300250- !. Producers' durable equipment, Q | C.Lg.C j 200- 150 - 100 J [Residential Construction Commitments and Investment| 28. New private bousing units started (am. rate, mWjpns) 2.62.42.22.01.81.61.41.21.00.8-1 29. New private housing units authorized by local building permits (index: 1 9 6 7 - 1 0 0 ) 200 180 - 160140120100- 60 J 240- Gross private residential fixed investment in 1982 dollars, Q (am. rate, bil.dol.) 220200180160140 120 - 100- 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 1989 Current data for these series are shown on page 67. K M ) JANUARY 1987 25 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B5. Inventories and I n v e n t o r y I n v e s t m e n t 1 Inventory Investment 30. Change in business inventories in 1982 dollars, Q (ann. rate, bil. dot.) ) L.L.L 1 36. Change in manufacturing and trade inventories on hand and on order in 1982 dollars (arm. rate, bil. do!.; moving avg.—4-term1) 31. Change in manufacturing and trade inventories, book value (arm. rate, bil. dol.; MCO moving avg.—6-term) 38. Change in manufacturers' inventories, materials and supplies on hand and on order, book value (bil. dol.; MCD moving avg.—4-term) 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 1989 1 This is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span. Current data for these series are shown on page 68. 26 JANUARY 1987 ItCIt B CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B5. Inventories and Inventory Investment—Continued 1 Inventories on Hand and on Order | 700 - 70. Manufacturing and trade inventories in 1982 dollars (bil. dot.) 600500400 - 71. Manufacturing and trade inventories, book value (bil. dol.) V 300- 200 - no-. 100908070- 65. Manufacturers' ii book value (bil. dot.) 6050- f_ 40- 30- 77. Ratio, manufacturing and trade inventories to sales in 1982 dollars 260- 78. Manufacturers' inventories, materials and supplies on hand and on order, book value (bil. dol.) ' 220 - 180- Z 140- 100- 60- 1962 63 64 65 66 67 68 69 71 73 74 75 76 77 78 79 80 81 82 83 85 86 87 88 1989 Current data for these series are shown on page 68. KOI JANUARY 1987 2 7 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 PROCESS—Continued Chart B6. Prices, Costs, a n d Profits 1 Sensitive Commodity Prices | 98 - ** a n 2e in producer prices for 28 sensitive crude and intermediate materials (percent; MCD moving avg.~6-term) |L,L,L[ 99. Change in sensitive materials prices (percent; moving 23. Spot market prices, raw industrial materials' (index: 1967=100) [Stock Prices! 19. Stock prices, 500 common stocks (index: 1941-43=10) 18. Corporate profits after tax in 1982 dollars, Q I Profits and Profit Margins] (ann. rate, Ml dol.) [1X1! V 16. Corporate profits after tax in cuirenl dollars, Q (an. rate, UL doL) 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 fp^jl 80 81 82 83 84 85 86 87 88 1989 1 This is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span. ? Beginning with data for June 1981, this is a copyrighted series used by permission; it may not be reproduced without written permission from Commodity Research Bureau, Inc. Current data for these series are shown on page 69. 28 JANUARY 1987 CYCLICAL INDICATORS B I CYCLICAL 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 6 . Prices, Costs, a n d P r o f i t s — C o n t i n u e d [Profits and Profit Margins—Con.\ 280240- Corporate profits after tax with IVA and CCAdj in 1982 dollars, Q (am, rate, bil. dol.) 200- 160120- 79. Corporate profits after tax with IVA aid CCAdj in current dollars, Q (ana rate, bil. dot) 40 J 77 ftatin, rarpnratp rtnmwstic fimfifc after ta» tn cnrpnratp rinmKtir income, Q (percent) \ 1210- A, 7S- r A ^ 86- 81. Ratio, corporate domestic profits after tax with IVA and CCAdj \ J to corporate domestic income, Q (percent) <"V • 4- 15. Profits after taxes pef dollar of sales, manufacturing corporations, f (tents) 5- 3- 26. Ratio, implicit price deflator to unit labor cost, nonfarm business sector, Q (index: 1 9 7 7 = 1 0 0 ) . 102- -ESI 100- Ul Y -7/ 989694- | Cash Flows 500- 35. Corporate net cash flow in 1982 dollars, Q (am.«te,biLdol.) \ 400- 300- 200- 34. Corporate net cash flow in curreiy doBars. 0 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 100 84 85 86 87 J 88 1989 Current data for these series are shown on pages 69 and 70. HOI JANUARY 1987 29 CYCLICAL INDICATORS B | CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B6. Prices, Costs, and Profits—Continued 1 Unit Labor Costs and Labor Share| s 63. Unit labor cost, business sector, Q (index: 1977= 68. Labor cost in current dollars per unit of gross domestic product in 1982 dollars, nonfinancial corporations, Q (dollars) m 62. Labor cost per uret of output, manufacturing (index: 1 9 7 7 = 1 0 0 ) ^ ^ 64. Compensation of employees as a percent of national income, Q {percent) 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 1989 Current data for these series are shown on page 70. 30 JANUARY 1987 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B7. Money and Credit 1(1!! F 1 PI p JjiV 1 Jl. y p (percent; MCD movmg avg.-6-term) 106. Money supply M2 in 1982 dollars (Ml. dot.) Ho, gross national pro&ict to money supply Ml y supply M2 (ratio) Current data for these series are shown on page 7 1 . JANUARY 1987 31 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC P R O C E S S — C o n t i n u e d Chart B7. Money and C r e d i t — C o n t i n u e d |Credit Flows] 33, Net change in mortgage debt held by financial institutions and life insurance companies (am. rate, bHr-dek) 112. Met change in business loans (am. rate, bil. dol.; MCD moving avg.—&tmn) 100 -i + 120+ 100- 113. Net change in consumer installment "edit (am. rate, bil. dol.; MKJ moving avg.—6-tenn) f i , L , L | + 80+ 60+ 40+ 200-20- 111. Change in business and consumer e r e * outstanding (arm. rate, percent) 110. Funds raised by private nonfirtancfal borrowers in credit markets; <J (am. rate, bil. d ^ j J L X f l 100 - 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 1989 Current data for these series are shown on pages 71 and 72. 32 JANUARY 1987 IICII CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued Chart B7. Money and Credit—Continued | Credit Difficulties 1 s • < i 14. Current liabilities of business failures (mil dol.inverted scale; MCD moving avg.—6-term) [L.L.L | i * ,. 100 T 39. Percent of consumer instattnent loans delinquent 30 days and over (percent—inverted scste) [ Q J ] 1.6- **/"¥*\ T 1.82.0^!9rt0*m' 2.2- \ 2.42.62.8- [Bank Reserves| 93. Free reserves (ml. dol.—inverted scale) L.U.U 94. Member bank borrowioSi from the Federal Reserve (bil. dol.) 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 1989 Current data for these series are shown on page 72. JANUARY 1987 33 CYCLICAL INDICATORS B I CYCLICAL 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 Chart B7. Money and Credit—Continued | Interest Rates] 119. Federal funds rate (percent) 114. Discount rate on new issues of 91-day Treasury bills 116. Yield on new issues of high-grade corporate bonds (percent) X ] 115. Yield on long-term Treasury bands (percent) Z 118. Secondary market yields on FHA mortgages (percent) 117. Yield on municipal bonds, 20-bond average (percent) 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 1989 Current data for these series are shown on pages 72 and 73. 34 JANUARY 1987 CYCLICAL INDICATORS CYCLICAL 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 Chart B7. Money and Credit—Continued {interest Rates—Con. 109. Average prime rate charged by banks (percent) 67, Bank rates on short-term business loans, Q (percent) 400- [Outstanding Debt] 350- 101. Commercial and industriai bans outstanding in 1982 dollars '•(MLdoL) :. 300- nTTTTTI \ 250200- 72. Commercial and industrial loans outstanding in current 150 700- 11 600500400- 300- 66. Consumer installment credit outstanding (bil. dot.) 200- 100-1 m 35. Ratio, consumer instalment credit outstanding to personal income (percent) [Lg.Lg.Lgt 18161412- 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 1989 Current data for these series are shown on page 73. BCII JANUARY 1987 35 CYCLICAL INDICATORS C I D I F F U S I O N I N D E X E S A N D RATES OF C H A N G E Chart C l . Diffusion Indexes ,'dr ililv P T P 950. Twelve leading indicator components (6-mo. span—, 1-mo. span.—) 1001 50- 951. Four roughly coincident indicate components (6-mo. span—, 1-mo. spaa—) 100-i mm n JL2. vt {in;;? 50- 952. Sac lagging indicator components (6-mo. s p a n — , 1-mo. span—-) 50- 961. Average weekly hours of production or nonsupervisory workers, 20 manufacturing industries (9-mo. span , 1-mo. s p a n — ) 50- 962. IriHJaJ claims for unemployroent insurance, State programs, 51 areas (percent declining; 9-mo. s p a n ^ - , 1-mo. span—-) 100-1 50- 963. finployees on private nonagricultural payrolls, 172-186 industries ( 6 - m span—, 1-nw.^ 100-1 50- 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 1989 Current data for these series are shown on page 74. 36 JANUARY 1987 CYCLICAL INDICATORS DIFFUSION INDEXES AND RATES OF CHANGE—Continued Chart C l . Diffusion Indexes—Continued P T T P 964. Manufacturers' new orders, 34-35 durable goods industries (9-mo. s p a n — , 1-iro. span—-) | Percent rising] 100- 50- 0- 965. Newly approved capital appropriations in 1982 dollars, 17 manufacturing industries <4-Q moving a v g * * * 1-Q span**.) i 1 966. hAstrial production, 24 industries (6-mo. s p a n — , 1-mo. span-—) 100- 50- 0- 967. Spot market print, 13 raw industrial materials (9-mo. s p a n — , 1-mo. span—-) 100 - 50- 0- Stock prices, 500 common stocks, 42-82 industries (9-mo. span-—, 1-mo. s p a n — ) 100- 50- 0- 968. Net profits, manufacturing, about 600 companies1 (4-Q span) 908070- V NV"^ \ A 605040- 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 1989 : 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. KCII JANUARY 1987 37 CYCLICAL INDICATORS DIFFUSION INDEXES A N D RATES OF C H A N G E — C o n t i n u e d Chart C l . Diffusion I n d e x e s — C o n t i n u e d i Actual Anticipated Actual ~—• Anticipated .•••••• I Percent rising | 970. Expenditures for new plant and equipment, 21 industries (1-Q span) (a) Actual expendtures 974. Number of employees, manufacJurjnf and trade (4-Q span)1 70605040- 975. Level of inventories, annulacturBtg and trade (4-Q span) (a) Actual expenditures 1 80A. * 70- / 60- ;> 5040- 971. New orders, manufacturing (4-Q span) 1 976. Selling prices, manufacturing (4-Q span)1 10090807050 J 60- 972. Net profits, manufactunng and trade (4-Q span)1 977. Selling prices, wholesale trade (4-Q span)1 90-i •A Nv i • *• 80- *J 70- '7 60- mi 50-1 978. Selling prices, retail trade (4-Q span)1 973. Net sales, manufacturing and trade (4-Q span)1 100-1 • . • • ' • •• , ' j 90- * -I v^. i 1975 76 70- 60- 77 78 79 80 81 82 83 84 85 86 1987 1975 76 77 78 79 80 81 82 83 84 85 86 1987 This is a copyrighted ; ries used by permission; it may not be reproduced without written permission from Dun & Bradstreet, Inc. Dun & Bradstreet diffusion indexes are based on surveys of about 1,400 business executives. JANUARY 1987 CYCLICAL INDICATORS DIFFUSION INDEXES AND RATES OF CHANGE—Continued Chart C3. Rates of Change 50c. Gross natjonalprodtct in 1982 dollars (1-Q span) 48c. Employee hours in nonagricuttural establishments s transfer payments in 1982 dollars 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 1989 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. JANUARY 1987 OTHER IMPORTANT ECONOMIC MEASURES A I NATIONAL INCOME AND PRODUCT Chart A l . GNP and Personal Income N"v Mar 5000 - I V 450040003500 3000- 200. Gross national product in current dollars, Q (am. rate, bit. dol.) 25002000- 223. Personal income in current dollars (am. rate, bil. dol.) \ 1500- \ \ 224. Disposable personal income in current dollars, Q (arm. rate, bil. dol.) 1000- 45004000- 50. Gross national product in 1982 dollars, Q (am. rate, bil. dol.) 3500300025002000- 4500- 213. Final sales in 1982 dollars, Q (am. rate, HI. dol.) 40003500 3000 2500- 2000 - 225. Disposable personat income in 1982 dollars, Q (ann. rate,ttldol.) 1500 217. Per capita gross national product in 1982 dollars, Q (am. rate, thous. dol.) •'•— 1816141210- 227. Per capita disposable personal income in 1982 dollars, Q (am. rate, thous, dd.) 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 1989 Current data for these series are shown on pages 63 and 80. 40 JANUARY 1987 J OTHER IMPORTANT ECONOMIC MEASURES A NATIONAL INCOME AND P R O D U C T — C o n t i n u e d Chart A2. Personal Consumption Expenditures j Annual rate, biWon dollars (current)! 3200 30002800 26002400220020001800160014001200 1000- Personal consumption expenditures— 230. Annual rate, blion dollars (1982), 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 1989 Current data for these series are shown on pages 80 and 8 1 . KCII JANUARY 1987 41 OTHER IMPORTANT ECONOMIC MEASURES A I NATIONAL INCOME AND PRODUCT—Continued Chart A3. Gross Private Domestic Investment ii Ill lltSSSi Gross private domestic investment— | l f l 900- % §^ sill? .fill I M I H I rate, billion (Wars (current) | n 800- rz^m"^m |if|j§ M 700600500- ami 400- *Jf ii if <<£?.;£".. ill ^^ 300-J 200- 242. Fixed investment, Q 245. Change in business inventories, Q Annual rate, bilon dollars (1982) 30. Change in business inventories, Q 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 1989 Current data for these series are shown on page 81. 4 2 JANUARY 1987 ItCIt O T H E R I M P O P " >.\ A I NATIONAL I N C O M E AND P R O D U C T — C o n t i n u e d Chart A4. Government Purchases of Goods and Services [Annual rate, billion dollars (current)| Government purchases of goods and services— 300- • 200- 266. State and local government, Q 100-1 Annual rate, pion dollars (1982)| 1000- 900800700600500- 267. State and local government, Q 400- 300- 200 - 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 1989 Current data for these series are shown on page 8 1 . JANUARY 1987 43 OTHER IMPORTANT ECONOMIC MEASURES I A I NATIONAL INCOME AND PRODUCT—Continued Chart A 5 . Foreign Trade 600- | Annual rate, biffion dollars (current)\- 550500450400350300250- 252. Exports of goods and services, Q 200 - 150- 253. Imports of goods and services, Q 100- 50 J 250. Net exports of goods and services, Q .-50 - i 0-50-100-150 J [ Annual rate, biBion dollars (1982)1 600-i 550500450400350- 257, Imports of goods and services, Q 300250- 200- 256. Exports of goods and services, Q 150-" t-100- 255. Net exports of goods and services, Q + 50- -50-100 -150-200 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 1989 Current data for these series are shown on page 82. 44 JANUARY 1987 OTHER IMPORTANT ECONOMIC MEASURES A I NATIONAL INCOME AND PRODUCT—Continued Chart A6. National Income and Its Components (Annual rate, bion dollars (current)| 4000 T M 35003000 25002000- 220. National income, Q 1500 - ^ - 280. Compensation of employees, Q 1000-1 400360 320280240- 286. Corporate proits before tax with inventory valuation and capital coftaunption adjustments. Q 20018016014012010090807060- 282. Proprietors' income with inventory vafaafon and capital consumption adjustments, Q 5040- 30- 20- 284. Rental income of persons with capital consumption adjustment, Q 10- 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 1989 Current data for these series are shown on page 82. I d I ) JANUARY 1987 45 OTHER IMPORTANT ECONOMIC MEASURES IA I NATIONAL INCOME AND PRODUCT—Continued Chart A7. Saving P T [Annual rate, billion dollars (current) 60- 40-1 298. Government surplus or deficit, Q 0-20- -40-60- -100-120-140-160-180-200- lO-i 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 1989 Current data for these series are shown on pages 82 and 83. 46 JANUARY 1987 ItOI OTHER IMPORTANT ECONOMIC MEASURES A I NATIONAL INCOME AND PRODUCT—Continued Chart A8. Shares of GNP and National Income j Percent of GNP] 70-i 235. Personal consumption expenditures, Q 65- 60-1 268. State and local government purchases i t goods and services. 0 265. Federal Government purchases of goods and services, Q 248. Nonresidential fixed investment, Q 249. Residential feted investment, Q / V 251. Net exports of goods and services, Q 247. Change in business inventories, Q ' Yl -5- |Percent of National Income] 64. Compensation of employees, Q 75- 15-1 Corporate profits before tax with inventory valuation and capital consumption adjustments, Q 10- 283. Proprietors' income with inventory valuation and capital consumption adjustments, Q Z-i.i 5- 289. Net interest, Q 0J 285. Rental income of persons wim capital consumption adjustment, Q 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 ', 77 78 79 80 : 81 82 83 84 85 86 87 88 1989 Current data for these series are shown on page 83. KCII JANUARY 1987 47 OTHER IMPORTANT ECONOMIC MEASURES B I PRICES, WAGES, AND PRODUCTIVITY Chart B l . Price Movements Jar, P T P P I Index: 1982=1001 1,1, I if f 310c. Implicit price de flator f nafrnal p""*1""' 310. Implicit price national product, , 1 , . T P ross • j rercent eniange at annual rate ( ]\ + 15 +10 - • + 5 - • 0 - 1975 76 11 78 79 80 81 82 83 84 85 86 1987 1975 76 77 78 79 80 81 82 83 84 85 86 1987 Current data for these series are shown on pages 84, 85, and 86. JANUARY 1987 ItCII OTHER IMPORTANT ECONOMIC MEASURES PRICES, WAGES, AND PRODUCTIVITY—Continued Chart B l . Price Movements—Continued P T I Index: 1967^1001 380 - Consumer price indexes— 340300 260 220- 322. All urban consumers, food —~ 180- 320. All urban consumers 140- J & All urban consumers (6-mon<hspan) j Percent change at annual ratej + 20- Ji2c. All urban consumers, food (6-month span) + 20+ 100-10- Chart B 2 . Wages and P r o d u c t i v i t y I Index: 1977 = 1001 | Wages] 200180160- 341. Real average hourly earnings of production or iwnsupervisorv worfcatffi private nonaEricuttutat payrolls1 14012010080 J 340. Average hourly earnings of production or nonsupervisory workers on private nonagricuKural payrolls (current doltes) 1 — 200180160 140- 346. Real awrage hourly compensation, all employees, nonfarm business sector, Q 120- I V 100 - 345. Average hourly compensation, all employees, nonfarm business sector, Q (current dollars) 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 60 J 84 85 86 87 88 1989 1 Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonality. Current data for these series are shown on pages 84, 87, and 88. ItCII JANUARY 1987 49 OTHER IMPORTANT ECONOMIC MEASURES B I PRICES, WAGES, AND PRODUCTIVITY—Continued Chart B2. Wages and Productivity—Continued P T — — ^ T P Change in average hourly earnings of production or nonsupervisory workers on private mmagricutoiral payrolls'— I ercen c an -U 340c. Current-dollar earnings » U !1 ; Change in average hourly compensation, ail employees, nonfarm business sector, Q— f 345c. Current-dollar compensation ^ 4-quarter spans + 10+ 5- - — 1 - q u a r t e r spans (ann. rate) 0- 346c. Real compensation + 10+ 50-5- Negotiated wage and benefit decisions— 348. Average first-year changes, Q (arm, rate) 349. Average changes over life of contract, Q (ann. rate) I Index: 1977=100 358. Output per hour, all persons, nonfarm business sector, Q 370. Output per hour, all persons, business sector, I j Percent change | 370c. Change in output per hour, all persons, business sector, Q — l-quarter spans (am. rate) , \.r \! ' • v t V 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 1989 Adjusted for overtime (in manufacturing only) and interindustry employment shifts and seasonality. ' One-month percent changes have been multiplied by a constant (12) to make them comparable with the annualized 6-month changes. See page 87 for actual 1-month percent changes. Current data for these series are shown on pages 87 and 88. 50 JANUARY 1987 OTHER IMPORTANT ECONOMIC MEASURES C LABOR F O R C E , E M P L O Y M E N T , A N D U N E M P L O Y M E N T C h a r t C l . Civilian Labor Force a n d M a j o r C o m p o n e n t s Civilian labor force participation rates i 20 years and over 4 5 3 S § l e x e s 16-19 years of age 3 452. Females 20 years and over Number unemployed (millions) $$H}^_ 37. Persons 445, Females 20 years Both sexes 16-19 years of age 447. Number unemployed, full-time workers (millions) >-448. Number of persons employed part time for economic reasons (millions) 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 1989 Current data for these series are shown on page 89. K O ) JANUARY 1987 51 OTHER IMPORTANT ECONOMIC MEASURES D | G O V E R N M E N T ACTIVITIES Chart D l . Receipts and Expenditures | Annual rate, bHton dollars (current)) 1400- IV 12001000- [ml 600- 502. Federal Government expenditures, Q • 400- 501. Federal Government receipts, Q 200 J 500. Federal Government surplus or deficit, Q •M 900800700600500400- 511. State and local government receipts, Q — ^ 300- 200- 512. State and local government expenditures, Q 100 J H00-| + 80+ 60- 510. State aw) local government surplus or deficit, Q + 40+ 200- 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 1989 Current data for these series are shown on page 90. 52 JANUARY 1987 OTHER IMPORTANT ECONOMIC MEASURES GOVERNMENT ACTIVITIES—Continued Chart D2. Defense Indicators p i P [Advance Measures of Defense Activity| 517. Defense Department gross obligations incurred (bil. dol.; MCO moving avg.—6-term) 525. Defense Department prime contract awards (bil. dol.; MCD moving avg.—6-term) 543. Defense Department gross unpaid obligations outstanding (bil. doL) 548. Manufacturers' new orders, defense products (Wl. dol.; MCD moving avg.—6-term) 1962 63 64 65 66 67 68 69 70 71 11 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 1989 Current data for these series are shown on page 90. ItCII JANUARY 1987 5 3 OTHER IMPORTANT ECONOMIC MEASURES GOVERNMENT ACTIVITIES—Continued Chart D2. Defense Indicators—Continued [intermediate and Final Measures of Def§j|| Activity! 1T S JM zszt 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 1989 Current data for these series are shown on page 9 1 . 54 JANUARY 1987 IIUI OTHER IMPORTANT ECONOMIC MEASURES GOVERNMENT ACTIVITIES—Continued Chart D2. Defense Indicators—Continued Ian J u y Ni'i Vat <• T P J *£• | Intermediate and Final Measures of Deftife Activity—Con. [ k& « T July P % 5* 570. EmpMittldefense products industries ( B i o n s j i i Defense Department personnel (millions)- % 2.01.81.61.4- f J , Civilian personnel, direct hire «npk>ymerit 564. Federal Govemment purchases of goods and services, nattait v ^ l ^ i defense, Q (am. rate, oil. ( 150- „ ' ' -ij" 100 - r JCT 50 J 565. 1097- 54- 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 1989 Current data for these series are shown on page 9 1 . l » 4 ^ l r JANUARY 1987 5 5 OTHER IMPORTANT ECONOMIC MEASURES U.S. INTERNATIONAL TRANSACTIONS Chart E l . Merchandise Trade 2520- 15- 602. Exports, exdudng military aid shipments (bil. dot.) *T Zs+*Wr - 109876543- 2- 604. Exports of domestic agricultural products (bil. dol.) \ 606. Exports of nonelectrical machinery (bil <M.) 1-1 4035302520- 612. General imports (bil. dol.) 1098765- 3- 2- 614. Imports of petroleum and p e t r o l e u m products (bil. dol) 10 8- 616. Imports of automobiles and parts m. dot.) 0.6- 0.4- 0.2 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 J 1989 Current data for these series are shown on page 92. 56 JANUARY 1987 ito OTHER IMPORTANT ECONOMIC MEASURES U.S. I N T E R N A T I O N A L TRANSACTIONS—Continued C h a r t E 2 . Goods and Services M o v e m e n t s [Annual rate, billion dollars | | Excess of receipts j Excess of payments Goods and services- 667. Balance on goods and services, Q 622. Balance on merchandise trade, Q 70- Income on investment— 60- 651. OS. investment abroad, Q — 50403020- "652. Foreign investment in the United States, Q 100- 1962 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 1989 Current data for these series are shown on page 93. IECII JANUARY 1987 5 7 OTHER IMPORTANT ECONOMIC MEASURES F INTERNATIONAL COMPARISONS Chart F l . Industrial Production P T x: 1977 = 100 [Index: 1977=J00i Industrial production— Industrial production— 140 130 - 130' 47. United States 721. OECD European countries 120 - 120 • [1 110' 110 - 100' 100 - 90-1 90- 160150- 130- 140 - 728. Japan 120- 722. United Kingdom 130 - 110- 120 - •V* 110- 10090- 100 90-1 130 120- . west Germany 110 100 - M-*™ 90- 130 - 72C. Trance 120 120 - Hi. oanada 110' 110- 100' 100- 90 1975 76 77 78 79 80 81 82 83 84 85 86 1987 90-" 1975 76 77 78 79 80 81 82 83 84 85 86 1987 Current data for these series are shown on page 94. 58 JANUARY 1987 IECII OTHER IMPORTANT ECONOMIC MEASURES INTERNATIONAL COMPARISONS—Continued Chart F2. Consumer Prices Chart F3. Stock Prices Jan. P My July iw T P r 80 81 ) Percent change at annual rate Consumer prices— 1975 76 77 78 79 80 81 82 83 84 85 86 1987 1975 76 77 78 79 82 83 84 85 86 1987 Current data for these series are shown on pages 95 and 96. JANUARY 1987 59 CYCLICAL INDICATORS COMPOSITE INDEXES AND THEIR COMPONENTS 2 9 Year and month 910. Index of twelve leading indicators (series 1, 5, 8, 12, 19, 20, 29, 32, 36, 99, 106, 111) (1967 = 100) 920. Index of four roughly coincident indicators (series 41,47,51,57) (1967 = 100) 930. Index of six lagging indicators (series 62, 77, 91, 95, 101, 109) (1967 = 100) COMPOSITE INDEXES 940. Ratio, coincident index to lagging indexx Leading indicator subgroups 914. Capital investment commitments (series 12, 20, 29)x (1967 = 100) 915. Inventory investment and purchasing (series 8, 32, 36, 99) x 916. Profitability (series 19, 26, 80) 917. Money and financial flows (series 104, 106, 111) (1967 = 100) (1967 = 100) (1967 = 100) (1967 = 100) 1985 January February March 166.3 167.1 167.4 158.4 159.0 159.3 124.3 125.4 128.1 127.9 127.0 109.2 111.0 110.8 102.6 102.5 102.0 113.1 114.1 114.2 139.0 138.6 138.9 April May June 166.7 167.1 167.7 160.5 160.2 159.5 125.1 126.7 126.5 128.3 126.4 126.1 110.0 109.7 110.1 101.8 101.6 101.5 114.5 115.0 115.8 137.1 135.9 135.6 July August September 169.2 169.8 170.6 159.7 160.9 160.9 126.9 127.2 128.4 125.8 126.5 125.3 110.5 110.6 111.2 101.5 101.5 101.6 116.7 116.9 115.6 137.7 139.0 140.0 October November December 171.6 171.6 173.6 160.8 161.6 163.0 129.7 129.7 130.2 124.0 124.6 125.2 110.3 109.5 110.5 102.1 102.3 102.7 114.8 114.9 116.5 141.1 140.6 141.9 rl73.4 174.9 rl75.9 162.9 163.4 162.9 rl31.6 rl31.9 rl32.9 rl23.8 rl23.9 rl22.6 108.9 rll0.7 110.5 103.3 103.4 103.3 117.3 119.0 119.8 142.2 140.5 139.9 178.2 178.1 177.7 rl65.6 164.2 163.7 rl31.0 rl32.1 rl32.1 rl26.4 rl24.3 rl23.9 111.1 rlO9.7 rlO9.8 103.6 103.2 102.6 119.9 119.7 120.4 140.3 142.8 143.0 July August September rl79.3 179.1 rl79.4 164.2 164.5 rl65.3 rl32.1 131.9 rl31.4 rl24.3 124.7 125.8 rll0.5 109.3 rlO9.6 102.7 102.3 102.4 rl20.1 (H>rl20.7 rll9.0 rl46.3 rl46.2 October November December rl80.6 182.2 H> 2 186.1 rl64.9 165.3 rl33.3 133.5 0> 166.6 Hyi34.2 rl23.7 rl23.8 P124.1 109.0 rlO9.2 pllO.5 rlO2.6 rlO3.5 P104.9 rll8.1 P118.0 (NA) B>P151.O 123.7 1986 January February March April May June 3 145.5 rl47.9 147.4 1987 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 0 ) ; for series that move counter to movements in general business activity, current low values are indicated by 0 ) . Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are 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. 1 The following series reached their high values before 1985: series 940 (136.2) in January 1984, series 914 (111.5) in February 1984, and series 915 (107.9) in April 1984. 2 Excludes series 36, for which data are not available. 3 Excludes series 57, for which data are not available. ^Excludes series 77 and 95, for which data are not available. 60 JANUARY 1987 IICII CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS MAJOR ECONOMIC PROCESS £ ] Minor Economic Process Marginal Employment Adjustments Timing Class Year and month EMPLOYMENT AND UNEMPLOYMENT L,C, L L,C, L 21. Average weekly overtime hours of production or nonsupervisory workers, manufacturing 5. Average weekly initial claims for unemployment insurance, State programs2 (Hours) (Thous.) L, L,L 1. Average weekly hours of production or nonsupervisory workers, manufacturing 1 (Hours) Comprehensive Employment Job Vacancies L, Lg, U 60. Ratio, help-wanted advertising in newspapers to number of persons unemployed (Ratio) u, c, c L, Lg, U 46. Index of help-wanted advertising in newspapers (1967 = 100) 48. Employee hours in nonagricultural establishments (Ann. rate, bil. hours) Revised 3 1985 January February March 40.5 40.1 40.5 3.3 3.3 3.3 378 402 389 0.490 0.501 0.502 140 141 141 180.23 180.17 181.38 April May June 40.3 40.4 40.5 3.3 3.2 3.2 387 383 392 0.470 0.474 0.500 132 132 141 181.05 181.65 181.88 July August September 40.4 40.6 40.7 3.2 3.3 3.3 381 375 381 0.497 0.490 0.491 141 134 136 181.80 182.58 183.11 October November December 40.7 40.7 40.9 3.4 3.4 3.6 367 371 391 0.503 0.524 0.527 140 144 145 184.42 184.58 184.81 January February March 40.8 40.7 40.7 3.5 3.4 3.4 375 384 393 0.538 0.498 0.490 143 142 138 185.63 185.29 185.41 April May June 40.7 40.7 40.6 3.4 3.4 3.3 374 378 378 0.472 0.452 0.500 132 128 141 185.82 185.76 185.45 July August September 40.6 40.8 40.8 3.4 3.5 3.5 370 379 369 0.506 0.495 0.485 140 134 135 185.90 186.66 186.95 October November December 40.7 r40.8 P40.9 3.5 3.5 B)p3.6 343 0.510 0.530 H)p0.543 141 0)342 356 E>rl47 pl45 rl87.41 rl88.51 H)pl88.52 1986 1987 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. x 2 3 Series 1 reached its high value (41.1) in April 1984. Data exclude Puerto Rico, which is included in figures published by the source agency. See "New Features and Changes for This Issue," page iii. JANUARY 1987 61 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS m EMPLOYMENT AND UNEMPLOYMENT-Continued Minor Economic Comprehensive Employment—Continued Process Timing Class CCC U, C, C 42. Number of persons engaged in nonYear agricultural and 41. Employees on nonagricultural payrolls activities month (Thous.) (Thous.) Revised L, C, U 40. Employees on nonagricultural payrolls, goodsproducing industries (Thous.) 2 Comprehensive Unemployment U, Lg, U 90. Ratio, civilian employment to population of working age (Percent) Revised L, Lg, U L, Lg, U 37. Number of 43. Unemployment rate persons unemployed (Percent) (Thous.) 2 Revised 2 L, Lg, U 45. Average weekly insured unemployment rate, State programs1 (Percent) C) Lg, Lg, Lg Lg, Lg, Lg 44. Unemployment rate, persons unemployed 15 9 1 . Average duration of unemployment weeks and over (Percent) (Weeks) Revised 2 (2) 1985 102,979 103,269 103,676 96,366 96,507 96,870 25,008 24,931 24,971 59.18 59.31 59.46 8,506 8,365 8,351 103,612 103,719 103,403 97,104 97,338 97,442 24,996 24,949 24,897 59.41 59.39 59.08 103,711 104,030 104,558 97,672 97,890 98,128 24,875 24,880 24,843 104,720 104,923 104,998 98,428 98,666 98,910 105,612 105,452 105,555 February March April May June July August September October November December r7.2 2.9 2.9 2.9 15.9 15.9 16.2 2.0 2.1 2.1 8,364 8,291 8,385 7.3 r7.2 7.3 2.8 2.8 2.8 16.4 15.3 15.5 2.1 2.0 2.0 59.19 59.30 59.50 8,438 8,141 8,242 7.3 7.1 7.1 2.8 2.8 2.8 15.5 15.3 15.3 2.0 2.0 2.0 24,903 24,931 24,977 59.55 59.60 59.64 8,288 8,171 8,184 7.1 7.0 r7.0 2.7 2.7 2.8 15.3 15.6 15.2 2.0 1.9 1.9 99,296 99,429 99,484 B>25,101 25,038 24,945 59.86 59.63 59.71 E>7,902 8,485 8,380 r6.8 r7.2 7.2 2.8 2.8 2.8 15.0 15.2 B)14.6 1.8 2.0 1.9 105,770 106,014 106,449 January 99,783 99,918 99,843 25,038 24,965 24,854 59.75 59.80 59.99 8,323 8,422 8,392 7.1 r7.2 7.1 2.8 2.8 2.8 14.7 14.8 15.2 rl.9 106,763 107,010 106,845 100,105 100,283 100,560 24,869 24,888 24,858 60.08 60.12 60.02 8,230 8,057 8,285 r7.0 6.8 7.0 2.8 2.8 2.8 15.1 15.6 15.5 1.9 1.9 2.0 107,030 107,217 E>107,476 rl00,826 rl01,065 H)pl01,334 r24,865 r24,895 p24,932 60.07 60.14 0)60.19 8,222 8,243 7,949 r6.9 r6.9 E>6.7 2.7 2.7 15.2 14.8 15.0 1.8 1.9 7.4 7.3 1986 January February March April May June July August September October November December H>2.6 1987 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. x 2 Data 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 1987 1.8 1.9 [H>1.8 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS PRODUCTION AND INCOME Minor Economic Process Comprehensive Output and Income Timing Class . . . Year and month C, C, C 50. Gross national product in 1982 dollars C.C.C (Ann. rate, bil. dol.) C.C.C 52. Constant (1982) dollars 51. Personal income less transfer payments in 1982 dollars (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) Personal income 223. Current dollars Industrial Production (Ann. rate, bil. dol.) C.CC 53. Wages and salaries in 1982 dollars, mining, mfg., and construction (Ann. rate, bil. dol.) C,C,C 47. Index of industrial production C, CTC 73. Index of industrial production, durable manufactures C.L.L 74. Index of industrial production, nondurable manufactures (1977 = 100) (1977 = 100) (1977 = 100) c, c, c 49. Value of goods output in 1982 dollars (Ann. rate, bil. dol.) 1985 January February March 3,547^0 3,227.3 3,258.3 3,273.8 2,933.9 2,951.4 2,952.0 2,500.3 2,516.8 2,517.9 538.2 537.3 539.2 122.7 123.2 123.4 126.6 126.4 127.3 122.6 123.5 123.7 1,521.1 April May June 3,567.6 3,302.7 3,288.5 3,304.9 2,972.7 2,949.3 2,958.7 2,537.6 2,514.8 2,525.1 537.1 537.7 537.1 123.3 123.6 123.6 127.5 127.4 127.0 124.1 124.7 124.8 1,526^0 July August September 3,60X8 3,315.4 3,320.5 3,333.9 2,962.8 2,962.1 2,963.5 2,522.2 2,525.9 2,526.8 535.7 537.8 537.0 123.4 124.4 124.3 126.9 128.1 127.4 125.4 126.0 126.4 1,544.2 October November December 3,62^3 3,358.3 3,372.3 3,418.0 2,971.9 2,971.2 3,003.5 2,535.9 2,536.4 2,569.0 538.7 538.3 541.5 123.6 124.8 125.6 126.7 128.2 128.7 125.8 127.2 127.5 l,54l'.7 January February March 3,655.9 3,417.4 3,435.3 3,445.1 2,992.5 3,021.4 3,040.7 2,551.7 2,577.9 2,593.6 541.1 541.0 542.0 126.2 125.3 123.6 129.5 128.7 126.8 129.3 128.7 127.7 1,563*.6 April May June 3,66l!4 3,486.8 3,481.3 3,481.9 0)3,082.9 3,072.6 3,059.7 D2,633.9 2,621.9 2,609.9 1)544.7 543.7 539.0 124.7 124.2 124.2 128.1 127.0 126.2 129.6 129.9 131.2 1,562^8 July August September 3,686!i 3,490.8 3,497.9 3,507.9 3,062.1 3,060.3 3,053.0 2,605.7 2,608.4 2,601.6 538.9 541.4 539.0 124.9 125.1 rl24.9 127.4 127.5 rl28.1 131.7 132.2 rl31.4 1,568.0 October November December E>P3,7O2.4 r3,518.8 r3,526.6 [H>P3,554.8 r3,057.2 r3,056.0 p3,075.1 r2,605.0 r2,604.2 p2,622.6 r544.3 r540.3 P541.5 rl25.3 rl26.0 E)pl26.6 rl28.2 rl28.7 [H>pl29.6 rl32.3 133.1 0)pl33.8 B>pl,58i.'6 1986 1987 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. BCII JANUARY 1987 63 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS • • mm PRODUCTION AND INCOME—Continued Minor Economic Process Timing Class Year and month Q j Capacity Utilization L, C, U 82. Capacity utilization rate, manufacturing x Orders and Deliveries L, C, U 84. Capacity utilization rate, materialsx L, L,L (Percent) L, L, L Manufacturers' new orders, durable goods industries 6. Current dollars (Percent) CONSUMPTION, TRADE, ORDERS, AND DELIVERIES (Bil. dol.) 7. Constant (1982) dollars (Bil. dol.) ILL 8. Manufacturers' new orders in 1982 dollars, consumer goods and materials (Bil. dol.) L, L, L L, Lg, U 25. Change in manufacturers' unfilled orders, durable goods industries1 96. Manufacturers' unfilled orders, durable (Bil. dol.) (Bil. dol.) goods industries L, L, L 32. Vendor performance, companies receiving slower deliveries1© (Percent reporting) 1985 January February March 80.2 80.2 80.4 81.4 81.3 81.2 105.45 102.47 99.54 99.67 96.76 93.91 86.65 83.67 81.88 3.48 0.75 -2.58 348.92 349.67 347.10 47 48 46 April May June 80.4 80.3 80.0 80.5 80.1 80.2 99.84 102.97 106.78 94.10 96.69 100.17 83.31 84.09 83.17 -2.22 0.25 4.12 344.87 345.13 349.25 44 44 44 July August September 79.9 80.3 80.0 79.7 79.8 79.5 104.37 107.66 106.64 97.72 100.81 100.23 83.51 84.78 85.29 1.89 2.35 2.98 351.14 353.49 356.48 44 42 42 October November December 79.4 80.1 80.2 79.1 79.4 80.3 104.50 103.80 107.53 97.66 97.01 100.40 86.25 86.90 85.70 -1.98 -3.21 1.75 354.49 351.28 353.04 46 42 46 January February March 80.8 80.2 79.1 80.1 79.6 78.5 108.19 107.54 104.68 101.31 100.70 97.93 89.40 87.70 83.95 2.56 2.00 1.99 355.60 357.60 E>359.59 46 48 50 April May June 79.9 79.4 79.3 78.7 78.1 78.0 103.75 102.62 102.73 96.78 95.64 95.74 86.96 83.68 85.68 -2.84 -1.05 -1.82 356.74 355.70 353.87 50 55 50 July August September 79.7 79.7 79.6 78.3 77.9 r78.1 106.22 103.84 108.72 98.81 96.51 100.76 84.84 r85.29 88.32 1.24 -0.31 2.70 355.11 354.80 357.50 54 51 52 October November December r79.7 79.9 p80.3 r77.9 r78.5 P78.6 103.57 rlO8.83 [H>plO9.85 95.63 rl00.39 H>plO1.34 87.41 r85.90 H>p91.98 -3.87 r2.16 353.62 r355.78 P353.77 54 56 56 1986 p-2.01 1987 January February March April May June July August September October November December See note on page 60. Graphs of these series are shown on pages 12, 20, and 21. x The following series reached their high values before 1985: series 82 (81.3) in July 1984; series 84 (82.9) in August 1984; series 25 (8.14) in March 1984; and series 32 (72) in March 1984. 6 4 JANUARY 1987 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS ^ 9 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 • • FIXED CAPITAL l i f l INVESTMENT CONSUMPTION, TRADE, ORDERS, AND DELIVERIES—Continued 56. Current dollars (Mil. dol.) 57. Constant (1982) dollars (Mil. dol.) C, L, C 75. Index of industrial production, consumer goods (1977 = 100) C, L, U U, L, U Sales of retail stores 54. Current dollars (Mil. dol.) 59. Constant (1982) dollars (Mil. dol.) L, C, C 55. Personal consumption expenditures, automobiles (Ann. rate, bil. dol.) L, L, L 58. Index of consumer sentiment1© L, L, L 12. Index of net business formation1 (1st Q 1966 = 100) (1967 = 100) L, L, L 13. Number of new business incorporations (Number) 1985 January February March 417,350 418,218 420,346 398,853 400,734 402,554 118.0 119.1 119.3 110,511 111,935 111,999 104,256 105,301 104,966 11CL2 96.0 93.7 93.7 121.4 122.7 122.0 52,768 54,765 55,785 April May June 423,215 424,379 418,219 406,623 408,803 400,212 118.9 119.7 119.9 114,256 113,992 113,468 106,881 106,734 106,243 112!8 94.6 91.8 96.5 121.6 119.6 120.2 55,659 55,694 55,270 July August September 421,565 428,205 427,201 404,428 411,491 410,596 119.4 120.9 121.1 114,620 116,349 118,499 107,322 108,737 110,643 126!i 94.0 92.4 92.1 122.4 121.5 121.3 54,934 55,644 55,939 October November December 426,123 408,186 r411,314 r411,483 120.5 122.7 123.3 114,947 r431,012 r432,679 rll5,354 rll6,743 107,127 rl07,007 rlO7,896 111.6 88.4 90.9 93.9 121.5 120.5 119.5 r55,202 r56,316 57,785 January February March 431,957 426,854 420,230 411,824 412,199 410,592 123.8 123.3 121.8 117,349 117,200 116,684 108,056 109,023 109,665 ni.'i 95.6 95.9 95.1 118.4 121.2 121.8 57,452 0)61,062 58,981 April May June 428,455 421,613 425,475 420,460 413,038 415,467 124.5 124.3 124.4 117,715 118,675 118,960 111,157 111,642 111,700 115.2 96.2 94.8 99.3 123.1 119.9 119.5 59,880 57,789 56,771 July August September 427,473 429,310 0)442,206 419,493 421,843 0)432,903 125.2 125.1 rl24.2 119,804 121,523 0)128,331 112,492 113,467 0)119,045 0>146!l 97.7 94.9 91.9 121.6 119.5 120.9 57,789 55,647 57,310 October November December r435,848 p437,141 (NA) r424,508 p426,404 (NA) rl24.9 rl25.8 0)pl26.9 rl21,655 rl20,937 pl26,255 rll3,062 rll2,186 pll6,687 P130.7 95.6 91.4 89.1 rll8.9 1986 120.1 (NA) P118.0 1987 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. Series 58 reached its high value (101.0) in March 1984; series 12 reached its high value (123.2) in January 1984. ItCII JANUARY 1987 6 5 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC | PROCESS 3 FIXED CAPITAL INVESTMENT—Continued Minor Economic Business Investment Commitments Process Timing Class L.L.L L, L, L L. L, L L, L. L Contracts and orders for Manufacturers' new orders, plant and equipment nondefense capital goods industries L.C.U U, Lg, U 9. Construction contracts awarded for commercial and industrial buildings1 11. Newly approved capital appropriations, Year and month 10. Current dollars 20. Constant (1982) dollars 24. Current dollars 27. Constant (1982) dollars Square feet of floor space Square meters of floor space2 1,000 manufacturing corpora- C Lg, Lg 97. Backlog of capital appropriations, 1,000 manufacturing corporations tions3 (Bil. dol.) (Bil. dol.) (Bil. dol.) (Bil. dol.) (Millions) (Millions) (Bil. dol.) (Bil. dol.) 1985 27.81 33.80 32.09 27.74 35.81 32.91 23.63 29.49 27.21 23.90 H>31.86 28.43 81.14 82.48 87.41 7.54 7.66 8.12 29.94 30.32 30.66 32.63 30.49 31.33 33.34 25.46 25.59 27.98 26.04 26.72 29.14 91.95 83.99 69.68 8.54 7.80 6.47 27^56 32.08 32.11 34.57 32.63 33.01 35.24 26.68 27.55 29.24 27.74 28.89 30.43 91.89 91.41 8.54 8.49 E>93.19 ED8.66 November 32.82 30.79 E>r35.42 33.49 31.52 r34.95 27.09 25.79 D30.57 28.32 27.02 30.58 92.00 92.61 79.23 8.55 8.60 7.36 27'.19 December 27.63 32.69 30.18 27.41 34.28 31.04 24.29 28.64 26.54 24.41 30.64 27.78 70.66 78.41 69.96 6.56 7.28 6.50 23^9 31.09 31.08 32.36 26.18 26.14 26.42 27.18 27.73 28.62 84.26 76.71 75.88 7.83 7.13 7.05 rl9.99 June 30.57 29.92 30.64 July August September 31.68 30.18 32.46 r33.57 32.26 33.60 27.39 26.32 28.22 29.76 28.85 29.86 73.10 79.09 80.82 6.79 7.35 7.51 «:H r32.31 r34.27 H>p35.98 26.91 r28.44 P30.01 28.35 r30.36 P31.50 71.77 85.41 78.29 6.67 7.93 7.27 (NA) January February March April May June July August September October 99^35 (H>99*.88 «:" 97.18 9 4 ! 58 1986 January February March April May October November December 31.39 r32.86 P35.09 92^22 r85!77 p8l!l2 (NA) 1987 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. 1 This is a copyrighted series used by permission; it may not be reproduced without written permission from McGraw-Hill Information Systems Company, F.W. Dodge Division. Converted to metric units by the Bureau of Economic Analysis. 3 Series 11 reached its high value (34.12) in 2d quarter 1984. 6 6 JANUARY 1987 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS Q | Minor Economic Process Timing Class Residential Construction Commitments and Investment Business Investment Expenditures C Lg, Lg 61. Current dollars (Ann. rate, bil. dol.) C Lg, Lg C, Lg, Lg Expenditures for new plant and equipment Year and month FIXED CAPITAL INVESTMENT-Continued 100. Constant (1982) dollars 69. Machinery and equipment sales and business construction expenditures (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) C Lg, U 76. Index of industrial production, business equipment (1977 = 100) C Lg, C Lg, Lg, Lg C Lg, C 28. New private housing units started1 Gross private nonresidential fixed investment in 1982 dollars 86. Total (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 88. Producers' durable equipment (Ann. rate, bil. dol.) 87. Structures L, L, L (Ann. rate, thous.) L, L, L 29. Index of new private housing units authorized by local building permits 1 (1967 = 100) L, L, L 89. Gross private residential fixed investment in 1982 dollars (Ann. rate, bil. dol.) 1985 January February March 373^6 371^84 374.91 389.27 407.68 138.3 139.2 138.9 442.' 7 149'.9 292.8 1,804 1,632 1,849 130.8 135.2 139.9 172^4 April May June 387!86 387:31 400.96 397.75 403 49 140.7 140.8 138 5 4 6 3 :o H>154*.i 308.9 1,851 1,684 1 693 135.1 137.7 136 9 175li July August September 389^3 388 .'58 397.96 408.25 397.48 139.5 141.0 140.4 463!l - 3 310.9 1,673 1,737 1,653 136.3 142.1 147.2 180.0 October November December 0)397.'88 409.30 410.53 138.3 140.8 140.0 0)476^9 152.4 324.5 0)423.97 1,784 1,654 1,882 135.8 133.0 146.7 18K5 309! 7 2,034 2,001 1,960 148.4 144.2 146.3 186.3 2,019 1,853 1,852 150.3 142.6 142.9 192^7 1,782 1,795 1,664 140.3 133.4 127 8 197.2 1,628 124.8 128.6 152.3 1986 January February March »,:« 374ll8 385.23 398.64 401.72 0)141.5 140.5 137.7 457'.8 148 !i April May June 375^92 372.73 402.58 390.01 397.39 138.6 137.9 136.6 456.8 132.9 July August September 374:55 368 .'69 r400.04 r400.00 r396.15 137.9 139.3 rl39.3 454^4 129^5 0)324.9 October November December a394.34 a389.17 r402.01 P400.29 (NA) rl39.2 rl39.2 P139.3 P451.0 P128.4 P322.6 January February March a386.82 a38o!o4 April May June a393:39 a386.29 rl,585 pi,802 1987 July August September October November' December See note on page 60. Graphs of these series are shown on pages 13, 24, and 25. x Series 28 reached its high value (2,213) in February 1984; series 29 reached its high value (158.5) in February 1984. JANUARY 1987 6 7 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS INVENTORIES AND INVENTORY INVESTMENT Minor Economic Process Timing Class , Year and month Inventories on Hand and on Order Inventory Investment 30. Change in business inventories in 1982 dollars 1 36. Change in mfg. and trade inventories on hand and on order in 1982 dollars1 Smoothed2 Actual (Ann. rate, bil. dol.) L, L, L L, L, L L, L, L (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 31. Change in mfg. and trade inventories, book value1 (Ann. rate, bil. dol.) L, L, L 38. Change in mfrs.' inventories, materials and supplies on hand and on order1 (Bil. dol.) Lg, Lg, Lg, Lg, Lg Manufacturing and trade inventories 71. Book value (Bil. dol.) 70. Constant (1982) dollars (Bil. dol.) Lg, Lg, Lg Lg, Lg, Lg 65. Manufacturers' inventories, finished goods, book value 77. Ratio, mfg. and trade inventories to sales in 1982 dollars (Bil. dol.) (Ratio) L, Lg, Lg 78. Mfrs.' inventories, materials and supplies on hand and on order * (Bil. dol.) 1985 January February March 23^2 29.90 14.93 -19.46 12.45 14.34 10.80 28.4 32.9 -2.1 0.65 -0.48 -3.07 575.80 578.54 578.37 632.39 634.14 634.21 89.69 89.86 90.12 1.59 1.58 1.58 217.95 217.47 214.40 April May June 7.42 -25.43 7.82 4.71 -5.76 -7.94 2.0 17.4 -8.6 27.5 -0.94 -1.54 1.68 578.53 577.81 580.11 635.58 634.35 635.39 90.12 0)90.13 89.87 1.56 1.55 0)1.59 213.46 211.93 213.61 July August September CL7 7.88 -17.23 -5.38 -3.32 -1.88 -2.71 3.2 -10.6 0.4 -0.46 0.31 -0.11 580.37 579.49 579.52 636.56 635.86 635.69 89.26 88.86 88.26 1.57 1.55 1.55 213.15 213.46 213.35 October November December -5\2 23.60 12.84 5.47 -2.29 5.34 12.16 29.6 r8.7 r5.3 -0.34 -1.28 1.83 581.99 r582.71 583.15 637.74 638.64 638.43 87.58 88.24 88.37 1.56 1.55 1.55 213.69 212.41 214.24 January February March 39.' 9 33.83 18.79 44.95 15.68 18.37 25.94 21.8 2.5 36.0 -0.26 1.43 -1.10 584.97 585.18 588.18 640.58 641.50 645.87 87.92 87.53 87.62 1.56 1.56 1.57 213.99 215.41 214.31 April May June 15.1 13.54 -52.33 7.50 29.14 13.91 -4.19 5.1 -22.5 26.2 -1.76 -1.39 -0.85 588.60 586.73 588.91 647.86 645.28 646.28 87.80 87.66 86.71 1.54 1.56 1.56 212.56 211.17 210.31 July August September 13.60 -0.3 r-19.69 r-34.42 -10.42 r-4.97 r-6.52 35.8 -21.0 -24.9 -0.24 -0.58 2.07 0)591.90 590.14 588.07 0)648.42 646.97 643.48 87.28 86.73 85.52 1.55 1.53 1.49 210.08 209.50 211.57 October November December P-1L5 rl3.10 p-2.93 (NA) r-13.59 p-10.88 (NA) r41.8 p-11.4 (NA) -0.82 p0.35 (NA) r591.56 P590.61 (NA) r644.78 P644.67 (NA) 85.45 P86.74 (NA) 1.52 pi.51 (NA) 210.76 P211.10 (NA) 1986 1987 January February March April May June July August September October November December See note on page 60. Graphs of these series are shown on pages 13, 15, 26, and 27. lr rhe following series reached their high values before 1985: series 30 (85.1) in 1st quarter 1984, series 36 actual (89.59) in February 1984, series 36 smoothed (76.50) in April 1984, series 31 (88.9) in February 1984, series 38 (3.02) in October 1983, and series 78 (222.58) in July 1984. 2 This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span. JANUARY 1987 licit CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS Q | Minor Economic Process Stock Prices Sensitive Commodity Prices Timing Class L, L,L L,L,L U, L, L L, L, L 98. Change in producer prices for 28 sensitive crude and intermediate materials x 23. Index of spot market prices, raw industrial, materials12© 99. Change in sensitive materials prices (Percent) Year and month PRICES, COSTS, AND PROFITS (1967 = 100) Smoothed3 Actual (Percent) (Percent) 19. Index of stock prices, 500 common stocks © (1941-43 = 10) Profits and Profit Margins L, L,L L.L.L Corporate profits after tax 16. Current dollars1 18. Constant (1982) dollars1 L, C. L L, C, L Corporate profits after tax with IVA and CCAdj" 79. Current dollars (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 80. Constant (1982) dollars (Ann. rate, bil. dol.) L, L, L 22. Ratio, corporate domestic profits after tax to corporate domestic incomex (Percent) 1985 January February March -0.37 -1.59 -0.72 255.8 253.1 252.4 -0.85 -1.16 -0.48 -0.56 -0.73 -0.90 171.61 180.88 179.42 126.0 us!) 178.7 lllj 5.1 April May June -0.03 0.66 0.14 257.1 252.0 242.9 0.52 -0.22 -1.00 -0.60 -0.22 -0.15 180.62 184.90 188.89 126\7 118*.8 187^2 179^8 b\6 July * August September -0.03 -0.34 -0.34 240.7 239.8 238.0 -0.31 -0.26 -0.40 -0.37 -0.52 -0.42 192.54 188.31 184.06 133.4 12^9 200'.5 0)192!3 5\3 October November December 0.59 -0.31 -0.31 236.9 234.5 235.0 0.18 -0.49 -0.09 -0.24 -0.20 -0.18 186.18 197.45 207.26 139.4 130.1 189.2 180.2 5.3 January February March 0.10 -1.14 0.45 236.9 233.3 223.1 0.27 -1.02 -1.08 -0.12 -0.19 -0.44 208.19 219.37 232.33 126.9 116.5 0)2O(L7 190.1 4^5 April May June 2.02 0.44 -0.44 219.9 221.3 225.0 0.64 0.41 0.27 -0.55 -0.25 0.22 237.98 238.46 245.30 128'.8 118.3 194 .'2 183 \ 6 4*.8 July August September 0.65 r-2.54 rl.46 227.6 212.0 221.2 0.67 -3.38 2.03 0.44 -0.18 -0.52 240.18 245.00 238.27 135\9 124^3 197.6 185.3 5.0 October November December 1.72 1.05 -0.10 235.5 243.7 247.5 [H>2.80 0.13 rl.3O 0)1.85 237.36 245.09 0)248.61 (NA) (NA) (NA) (NA) (NA) 1986 rl.54 0.39 1987 January February March 5 253.0 6 265.30 April May June July August September October November December See note on page 60. Graphs of these series are shown on pages 13, 28, and 29. x The following series reached their high values before 1985: series 98 (2.83) in February 1983, series 23 (289.5) in May 1984, series 16 2 (146.4) in 1st quarter 1984, series 18 (142.7) in 1st quarter 1984, and series 22 (6.7) in 3d quarter 1983. This is a copyrighted series 3 used by permission; it may not be reproduced without written permission from Commodity Research Bureau, Inc. See footnote 1 on page 68. 5 6 *See footnote 1 on page 70. Average for January 2 through 28. Average for January 7, 14, 21, and 28. JANUARY 1987 69 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC Q g | PROCESS PRICES, COSTS, AND PROFITS—Continued Minor Economic Cash Flows Profits and Profit Margins—Continued Process U, L,L Timing Class L, L, L L, L, L L, L,L Unit Labor Costs and Labor Share L, L, L Lg, Lg, Lg Lg, Lg, Lg 68. Labor cost 62. Index of labor cost per unit 64. Compen- unit labor cost, per unit of real of output, manufacturing sation of em- business sector gross domestic 15. Profits after 26. Ratio, im- porate domes- taxes per dollar plicit price de- tic profits after of sales, manu- flator to unit tax with IVA and facturing cor- labor cost, 34. Current 35. Constant product, non- nonfarm busi- dollars (1982) dollars and CCAdj to month porations 2 corp. domestic Corporate net cash flow (Cents) (1977 = 100) bil. dol.) percent of na- as a percent tional income of trend (Ann. rate, bil. dol.) Actual data porations (Ann. rate, (Percent) ployees as a Actual data financial cor- ness sector income 1 Lg, Lg, Lg 63. Index of 81. Ratio, cor- Year Lg, Lg, Lg (1977 = 100) (Dollars) (1977 = 100) (Percent) (Percent) 1985 163*. 1 0.704 138.1 137.5 137.5 87.7 86.9 86.5 73^4 369^5 164.'o 0.708 136.8 136.9 137.7 85.7 85.4 85.4 73^5 382.8 38l!(5 164^4 0.705 137.8 137.8 138.0 85.1 84.7 84.4 73^4 98^2 0)389.4 0)388!i 167.3 0.716 139.7 138.6 139.4 85.1 84.0 84.1 73.7 3.6 99.'0 374.' 3 374^2 167.0 0.721 138.1 138.6 0)140.4 82.9 82.8 83.5 73^7 4^3 98.8 374.9 374!l 168.0 0.724 138.4 139.1 138.6 82.0 82.0 81.3 r99.0 384'.3 383.8 rl69.3 0)0.727 137.8 138.2 138.1 80.4 80.3 79.9 0)7^8 P97.9 (NA) (NA) 0>pl71.'3 (NA) rl39.4 rl38.0 P137.7 r80.2 r79.1 P78.5 (NA) January 7.*9 4.2 98.7 36l!6 8^2 2L7 98.9 370.8 Bili 3^7 0)99.3 7.9 3^6 8^2 February March April May June July August September October November December 1986 January February March April May . June July August September 8.1 October November (NA) (NA) December 1987 January February March April May June July August September October November December : See note on page 60. Graphs of these series are shown on pages 15, 29, and 30. 1 2 IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment. Series 15 reached its high value (4.9) in 2d quarter 1984. 7 0 JANUARY 1987 CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS 1 9 Minor Economic Process MONEY AND CREDIT Money Timing Class L, L, L 85. Change in money supply Ml L,C, U 102. Change in money supply M2 x L.L.L Velocity of Money L, L,L Lf Lf L 104. Change in total liquid assets1 105. Money supply Ml in 1982 dollars 106. Money supply M2 in 1982 dollars (Percent) (Bil. dol.) (Bil. dol.) Year and month (Percent) (Percent) cr c, c 107. Ratio, gross national product to money supply Ml1 (Ratio) Credit Flows C Lg, C 108. Ratio, personal income to money supply M2 1 (Ratio) L.L.L L.L.L 33. Net change in mortgage debt held by financial institutions and life insurance companiesl 112. Net change in business loans1 (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 1985 0.72 0.87 0.67 513.8 518.1 518.3 2,190.7 2,203.8 2,200.3 6.881 0.51 0.91 0.31 April May June 0.61 1.18 1.44 0.21 0.72 1.10 0.17 0.52 0.79 519.6 524.6 530.9 2,197.3 2,208.4 2,227.1 July August September 0.90 1.44 1.11 0.69 0.78 0.57 0.48 0.77 0.76 534.6 541.2 546.1 October November December 0.44 0.96 1.05 0.36 0.49 0.59 0.59 1.00 1.03 January February March 0.10 0.61 1.17 0.13 0.30 0.57 April May June 1.21 1.95 1.23 July August September October November December January February March 0.79 1.14 1.345 1.345 1 "348 71.21 59.26 1 m i/i 53.58 21.95 6.801 1.357 1.341 1.333 86.62 66.98 73.73 14.87 27.46 -45.89 2,238.3 2,250.9 2,259.4 6.671 1.328 1.320 1.318 58.92 68.39 42.35 16.58 3.66 -14.63 546.5 548.7 552.5 2,259.2 2,257.7 2,262.8 6.590 1.323 1.322 1.332 125.47 71.12 106.55 65.16 64.68 38.89 0.59 0.49 0.36 551.1 556.7 565.6 2,258.3 2,274.1 2,296.8 6.563 1.330 1.333 1.329 -23.17 57.40 43.56 56.50 -51.02 -29.54 1.15 1.05 0.80 0.60 r0.83 rO.57 574.0 584.2 588.6 2,329.6 2,349.9 2,357.7 6.354 1.330 1.314 1.304 52.58 30.83 (NA) -40.38 21.79 -30.85 1.38 1.72 r0.81 1.06 0.93 0.61 0.76 0.69 rO.70 596.5 605.7 r608.6 2,381.9 2,399.8 2,406.1 6.185 1.293 1.284 1.280 6.19 49.01 r-15.90 rl.15 rl.75 H>P2.37 r0.89 r0.59 pO.83 0.56 pO.73 (NA) 614.7 623.7 E>P637.O r2,423.9 r2,431.5 B>p2,445.7 p5.970 1.273 rl.268 pi.268 r36.32 r30.66 P94.58 1.10 1 . JHO 1U1.LH Of. QO C D . OJ 1986 1987 January February March 2 2.37 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. "The following series reached their high values before 1985: series 102 (2.79) in January 1983, series 104 (1.31) in January 1983, series 107 (6.940) in 4th quarter 1984, series 108 (1.375) in March 1984, series 33 (143.70) in September 1984, series 112 (108.61) in March 1984. 2 Average for weeks ended January 6, 13, and 20. RCII JANUARY 1987 71 CYCLICAL INDICATORS CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS E H Minor Economic Process Timing Class Year and month 113. Net change in consumer installment credit (Ann. rate, bil. dol.) L, L, L 111. Change in business and consumer credit outstanding x (Ann. rate, percent) Bank Reserves Credit Difficulties Credit Flows—Continued L, L, L MONEY AND CREDIT—Continued L.L.L 110. Funds raised by private nonfinancial borrowers in credit markets (Ann. rate, mil. dol.) L,L,L 14. Current liabilities of business failures x © (Mil. dol.) L, L, L 39. Percent of consumer installment loans delinquent 30 days and over1 (Percent) L.U.U 93. Free reserves1© (Mil. dol.) Interest Rates L, Lg, U L, Lg, Lg 94. Member bank borrowings from the Federal Reserve1© 119. Federal funds rate 1 © (Mil. dol.) (Percent) C Lg, Lg 114. Discount rate on new issues of 91-day Treasury bills 1 © (Percent) 1985 January February March 75.16 82.16 99.59 13.2 10.3 13.0 512,540 1,821.0 2,409.8 3,485.8 2.20 2.19 2.40 -650 -386 -827 1,395 1,289 1,593 8.35 8.50 8.58 7.76 8.22 8.57 April May June 90.52 75.96 52.69 10.0 9.4 3.7 540,744 p3,279.8 p3,261.9 p2,995.6 2.38 2.25 2.33 -585 -530 -300 1,323 1,334 1,205 8.27 7.97 7.53 8.00 7.56 7.01 July August September 81.43 72.61 E>123.96 9.3 8.5 9.8 591,564 p2,150.5 p3,162.4 pi,925.3 2.29 2.35 2.39 -252 -246 -623 1,107 1,073 1,289 7.88 7.90 7.92 7.05 7.18 7.08 October November December 78.70 67.72 77.72 15.6 10.9 11.7 E>944,524 pi,824.6 p5,026.9 pi,707.8 2.26 2.32 2.32 -434 -813 -260 1,187 1,741 1,318 7.99 8.05 8.27 7.17 7.20 7.07 January February March 91.86 61.19 37.04 12.6 3.4 3.8 465,584 p3,590.4 p3,518.2 p2,746.6 2.27 2.29 2.41 341 213 135 770 884 761 8.14 7.86 7.48 7.04 7.03 6.59 April May June 58.45 77.48 64.63 3.0 8.6 3.1 (NA) 571,300 2.44 2.52 2.53 -92 -38 128 893 876 803 6.99 6.85 6.92 6.06 6.12 6.21 July August September 66.77 40.72 92.69 7.4 6.5 r4.4 p634,692 2.22 2.33 2.24 169 -132 -282 741 872 1,008 6.56 6.17 5.89 5.84 5.57 5.19 October November December r86.50 p48.22 (NA) rlO.l r6.4 P15.5 (NA) (NA) -95 r226 p542 841 752 p827 5.85 6.04 6.91 5.18 5.35 5.49 1986 1987 January February March 2 6.55 3 5.46 April May June July August September October November December See note on page 60. Graphs of these series are shown on pages 13, 32, 33, and 34. 'The following series reached their high values before 1985: series 111 (21.6) in June 1984, series 14 (829.2) in July 1983, series 39 (1.78) in February 1984, series 93 (-7,328) in August 1984, series 94 (8,017) in August 1984, series 119 (11.64) in August 1984, and series 114 (10.49) in August 1984. 2Average for weeks ended January 7, 14, and 21. 3Average for weeks ended January 2, 8, 15, and 22. 72 JANUARY 1987 licit CYCLICAL INDICATORS B I CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued MAJOR ECONOMIC PROCESS MONEY AND CREDIT-Continued Minor Economic Process Timing Class Year and month Outstanding Debt Interest Rates—Continued Lg- Lg, Lg 116. Yield on new issues of high-grade corporate C Lg, Lg 115. Yield on long-term Treasury bonds1© bonds1© (Percent) (Percent) U, Lg, Lg 117. Yield on municipal bonds, 20bond average1© (Percent) Lg, Lg, Lg Lg, Lg, Lg 118. Secondary market yields onFHA mortgages 1 ® 67. Bank rates on short-term business loans1 © (Percent) (Percent) Lg, Lg, Lg Lg, Lg, Lg 109. Average prime rate charged by banks 1 © 66. Consumer installment credit outstanding (Percent) (Mil. dol.) Lg, Lg, Lg Lg, Lg, Lg Commercial and industrial loans outstanding 72. Current dollars (Mil. dol.) 101. Constant (1982) dollars (Mil. dol.) Lg, Lg, Lg 95. Ratio, consumer installment credit outstanding to personal income (Percent) 1985 January February March 12.46 12.39 12.85 11.15 11.35 11.78 9.51 9.65 9.77 13.01 13.27 13.43 io!io 10.61 10.50 10.50 459,843 466,690 474,989 324,947 326,776 329,012 314,262 316,337 319,119 14.25 14.32 14.51 April May June 12.45 11.85 11.33 11.42 10.96 10.36 9.42 9.01 8.69 12.97 12.28 11.89 9.90 10.50 10.31 9.78 482,532 488,862 493,253 330,251 332,539 328,715 319,701 321,294 318,214 14.61 14.87 14.92 July August September 11.28 11.61 11.66 10.51 10.59 10.67 8.81 9.08 9.27 12.12 11.99 12.04 9.27 9.50 9.50 9.50 500,039 506,090 516,420 330,097 330,402 329,183 319,861 321,716 322,412 15.08 15.24 15.49 October November December 11.51 11.17 10.42 10.56 10.08 9.60 9.08 8.54 8.43 11.87 11.28 10.70 9.68 9.50 9.50 9.50 522,978 528,621 535,098 334,613 340,003 343,244 325,183 328,823 331,317 15.57 15.68 15.66 10.33 9.76 8.95 9.51 9.07 8.13 8.08 7.44 7.08 10.78 10.59 9.77 9.29 9.50 9.50 9.10 542,753 547,852 550,939 347,952 343,700 341,238 337,163 337,955 340,217 15.88 15.95 15.99 April May June 8.71 9.09 9.39 7.59 8.02 8.23 7.20 7.54 7.87 9.80 10.07 9.98 8.13 8.83 8.50 8.50 555,810 562,267 567,653 337,873 339,689 337,118 339,230 339,689 337,455 15.94 16.15 16.30 July August September 9.11 9.03 9.28 7.86 7.72 8.08 7.51 7.21 7.11 10.01 9.80 9.90 7^3 8.16 7.90 7.50 573,216 576,609 584,334 337,634 341,718 r340,393 339,672 344,127 r342,104 16.42 16.48 16.66 October November December 9.29 8.99 8.87 8.04 7.81 7.67 7.08 6.85 6.86 9.80 9.26 9.21 7^28 7.50 7.50 7.50 r591,542 (H>p595,560 (NA) r343,420 r345,975 |H>p353,857 r344,453 r346,668 E)P355,278 rl6.81 H)pl6.89 (NA) 1986 January February March 1987 January February March 2 8.61 2 7.61 3 6.68 7.50 April May June July August September October November December See note on page 60. Graphs of these series are shown on pages 15, 34, and 35. 1 The following series reached their high values before 1985: series 116 (14.49) in June 1984, series 115 (13.00) in June 1984, series 117 (10.67) in June 1984, series 118 (15.01) in May 1984, series 67 (13.29) in 3d quarter 1984, and series 109 (13.00) in August 1984. 2 Average for weeks ended January 2, 9, 16, and 23. 3 Average for weeks ended January 2, 8, 15, and 22. IICII JANUARY 1987 7 3 CYCLICAL INDICATORS C DIFFUSION INDEXES AND RATES OF CHANGE Q j Year and month 950. Twelve leading indicator components (series 1, 5, 8, 12, 19, 20, 29, 32, 36, 99, 106, 111) 1-month span 6-month span 951. Four roughly coincident indicator components (series 41, 47, 51, 57) 1-month span DIFFUSION INDEXES 952. Six lagging indicator components (series 62,77, 91, 95, 101, 109) 6-month span 1-month span 6-month span 961. Average weekly hours of production or nonsupervisory workers, 20 manufacturing industries 962. Initial claims for unemployment insurance, State programs, 51 areasx 963. Employees on private nonagricultural payrolls, 186 industries 1-month span 9-month span 1-month span 9-month span 1-month span 6-month span 1985 January February March 70.8 50.0 33.3 62.5 50.0 58.3 50.0 100.0 75.0 100.0 100.0 75.0 66.7 50.0 58.3 50.0 50.0 66.7 35.0 22.5 85.0 40.0 40.0 47.5 11.8 72.5 84.3 33.3 41.2 64.7 52.4 47.8 53.8 49.2 47.8 43.0 April May June 33.3 70.8 54.2 50.0 58.3 66.7 100.0 62.5 75.0 100.0 100.0 100.0 41.7 50.0 33.3 58.3 50.0 50.0 12.5 77.5 77.5 55.0 67.5 67.5 19.6 45.1 88.2 64.7 58.8 68.6 49.2 51.6 47.0 45.9 44.3 44.3 July August September 62.5 58.3 62.5 83.3 79.2 83.3 50.0 100.0 50.0 75.0 100.0 100.0 41.7 50.0 58.3 58.3 41.7 50.0 27.5 87.5 65.0 87.5 92.5 97.5 7.8 82.4 59.8 64.7 13.7 60.8 56.2 56.8 50.8 48.9 50.8 54.1 October November December 75.0 37.5 75.0 83.3 75.0 45.8 50.0 87.5 87.5 100.0 100.0 62.5 91.7 41.7 66.7 58.3 75.0 66.7 75.0 52.5 95.0 75.0 80.0 80.0 23.5 r74.5 27.5 64.7 33.3 64.7 61.9 57.6 59.5 57.0 57.0 55.9 January February March 62.5 50.0 62.5 62.5 45.8 50.0 75.0 75.0 50.0 100.0 75.0 75.0 75.0 50.0 83.3 50.0 66.7 r58.3 22.5 22.5 72.5 80.0 57.5 27.5 56.9 52.9 62.7 49.0 39.2 51.0 59.7 53.5 45.1 53.8 53.8 47.6 April May June 75.0 50.0 54.2 58.3 58.3 66.7 100.0 25.0 37.5 75.0 75.0 100.0 rO.O 58.3 33.3 33.3 33.3 33.3 45.0 45.0 45.0 60.0 30.0 40.0 25.5 74.5 56.9 56.9 58.8 69.6 54.1 49.2 46.2 45.9 45.9 48.6 July August September 62.5 41.7 54.2 62.5 66.7 90.9 75.0 100.0 r50.0 75.0 75.0 100.0 50.0 33.3 33.3 33.3 41.7 *50.0 42.5 90.0 57.5 r70.0 p70.0 34.3 77.5 19.6 p90.2 (NA) 54.6 54.3 54.9 49.7 r54.9 P60.5 1986 October November December a 41.7 75.0 77.3 2 3 75.0 87.5 100.0 3 91.7 58.3 "37.5 r50.0 r77.5 P60.0 r68.6 p76.5 (NA) r55.1 r61.1 P62.4 1987 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 2d month of the 3d quarter. Series are seasonally adjusted except for those, indicated by (u), that appear to contain no seasonal movement. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are listed at the back of this issue. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. Graphs of these series are shown on page 36. figures are the percent of components declining. 2 Excludes series 36, for which data are not available. Excludes series 57, for which data are not available. ^Excludes series 77 and 95, for which data are not available. 74 JANUARY 1987 CYCLICAL INDICATORS C I DIFFUSION INDEXES AND RATES OF CHANGE—Continued Q | Year and month 964. Manufacturers' new orders, 34 durable goods industries 1-month span 9-month span 965. Newly approved capital appropriations in 1982 dollars, 17 manufacturing industries DIFFUSION INDEXES-Continued 966. Industrial production, 24 industries 967. Spot market prices, 13 raw industrial materials @ 968. Stock prices, 500 common stocks 1 © 960. Net profits, manufacturing, about 600 companies2© 1-month span 6-month span 1-month span 9-month span 1-month span 9-month span 39.6 56.2 70.8 54.2 62.5 66.7 23.1 38.5 57.7 23.1 23.1 23.1 89.1 93.5 37.0 77.8 73.3 85.6 70 '54 56.2 58.3 50.0 66.7 72.9 58.3 76.9 38.5 23.1 23.1 38.5 46.2 55.4 66.7 75.6 77.8 82.2 73.3 *72 51 54.2 68.8 50.0 60.4 66.7 68.8 38.5 46.2 46.2 38.5 46.2 38.5 76.7 30.0 11.1 75.6 82.2 86.0 70 *48 41.7 70.8 58.3 75.0 70.8 60.4 42.3 23.1 57.7 53.8 53.8 53.8 55.6 88.9 86.7 88.1 92.9 90.5 70 *43 70.8 39.6 22.9 68.8 47.9 50.0 61.5 38.5 34.6 46.2 50.0 57.7 60.5 81.0 94.0 90.5 90.5 88.1 *70 p46 79.2 37.5 50.0 45.8 54.2 54.2 53.8 61.5 65.4 42.3 50.0 50.0 61.9 50.0 77.4 88.1 90.5 81.0 (NA) (NA) 1-quarter span 58.3 68.8 r50.0 75.0 p75.0 50.0 50.0 65.4 50.0 65.4 73.1 35.7 67.9 42.9 81.0 71.4 4-Q moving average (4-quarter span) 1985 January February March 52.9 35.3 55.9 45.6 63.2 52.9 50 April May June 47.1 60.3 42 61.8 64.7 54.4 50.0 July August September 55.9 55.9 45.6 67.6 47.1 61.8 59 57.4 50.0 35.3 52.9 47.1 52.9 53 January February March 55.9 44.1 42.6 41.2 44.1 47.1 36 April May June 61.8 32.4 64.7 41.2 66.2 47.1 24 July August September 50.0 38.2 70.6 r47.1 p54.4 P71 October November December 44.1 r51.5 p50.0 .. October November December 1986 r33.3 (NA) r62.5 r56.3 P79.2 73.1 61.5 65.4 3 34.5 76.2 50.0 1987 January February March 3 84.6 April May June July August September October November December See note on page 74. Graphs of these series are shown on page 37. ^ a s e d on 46 industries through April 1985, on 45 industries through December 1985, on 43 industries through January 1986, and on 42 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 6, 13, 20, and 27. JANUARY 1987 7 5 CYCLICAL INDICATORS DIFFUSION INDEXES AND RATES OF CHANGE—Continued Q j 970. Expenditures for new plant and equipment 21 industries Year and quarter a. Actual expenditures (1-Q span) 971. New orders, manufacturing'0 c. Early projections b. Later projections DIFFUSION INDEXES-Continued (1-Q span) (1-Q span) Anticipated Actual (4-Q span) (4-Q span) (4-Q span) 973. Net sales, manufacturing and trade! © Anticipated Actual Anticipated Actual 972. Net profits, manufacturing and trade' © (4-Q span) (4-Q span) (4-Q span) 1984 First quarter Second quarter Third quarter Fourth quarter 97.6 76.2 90.5 66.7 5 9 I ? 61.9 71.4 95.2 45.2 90 86 84 79 88 91 90 88 80 79 74 74 84 86 88 84 85 84 82 80 88 90 90 88 57. 1 76. 71.< 52.4 61.9 83.3 76.2 38.1 74 74 76 75 82 84 82 80 70 69 70 70 80 81 81 78 76 74 75 74 84 84 84 81 19.0 57.1 70.8 (NA) .... 90. 61. 76. 76. 61.9 76.2 64.3 59.5 .... 35. 1 66. 1 42. 85. 7 47.6 69.0 47.6 66.7 76 76 74 (NA) 82 83 84 78 70 71 70 (NA) 78 81 81 78 72 73 74 (NA) 81 84 83 80 1985 First quarter Second quarter Third quarter Fourth quarter .... .... •) \ 1986 First quarter Second quarter Third quarter Fourth quarter .... .... 1987 First quarter Second quarter Third quarter Fourth quarter 38.1 80 78 82 .... .... Q j DIFFUSION INDEXES-Continued 974. Number of employees, manufacturing and trade' (u) rear and quarter 975. Level of inventories, manufacturing and trad* 976. Selling price >, manufactoring1 © Actual Voir Actual Actual Anticipated Anticipated 978. Selling prices, retail trade 1 © 977. Selling prices, wholesale trade1® Anticipated (4-Q span) Anticipated Actual Anticipated Actual (4-Q span) (4-Q span) 72 76> 7E 72 72 68 70 70 70 74 74 68 64 60 59 60 6£I 66 66 6C) 66 63 66 62 65 70 67 62 59 59 58 (NA) 64 64I 62 62 60 62 66 (NA) 62 62 64 64 (4-Q span) (4-Q span) (4-Q span) (4-Q span) (4-Q span) (4-Q span) 65 63 62 62 62 64 64 62 72 70 70 70 66 70 70 66 74 70 70 68 74 76 76 72 73 69 65 65 60 58 58 59 60 62 59 58 66 63 60 61 64 66 62 58 65 62 61 61 70 70 64 62 58 59 60 (NA) 59 60 59 58 62 61 62 (NA) 58 58 60 57 59 60 58 (NA) 62 65 62 59 (4-Q span) 1984 First quarter Second quarter Third quarter Fourth quarter .... .... 1985 First quarter Second quarter Third quarter Fourth quarter .... .... 1986 First quarter Second quarter Third quarter Fourth quarter .... .... 1987 First quarter Second quarter Third quarter Fourth quarter 60 .... 60 60 64 6 C .... NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are placed at the end of the span. Series are seasonally adjusted except for those, indicated by (g), 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. x This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun § Bradstreet, Inc. Dun $ Bradstreet diffusion indexes are based on surveys of about 1,400 business executives. 7 6 JANUARY 1987 CYCLICAL INDICATORS C I DIFFUSION INDEXES AND RATES OF CHANGE—Continued SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change Diffusion index components 1986 May October September August July June Novemberr DecemberP + + 961. AVERAGE WEEKLY HOURS OF PRODUCTION OR NONSUPERVISORY WORKERS , MANUFACTURING ' (Hours) All manufacturing industries .. 0 Percent rising of 20 components 40.7 _ (45) 40.6 0 40.6 + (42) (45) 40. 8 (90) 40.8 40.7 (58) 0 (50) 40.8 (78) 40.9 (60) Durable goods industries: Lumber and wood products Furniture and fixtures Stone, clay, and glass products Primary metal industries Fabricated metal products Machinery except electrical Electric and electronic equipment Transportation equipment Instruments and related products Miscellaneous manufacturing 0 40.3 39.4 0 42.3 41.7 - + 41.1 41.8 0 0 41.0 41.9 0 - _ 39.9 39.4 0 + + 42. 5 41.9 41.1 41.4 + + 41.2 41 7 41.1 42.1 + + 40.8 38.8 40.1 40.0 + 40.3 39.8 + 40.7 39.7 0 40.4 39.7 42.2 43.0 + 41.9 42.4 41.5 41.7 : 41.2 41.6 + + 41.4 41.7 - 0 41.3 41.6 41.2 42 6 0 0 41.2 42.6 r40.9 r42.1 0 + 40.9 42.3 0 0 40.9 42.3 + + 41 0 39. 2 I 40.7 39.6 r41.1 r39.8 + + 41.2 40.2 • 41.6 40.7 40.0 35.9 + 40 3 36 2 39.7 38.5 39.8 r39.1 + 39.9 38.4 0 39.9 38.2 40.9 36.6 + 41 4 36 5 41.6 36.7 0 41.5 r36.7 + + 41.6 36.9 t 41.8 37.1 + 43.2 + + 43 5 38 0 0 43.0 Q + 0 43.2 38 0 0 0 43.2 38 0 r42.2 r43.7 + 0 42.6 43.7 0 41.0 42.2 + 40.0 38.3 42.2 41.3 + r42.3 42.3 41.1 41.7 40.2 37.7 40. 2 39. 9 + 0 41.0 39.6 + + 42.5 42.0 42.2 41.6 40.9 39.4 40.1 39.4 : 0 - Nondurable goods industries: Food and kindred products Tobacco manufacturers Textile mill products Apparel and other textile products Paper and allied products Printing and publishing 0 _ + u Chemicals and allied products Petroleum and coal products Rubber and miscellaneous plastics products .. Leather and leather products 41.1 36.5 43.2 on n oo.U 0 40.8 36.5 - 43.1 0 07 Q 07 6/ .0 + 42.0 43.4 + 41.9 44.0 0 41.9 43.5 + + 41.3 37.7 - 40.5 37.« + 41 .2 36 .7 964. MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES (Millions of dollars) All durable goods industries - Percent rising of 34 components + 102,730 (32) Primary metals Fabricated metal products - Machinery, except electrical Electrical machinery - Transportation equipment Other durable goods industries 102,624 (65) 8,831 14 024 9,323 13 998 + 16,441 14,650 27,933 20,745 + - Q 9,060 13 993 103,845 + + 10,245 13 702 41.6 36.8 0 41.4 r36.8 + + 41.7 37.1 108,723 - 103,569 + 108,826 + \ - 9,842 14,051 - 9,713 14,217 + 42.2 37.9 + 10,680 14,334 9,441 14,300 16,603 15,952 15,231 17,083 + + 16,523 17,672 - - 16,951 16,739 28,359 20,622 + 26,704 20,639 28,964 21,671 - + 26,115 21,210 + - 30,247 21,148 109,850 (50) (52) (44) (71) 17,233 16,953 + 42.5 43.8 1 2 (38) (50) 16,888 17,913 23,531 21,077 106,220 43.0 00 n 42.0 43.4 42 1 44 3 41.2 36.7 - I - 15,472 18,455 30,179 20,730 NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: ( + ) = rising, (0) = unchanged, and ( - ) = falling. The "r" indicates revised; "p", preliminary; and "NA", not available. *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 1987 77 CYCLICAL INDICATORS DIFFUSION INDEXES AND RATES OF CHANGE—Continued Q j S L C E DIFFUSION INDEX C M O E T : Basic Data and Directions of Change—Continued EE T D O P NNS 1986 Diffusion index components May June July August 966. INDEX OF INDUSTRIAL PRODUCTION September1^ 0ctoberr November^ December^ + + l (1977 = 100) All industrial production 124.2 Percent rising of 24 components * o 124.2 + (50) (38) 124.9 + (58) 124.9 125.1 + (33) (69) 125.3 126.0 126.6 (62) (56) (79) (NA) 147.9 (NA) (NA) 118.1 76.8 (NA) 75.9 Durable manufactures: Lumber and products Furniture and fixtures + + Clay, glass, and stone products Fabricated metal products + Electrical machinery 106.5 141.3 + Instruments + + 140.3 101.0 + + 133.7 101.6 + 111.3 102.6 + + 120.9 147.1 120.8 149.5 + + 120.8 71.4 119.6 73.6 + + 106.6 140.4 + 105.7 142.6 163.2 125.1 + + 139.9 98.3 + 166.0 124.1 Transportation equipment Miscellaneous manufactures + 120.2 74.8 Primary metals Nonelectrical machinery 121.6 146.2 + 122.5 148.3 + 125.0 147.7 + 124.8 149.3 119.7 73.4 + + 121.6 74.1 + 118.2 74.2 + o 105.9 142.6 + 107.3 140.9 + + 108.0 142.9 166.8 125.6 + 167.2 125.1 166.9 127.7 + 167.8 125.2 141.7 97.5 + + 142.0 98.3 141.7 97.7 + 135.1 97.1 134.3 89.8 + + 107.5 142.6 + + 108.1 142.9 + + 167.9 125.7 + + 169.7 127.8 140.2 100.1 + 141.9 99.7 + 142.8 (NA) 133.5 100.0 + + 134.5 (NA) (NA) (NA) 116.0 102.7 + + 116.4 104.1 + + 118.6 105.7 (NA) (NA) 140.3 167.8 + (NA) 168.6 134.2 90.4 + (NA) 91.3 Nondurable manufactures: Foods Tobacco products Textile mill products Apparel products Paper and products Printing and publishing Chemicals and products Petroleum products Rubber and plastics products Leather and products + 134.6 97.6 134.3 97.9 + + + 112.6 101.7 + + 113.4 102.5 + o 114.7 102.5 133.2 161.9 + + 137.2 164.0 + + 138.1 165.4 + 138.6 164.6 136.9 163.0 + + 137.7 168.0 + 131.5 95.7 + 134.2 91.8 134.1 90.6 + + 134.4 94.0 133.9 93.3 + 134.2 91.0 o 150.1 59.5 + + 157.1 59.2 + + 158.2 61.5 (NA) (NA) (NA) 117.6 + (NA) 130.6 (NA) (NA) 89.3 113.0 88.6 (NA) + + 152.2 57.9 + + 155.5 61.9 o + 155.5 62.0 154.9 59.4 + 69.2 120.2 + + 70.9 122.2 70.7 120.8 92.4 111.8 + 90.7 114.8 Mining: Metal mining Coal Oil and gas extraction Stone and earth minerals 72.0 124.0 + 65.9 127.3 95.1 112.4 + 93.3 114.5 NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: + 91.0 111.7 + + 91.2 114.4 ( + ) =- rising, (o) = unchanged, and ( - ) = falling. - The " r " indicates revised; " p " , preliminary; and " N A " , not available. x 2 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 JANUARY 1987 ltd* CYCLICAL INDICATORS C I DIFFUSION INDEXES AND RATES OF CHANGE—Continued SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change-Continued Diffusion index components 1986 May June 967. Raw industrials price index (1967 = 100) August 225.0 (62) (65) October September INDEX OF SPOT MARKET PRICES, RAW INDUSTRIALS 221.3 Percent rising of 13 components ... July 1987 January 1 December ; 227.6 212.0 221.2 235.5 (50) + November (50) (65) (73) + 243.7 + 247.5 + 253.0 (62) (65) (85) 0.429 0.946 + 0.442 0.974 + 0.448 0.988 Dollars Copper s c r a p . . ...(pound). (kilogram). - 0.464 1.023 + 0.466 1.027 - 0.428 0.944 - 0.416 0.917 + 0.444 0.979 - 0.431 0.950 - Lead scrap ...(pound). (kilogram). + 0.114 0.251 + 0.126 0.278 + 0.130 0.287 - 0.126 0.278 + + 0.153 0.337 + 0.173 0.381 + 0.177 0.390 + 0.178 0.392 . . . (U.S. ton), (metric ton). - 71.500 78.814 - 70.000 77.161 o 70.000 77.161 + 74.750 82.397 - 72.600 80.027 - 71.500 78.814 - 71.000 78.263 + 71.400 78.704 + 75.000 82.673 + 3.430 7.562 + 3.636 8.016 + 3.795 8.366 Steel scrap ... 0.138 0.304 Tin (pound). (kilogram). - 3.115 6.867 - 3.060 6.746 - 3.056 6.737 + 3.068 6.764 - 3.052 6.728 + Zinc (pound). (kilogram). + 0.354 0.780 + 0.395 0.871 + 0.430 0.948 + 0.444 0.979 + 0.453 0.999 + 0.481 1.060 + 0.489 1.078 - 0.449 0.990 - 0.433 0.955 Burlap (yard). (meter). + 0.240 0.262 + 0.247 0.270 - 0.242 0.265 - 0.229 0.250 - 0.220 0.241 - 0.217 0.237 + 0.218 0.238 + 0.226 0.247 + 0.238 0.260 Cotton ...(pound). (kilogram). + 0.656 1.446 + 0.669 1.475 - 0.666 1.468 - 0.267 0.589 + 0.336 0.741 + 0.442 0.974 + 0.457 1.008 + 0.542 1.195 + 0.575 1.268 Print cloth . . . . (yard), (meter). + 0.690 0.755 + 0.702 0.768 + 0.712 0.779 - 0.700 0.766 + 0.760 0.831 + 0.868 0.949 + 1.035 1.132 - + 0.920 1.006 Wool tops ...(pound). (kilogram). o 3.000 6.614 + 3.200 7.055 o 3.200 7.055 + 3.275 7.220 + 3.300 7.275 + 3.805 8.389 + 3.980 8.774 + 4.000 8.818 o 4.000 8.818 Hides ...(pound). (kilogram). + 0.786 1.733 - 0.785 1.731 - 0.784 1.728 - 0.768 1.693 - 0.745 1.642 + 0.760 1.675 - 0.752 1.658 - + 0.718 1.583 Rosin ....(100 pounds). (100 kilograms). o 50.000 110.230 o 50.000 110.230 o 50.000 110.230 o 50.000 110.230 o 50.000 110.230 o 50.000 110.230 o 50.000 110.230 o 50.000 110.230 o 50.000 110.230 3 3.138 6.918 0.904 0.989 0.717 1.581 Rubber (pound). (kilogram). + 0.401 0.884 + 0.408 0.899 + 0.434 0.957 + 0.435 0.959 + 0.451 0.994 + 0.468 1.032 - 0.448 0.988 - 0.447 0.985 + 0.459 1.012 Tallow (pound). (kilogram). - 0.100 0.220 - 0.087 0.192 + 0.097 0.214 + + 0.112 0.247 + o 0.123 0.271 + 0.142 0.313 + 0.152 0.335 NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: 0.098 0.216 ( + ) = rising, (o) = 0.123 0.271 unchanged, and ( - ) = falling. The " r " indicates revised: " p " preliminary; and "NA", not available. 1 The index is the average for January 2 through 28; component prices are averages for January 6, 13, 20, and 27. 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. 3 Data beginning August 1, 1986, reflect a change in the domestic Federal price support for cotton. JANUARY 1987 7 9 OTHER IMPORTANT ECONOMIC MEASURES NATIONAL INCOME AND PRODUCT Q | Year and quarter b. Difference (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 217. Per capita gross national product in 1982 dollars 50. Gross national product in 1982 dollars 200. Gross national product in current dollars a. Total GNP AND PERSONAL INCOME a. Total c. Percent change at annual rate b. Difference (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) c. Percent change at annual rate (Ann. rate, dollars) 213. Final sales in 1982 dollars (Ann. rate, bil. dol.) 1984 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 3,670.9 3,743.8 3,799.7 3,845.6 125.1 72.9 55.9 45.9 14.9 8.2 6.1 4.9 3,444.7 3,487.1 3,507.4 3,520.4 79.6 42.4 20.3 13.0 9.8 5.0 2.3 1.5 14,582 14,730 14,778 14,795 3,359.6 3,430.0 3,446.8 3,486.4 3,909.3 3,965.0 4,030.5 4,087.7 63.7 55.7 65.5 57.2 6.8 5.8 6.8 5.8 3,547.0 3,567.6 3,603.8 3,622.3 26.6 20.6 36.2 18.5 3.1 2.3 4.1 2.1 14,874 14,928 15,041 15,080 3,523.9 3,550.2 3,603.1 3,627.5 4,149.2 4,175.6 4,240.7 p4,268.4 61.5 26.4 65.1 p27.7 6.2 2.6 6.4 p2.6 3,655.9 3,661.4 3,686.4 p3,702.4 33.6 5.5 25.0 P16.0 3.8 0.6 2.8 pi.7 15,188 15,179 15,246 pl5,275 3,616.1 3,646.3 3,686.7 p3,713.9 1985 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1986 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1987 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . Q Year and quarter GNP AND PERSONAL INCOME—Continued ^ Q 230. Total in current dollars Disposable personal income 224. Current dollars (Ann. rate, bil. dol.) 225. Constant (1982) dollars (Ann. rate, bil. dol.) PERSONAL CONSUMPTION EXPENDITURES 231. Total in 1982 dollars 232. Durable goods in current dollars 2.J3. Durable goods in 1982 dollars 227. Per capita in 1982 dollars (Ann. rate, dollars) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 1984 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 2,612.7 2,646.3 2,693.8 2,729.6 2,446.9 2,460.3 2,481.9 2,493.1 10,358 10,392 10,457 10,477 2,363.8 2,416.1 2,445.6 2,487.2 2,213.8 2,246.3 2,253.3 2,271.7 321.2 321.3 331.8 340.4 311.1 319.0 318.8 326.8 2,755.4 2,842.3 2,832.0 2,882.2 2,495.7 2,550.8 2,524.7 2,540.7 10,466 10,674 10,537 10,577 2,530.9 2,576.0 2,627.1 2,667.9 2,292.3 2,311.9 2,342.0 2,351.7 347.7 354.0 373.3 362.0 332.3 338.8 357.4 347.0 2,935.1 2,978.5 2,979.9 p3,001.2 2,581.2 2,625.8 2,605.5 p2,602.3 10,723 10,886 10,776 plO,737 2,697.9 2,732.0 2,799.8 p2,819.9 2,372.7 2,408.4 2,448.0 p2,445.1 360.8 373.9 414.5 p404.2 345.4 357.1 391.6 P381.3 1985 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1986 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1987 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . NOTE: Series are seasonally adjusted except for those, indicated by (§), that appear to contain no seasonal movement. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are listed at the back of this issue. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available. Graphs of these series are shown on pages 40 and 41. JANUARY 1987 OTHER IMPORTANT ECONOMIC MEASURES A I NATIONAL INCOME AND PRODUCT—Continued R | Year and quarter 236. Nondurable goods in current dollars (Ann. rate, bil. dol.) PERSONAL CONSUMPTION EXPENDITURES-Continued 238. Nondurable goods in 1982 dollars (Ann. rate, bil. dol.) 237. Services in current dollars (Ann. rate, bil. dol.) 0 1 239. Services in 1982 dollars (Ann. rate, bil. dol.) 240. Total in current dollars (Ann. rate, bil. dol.) GROSS PRIVATE DOMESTIC INVESTMENT 241. Total in 1982 dollars 242. Fixed investment in current dollars (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 243. Fixed investment in 1982 dollars (Ann. rate, bil. dol.) 1984 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 855.7 870.3 873.9 880.3 819.7 832.8 831.7 830.5 1,186.9 1,214.5 1,239.9 1,266.5 1,083.0 1,094.6 1,102.8 1,114.4 659.5 657.5 670.3 661.1 649.3 649.7 658.9 649.9 564.0 597.6 605.8 624.4 564.1 592.7 598.3 615.9 888.2 902.3 907.4 922.6 834.3 841.3 843.8 847.2 1,294.9 1,319.7 1,346.4 1,383.2 1,125.8 1,131.8 1,140.8 1,157.5 650.6 667.1 657.4 669.5 638.2 655.6 643.8 653.2 625.2 648.0 654.3 672.6 615.0 638.1 643.1 658.4 929.7 928.4 932.8 P940.0 860.6 877.3 875.4 P876.2 1,407.4 1,429.8 1,452.4 pi,475.7 1,166.6 1,174.0 1,181.0 pi,187.6 708.3 687.3 675.8 P674.5 684.0 664.7 651.3 P638.8 664.4 672.8 680.3 P682.7 644.1 649.6 651.6 P650.3 266. State and local government in current dollars 267. State and local government in 1982 dollars 1985 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1986 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1987 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . • H • S I D GROSS PRIVATE DOMESTIC INVEST.-Con. 245. Change in business inventories in current dollars 30. Change in business inventories in 1982 dollars 260. Total in current dollars (Ann. rate, bil. dol.) Year and quarter (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 261. Total in 1982 dollars (Ann. rate, bil. dol.) GOVERNMENT PURCHASES OF GOODS AND SERVICES 262. Federal Government in current dollars (Ann. rate, bil. dol.) 263. Federal Government in 1982 dollars (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 1984 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 95.5 59.9 64.4 36.7 85.1 57.0 60.6 33.9 693.2 733.3 743.8 763.4 650.2 678.2 681.0 691.5 283.4 315.2 317.2 329.1 271.2 296.3 295.6 303.8 409.8 418.1 426.6 434.3 379.0 381.8 385.4 387.7 25.4 19.1 3.1 -3.1 23.2 17.4 0.7 -5.2 777.3 799.0 829.7 855.6 695.3 708.3 731.8 749.4 333.7 340.9 360.9 380.9 305.8 311.4 329.9 347.2 443.5 458.1 468.8 474.7 389.5 396.9 401.9 402.2 43.8 14.5 -4.5 p-8.3 39.9 15.1 -0.3 p-11.5 836.7 860.8 874.0 P889.7 725.2 742.2 750.4 P774.1 355.7 367.6 369.3 P376.3 320.4 328.9 330.9 P353.5 480.9 493.3 504.7 P513.3 404.8 413.3 419.5 p420.6 1985 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1986 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1987 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 1987 81 OTHER IMPORTANT ECONOMIC MEASURES A I NATIONAL INCOME AND PRODUCT—Continued • Year and quarter M NATIONAL INCOME • N i l AND ITS COMPONENTS FOREIGN TRADE 220. National income in current Imports of goods and services Exports of goods and services Net exports of goods and services 280. Compensation of rlnllorc 250. Current dollars (Ann. rate, bil. dol.) 25(5. Constant (1982) dollars 252. Current dollars 255. Constant (1982) dollars (Ann. rate t)il. dol.) (Ann. rate, bil dol.) (Ann. rate bil. dol.) (Ann. rate bil. dol.) employees ooiiars 257. Constant (1982) dollars 253. Current dollars (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 1984 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 6 2 7 7 373 382 389 386 4 1 2 2 361. 367. 375. 375. 3 0 5 0 419. 0 445. 3 449. 1 452.2 429. 454. 461. 467. 9 2 2 7 2,963 3,010 3,052 3,102 2 3 3 0 2, 153.7 2, 195 .4 2, 234 .7 2, 275 .0 -78 8 -108.1 -113 8 -132 0 -45.6 -63.2 -60.0 -66.1 378 370 362 368 4 0 3 2 369. 361. 355. 362. 4 2 8 9 427. 9 447. 1 446. 0 473.6 448. 469. 469. 494. 2 3 6 8 3,157 3,201 3,243 3,287 0 4 4 3 2, 316 .3 2, 352 .1 2, 380 .9 2, 423 .6 374 363 370 p383 8 0 8 4 369. 359. 371. p385 2 8 2 3 3,340.7 3,376 4 3,396 1 (NA) 2, 461 .5 2, 480 .2 2, 507 .4 P2 544 .2 -68 -87 -85 -92 1985 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . -49.4 -77.1 -83.7 -105.3 1986 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . -125 -153 -163 p-155 -93.7 -104.5 -108.9 p-115.6 9 9 3 6 468. 467. 479. p499 5 5 7 0 495. 1 513. 6 534. 5 p540. 8 1987 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . E 9 Vpar I cdr and quarter 284. Rental income of persons with CCAdj1 282. Proprietors' income with IVA and CCAdj' 286. Corporate profits before tax with IVA and CCAdj1 Zoo. 290. Gross saving Net interest (Ann. rate, bil. dol.) (Ann rate, bil. dol.) (Ann. rate, bil. dol. ) (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) Q j SAVING NATIONAL INCOME AND ITS COMPONENTS-Continued 292. Persona saving 295 Business saving (Ann. rate, bil. dol.) (Ann. r ate, bil. dol.) 1984 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 242. 229. 234. 240. 5 6 6 7 12 8 7 5 1 4 1 6 162 171 159 165 5 7 8 0 292. 305. 316. 315. 5 2 1 7 580.7 568.7 578.2 565.5 489.0 505.0 510.0 520.3 179 .2 157 .6 172 .9 165 .0 250. 255. 249. 262. 7 5 3 1 6 8 7 8 8 1 3 3 166 ?74 196 185 4 3 3 6 316.8 311. 4 309. 7 307. 6 573.2 566.8 541.7 524.1 525.6 538.9 560.1 553.5 144 .1 183 .6 119 .6 125 .8 265. 289. 277. p283. 3 1 5 7 12 16 16 P17 8 3 2 0 196 4 >93 1 302 0 (NA) 304. 9 297. 7 292. 9 p284. 1 583.2 539.7 517.1 (NA) 562.6 559.9 566.4 (NA) 145 .6 153 .1 84 .1 p82 .3 1985 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1986 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1987 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . See note on page 80. Graphs of these series are shown on pages 44, 45, and 46. 1 IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment. 82 JANUARY 1987 OTHER IMPORTANT ECONOMIC MEASURES A I NATIONAL INCOME AND PRODUCT—Continued Q Year and quarter g j SAVING-Continued 293. Personal saving rate 298. Government surplus or deficit Percent of gross national product 235. Personal consumption expenditures (Ann. rate, bil. dol.) SHARES OF GNP AND NATIONALINCOME (Percent) (Percent) 248. Nonresidential fixed investment (Percent) 247. Change in business inventories 249. Residential fixed investment (Percent) (Percent) (Percent) 251. Net exports of goods and services 1984 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . -87.5 -93.9 -104.8 -119.9 6.9 6.0 6.4 6.0 64.4 64.5 64.4 64.7 10.6 11.0 11.1 11.5 4.8 4.9 4.8 4.7 2.6 1.6 1.7 1.0 -1.2 -1.7 -1.6 -1.7 -96.6 -155.6 -138.0 -155.1 5.2 6.5 4.2 4.4 64.7 65.0 65.2 65.3 11.3 11.6 11.4 11.6 4.7 4.8 4.8 4.9 0.6 0.5 0.1 -0.1 -1.3 -1.9 -2.1 -2.6 -125.1 -173.3 -133.3 (NA) 5.0 5.1 2.8 p2.7 65.0 65.4 66.0 p66.1 11.1 11.0 10.8 plO.7 4.9 5.2 5.2 P5.3 1.1 0.3 -0.1 p-0.2 -2.3 -2.5 -2.6 p-2.7 1985 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1986 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1987 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . ^ Year and quarter SHARES OF GNP AND NATIONAL INCOME-Continued Percent of GNP—Continued 265. Federal Government purchases of goods and services Percent of national income 268. State and local government purchases of goods and services (Percent) (Percent) 64. Compensation of employees (Percent) 283. Proprietors' income with IVA andCCAdj1 (Percent) 285. Rental income of persons with CCAdj1 (Percent) 287. Corporate profits before tax with IVA and CCAdj1 289. Net interest (Percent) (Percent) 1984 First quarter Second quarter Third quarter Fourth quarter . . . . 7.7 8.4 8.3 8.6 11.2 11.2 11.2 11.3 72.7 72.9 73.2 73.3 8.2 7.6 7.7 7.8 0.4 0.3 0.2 0.2 8.9 9.0 8.5 8.5 9.9 10.1 10.4 10.2 8.5 8.6 9.0 9.3 11.3 11.6 11.6 11.6 73.4 73.5 73.4 73.7 7.9 8.0 7.7 8.0 0.2 0.3 0.2 0.3 8.4 8.6 9.1 8.7 10.0 9.7 9.5 9.4 8.6 8.8 8.7 p8.8 11.6 11.8 11.9 P12.0 73.7 73.5 73.8 (NA) 7.9 8.6 8.2 (NA) 0.4 0.5 0.5 (NA) 8.9 8.7 8.9 (NA) 9.1 8.8 8.6 (NA) 1985 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1986 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . 1987 First quarter Second quarter . . . . Third quarter Fourth quarter . . . . See note on page 80. Graphs of these series are shown on pages 46 and 47. ^VA, inventory valuation adjustment; CCAdj, capital consumption adjustment. JANUARY 1987 8 3 OTHER IMPORTANT ECONOMIC MEASURES B I PRICES, WAGES, AND PRODUCTIVITY Q | Implicit price deflator for gross national product Year and month 310. Index (1982 = 100) 310c. Change over 1-quarter spans1 (Ann. rate, percent) PRICE MOVEMENTS Fixed-weighted price index, gross domestic business product 311. Index (1982 = 100) 311c. Change over 1-quarter spans1 (Ann. rate, percent) Consumer price index for all urban consumers 320. Index © (1967 = 100) 320c. Change over 1-month spans1 (Percent) Consumer price index for all urban consumers, food 320c. Change over 6-month spans1 (Ann. rate, percent) 322. Index (1967 = 100) 322c. Change over 1-month spans1 (Percent) 322c. Change over 6-month spans1 (Ann. rate, percent) 1985 3.4 110.2 April May June nil i July August September 11L8 October November December 112i8 316.1 317.4 318.8 0.2 3.6 3.6 3.6 307.7 308.2 308.6 0.2 0.3 0.5 0.2 0.1 1.9 1.4 1.2 3.4 320.1 321.3 322.3 0.3 0.2 0.2 3.6 3.4 2.8 308.7 308.4 309.1 0.0 -0.1 0.2 1.0 0.9 1.4 2.5 322.8 323.5 324.5 0.2 0.2 0.2 2.9 3.6 3.8 309.2 309.6 310.7 0.0 0.1 0.4 1.6 3.1 4.0 3.6 325.5 326.6 327.4 0.4 0.6 0.4 4.1 2.9 1.6 311.1 313.2 315.2 0.1 0.7 0.6 4.4 2.7 2.2 2.1 328.4 327.5 326.0 0.3 -0.4 -0.4 0.3 -0.4 -0.2 315.9 313.8 314.1 0.2 -0.7 0.1 2.5 2.1 1.0 1.2 325.3 326.3 327.9 -0.3 0.2 0.5 -0.8 0.3 1.8 315.0 316.4 316.7 0.3 0.4 0.1 2.3 5.6 6.3 2.3 328.0 328.6 330.2 0.0 0.2 0.3 2.7 2.9 2.5 319.5 322.5 323.9 0.9 0.9 0.4 6.4 6.6 6.7 P2.3 3.7 January February March 330.5 330.8 331.1 0.2 0.3 0.2 325.0 326.7 327.2 0.3 0.5 0.2 110.0 3.3 110.9 2.5 111.6 3.6 112.6 1986 January February March 113.5 April May June 114.0 July August September 115.0 October November December P115.3 2.5 11312 1.8 115\5 3.6 114^2 pl.O P114.8 1987 January February March April May June July August September October November December See note on page 80. Graphs of these series are shown on pages 48 and 49. Changes are centered within the spans: 1-month changes are placed on the 2d month, 6-month changes are placed on the 4th month, and 1-quarter changes are placed on the 1st month of the 2d quarter. JANUARY 1987 OTHER IMPORTANT ECONOMIC MEASURES PRICES, WAGES, AND PRODUCTIVITY—Continued H I 330. Index © (1967 = 100) 330c. Change over 1-month spans1@ (Percent) Producer price index, crude materials for further processing Producer price index, industrial commodities Producer price index, all commodities Year and month PRICE MOVEMENTS—Continued 330c. Change over 6-month spans' © (Ann. rate, percent) 335. Index © (1967 = 100) 335c. Change over 1-month spans' @ (Percent) 335c. Change over 6-month spans' © (Ann. rate, percent) 331. Index 331c. Change over 1-month spans' (1967 = 100) (Percent) 331c. Change over 6-month spans' (Ann. rate, percent) 1985 -0.2 -0.1 -0.3 -0.4 322.9 322.2 322.5 0.0 -0.2 0.1 0.2 0.9 1.1 320.8 315.2 311.0 -1.4 -1.7 -1.3 -10.2 -12.6 -12.8 309.3 309.8 309.2 0.2 0.2 -0.2 -0.3 -1.2 -2.0 323.8 325.3 324.8 0.4 0.5 -0.2 0.9 0.9 -0.1 307.3 305.6 303.8 -1.2 -0.6 -0.6 -10.8 -11.8 -11.2 July August September 309.0 307.3 305.5 -0.1 -0.6 -0.6 -0.9 -0.2 0.6 324.4 323.7 322.3 -0.1 -0.2 -0.4 0.2 -0.4 0.2 303.0 296.1 293.1 -0.3 -2.3 -1.0 -3.3 1.6 2.1 October November December 307.9 309.5 310.2 0.8 0.5 0.2 -0.1 -1.9 -3.4 324.2 324.7 325.1 0.6 0.2 0.1 -0.4 -2.9 -5.1 302.2 308.0 307.0 3.1 1.9 -0.3 -0.1 -6.3 -8.6 January February March 308.9 304.4 300.3 -0.4 -1.5 -1.3 -6.2 -6.5 -7.1 323.8 318.9 314.0 -0.4 -1.5 -1.5 -7.6 -7.9 -8.0 302.9 286.6 280.2 -1.3 -5.4 -2.2 -19.8 -19.5 -19.8 April May June 298.2 299.2 299.0 -0.7 0.3 -0.1 -7.3 -4.7 -1.7 311.6 311.6 311.8 -0.8 0.0 0.1 -9.2 r-6.8 -3.3 270.7 276.4 275.0 -3.4 2.1 -0.5 -17.0 r-6.8 -2.1 July August September 297.4 297.2 297.7 -0.5 -0.1 0.2 0.1 -0.3 -0.6 308.5 r307.9 308.8 -1.1 r-0.2 r0.3 -1.5 -1.2 -1.6 276.0 r276.7 277.3 0.4 rO.3 rO.2 8.4 4.0 1.7 October November December 298.3 298.7 298.1 0.2 0.1 -0.2 309.3 309.8 309.3 0.2 0.2 -0.2 281.8 281.9 277.3 1.6 0.0 -1.6 January February March 309.5 309.1 308.6 -0.1 -0.1 April May June 1986 1987 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. 1 Changes are centered within the spans: JANUARY 1987 1-month changes are placed on the 2d month, and 6-month changes are placed on the 4th month. 85 OTHER IMPORTANT ECONOMIC MEASURES B I PRICES, WAGES, AND PRODUCTIVITY—Continued Q Producer price index, intermediate materials, supplies, and components Year and month 332. Index Producer price index, capital equipment 332c. Change over 1-month spans1 332c. Change over 6-month spans1 (Percent) (Ann. rate, percent) (1967 = 100) PRICE MOVEMENTS-Continued 333. Index (1967 = 100) 333c. Change over 1-month spans1 (Percent) Producer price index, finished consumer goods 333c. Change over 6-month spans1 (Ann. rate, percent) 334. Index (1967 = 100) 334c. Change over 1-month spans' 334c. Change over 6-month spans' (Percent) (Ann. rate, percent) 1985 January February March 320.4 319.0 318.6 0.0 -0.4 -0.1 -0.7 -0.4 -1.2 296.8 298.6 299.3 0.4 0.6 0.2 3.1 2.8 3.3 290.5 290.0 289.9 -0.2 -0.2 0.0 1.3 1.2 0.3 April May June 319.3 320.0 318.5 0.2 0.2 -0.5 -1.6 -1.0 -0.9 299.6 300.0 300.4 0.1 0.1 0.1 2.6 1.8 0.3 291.9 292.6 291.6 0.7 0.2 -0.3 1.4 0.8 -0.2 July August September 317.8 317.4 317.2 -0.2 -0.1 -0.1 -1.1 -0.9 0.9 300.7 301.3 299.7 0.1 0.2 -0.5 2.1 2.3 2.3 292.5 291.2 289.6 0.3 -0.4 -0.5 0.1 1.3 3.5 October November December 317.5 318.6 319.9 0.1 0.3 0.4 0.4 -2.3 -4.4 302.7 303.4 303.8 1.0 0.2 0.1 1.7 1.6 3.1 292.1 294.5 296.7 0.9 0.8 0.7 1.1 -2.3 -3.8 January February March 318.4 313.8 310.1 -0.5 -1.4 -1.2 -6.4 -7.6 -8.4 303.3 303.7 304.3 -0.2 0.1 0.2 1.7 1.3 1.5 294.1 287.8 284.1 -0.9 -2.1 -1.3 -6.9 -7.2 -8.4 April May June 307.1 306.2 306.1 -1.0 -0.3 0.0 -8.7 -6.0 -2.8 305.3 305.4 306.0 0.3 0.0 0.2 2.0 1.9 2.2 281.9 283.7 283.9 -0.8 0.6 0.1 -8.4 -3.4 0.0 July August September 304.2 304.2 305.8 -0.6 0.0 0.5 -1.4 -0.5 -0.1 306.3 r306.5 307.7 0.1 0.1 0.4 2.6 3.1 2.7 281.5 r282.8 284.1 -0.8 0.5 rO.5 2.2 1.2 1.1 October November December 304.9 305.4 305.9 -0.3 0.2 0.2 309.2 310.1 310.1 0.5 0.3 0.0 285.0 285.4 285.4 0.3 0.1 0.0 1986 1987 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. x Changes are centered within the spans: 1-month changes are placed on the 2d month, and 6-month changes are placed on the 4th month. JANUARY 1987 OTHER IMPORTANT ECONOMIC MEASURES B I PRICES, WAGES, AND PRODUCTIVITY—Continued WAGES AND PRODUCTIVITY Average hourly earnings of production or nonsupervisory workers on private nonagricultural payrolls1 Year and month Current-dollar earnings 340. Index (1977 = 100) 340c. Change over 1-month spans2 (Percent) Average hourly compensation, all employees, nonfarm business sector Current-dollar compensation Real earnings 340c. Change over 6-month spans2 (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 spans2 345c. Change over 4-quarter spans2 (Ann. rate, percent) (Ann. rate, percent) 1985 January February March 162.7 163.6 163.8 0.0 0.5 0.2 3.5 3.1 3.1 94.3 94.5 94.2 -0.2 0.2 -0.3 0.2 -0.3 -0.4 April May June 164.2 164.4 165 2 0.2 0.2 0 5 2.7 2.3 3 1 94.0 94.1 94 2 -0.2 0.0 0 2 -0.7 -0.9 0 4 173*.3 July August September 165.0 165.5 166.4 -0.2 0.3 0.5 2.4 2.9 3.1 93.9 94.1 94.4 -0.3 0.1 0.4 0.0 -0.3 -0.5 174.7 October November December 166.2 166.8 167.7 -0.1 0.4 0.6 2.9 3.3 2.6 94.0 93.9 94.0 -0.4 -0.1 0.1 -1.0 0.7 1.5 176.2 January February March 167.3 168.2 168.5 -0.3 0.5 0.2 2.7 2.3 1.7 93.5 94.4 95.1 -0.6 1.0 0.8 2.9 3.2 2.6 177.6 April May June 168.4 168.7 169.2 -0.1 0.2 0.3 1.8 1.4 1.3 95.4 95.4 95.2 0.3 0.0 -0.2 3.5 1.6 -0.2 178^5 July August September 168.9 169.3 169.6 -0.2 0.3 0.1 1.9 r2.6 95.1 95.1 95.0 -0.2 0.1 -0.1 r-0.1 p-0.3 October November December 170.0 rl70.9 P170.8 0.2 r0.5 p-0.1 95.1 0.1 rO.3 p-0.3 3.9 3.9 "!:! 4.4 3.2 3.6 1986 pi.9 r95.4 P95.1 3.1 2^8 2.2 2.4 -0.7 179.6 p3.1 pl80.9 1987 January February March April May June July August September October November December See note on page 80. Graphs of these series are shown on pages 49 and 50. 1 Adjusted for overtime (in manufacturing only) and interindustry employment shifts. 2 Changes are centered within the spans: 1-month changes are placed on the 2d month, 6-month changes are placed on the 4th month, 1-quarter changes are placed on the 1st month of the 2d quarter, and 4-quarter changes are placed on the middle month of the 3d quarter. ItO JANUARY 1987 8 7 OTHER IMPORTANT ECONOMIC MEASURES B I PRICES, WAGES, AND PRODUCTIVITY—Continued E H Negotiated wage and benefit decisions Average hourly compensation, all employees, nonfarm business sector—Continued Year and month Real compensation 346. Index (1977 = 100) WAGES AND PRODUCTIVITY—Continued 346c. Change over 1-quarter spans1 346c. Change over 4-quarter spans1 (Ann. rate, percent) (Ann. rate, percent) 348. Average first-year changes © (Ann. rate, percent) 358. Index of output per hour, Output per hour, all persons, business sector 349. Average changes over life of contract (u) (Ann. rate, percent) 370. Index (1977 = 100) all persons, nonfarm business sector 370c. Change over 1-quarter spans' 370c. Change over 4-quarter spans' (Ann. rate, percent) (Ann. rate, percent) (1977 = 100) 1.7 104'.4 CK9 104^9 1*5 105^4 1.0 104*5 rO.O 105.6 p6*3 105^7 1985 0.6 January February March 97.9 April May June 98!o July August September 98.1 October November December 98.0 3.6 105.7 3.5 0.3 -0.7 6*5 i'.k 2.7 3.4 0.2 0.6 0.9 2.7 0.5 106'.4 2.0 3.4 3.0 107.3 2.0 -3.2 1.4 106.4 1986 January February March 98*. 4 April May June 99*3 July August September 99.3 October November December p99^3 1.6 i'.2 r0.6 107.3 0.7 3.9 pO.2 0.5 1.6 pi.4 r-0.2 3.3 1.2 107.4 rO.7 P2.7 rl.2 r-0.4 rlO7.3 p2.4 plO6!7 rlO5*7 p-2.3 plO5*2 1987 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: 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. JANUARY 1987 OTHER IMPORTANT ECONOMIC MEASURES LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT Q j CIVILIAN LABOR FORCE AND MAJOR COMPONENTS 447. Number unemployed, full-time workers Civilian labor force Year 441. Total and 442. Civilian employment Number unemployed 448. Number employed nomic reasons (Thous.) (Thous.) 445. Females 20 years 20 years and over (Thous.) 444. Males and over (Thous.) Revised1 114,797 114,970 115,316 106,291 106,605 106,965 8,506 8,365 8,351 3,806 3,762 3,728 3,183 3,124 3,148 115,313 115,286 114,926 106,949 106,995 106,541 8,364 8,291 8,385 3,791 3,629 3,847 115,280 115,277 115,844 106,842 107,136 107,602 8,438 8,141 8,242 116,080 116,149 116,333 107,792 107,978 108,149 116,794 117,042 117,187 1 453. Both sexes 16-19 years of age 446. Both sexes 16-19 years of age (Thous.) (Thous.) (Thous.) Revised1 452. Females 20 years and over 451. Males 20 years and over for eco- month 37. Persons unemployed Civilian labor force participation rates part time (Percent) (Percent) (Thous.) (Percent) Revised Revised Revised Revised Revised1 1,517 1,479 1,475 6,982 6,908 6,797 5,400 5,134 5,423 78.1 78.1 78.1 54.4 54.5 54.7 55.2 55.2 55.2 3,171 3,179 3,136 1,402 1,483 1,402 6,818 6,719 6,811 5,365 5,469 5,276 78.2 78.1 78.1 54.7 54.5 54.5 54.7 55.0 52.4 3,733 3,631 3,660 3,133 3,137 3,182 1,572 1,373 1,400 6,915 6,701 6,718 5,363 5,435 5,310 77.9 78.0 78.2 54.4 54.5 54.8 55.2 53.5 54.1 8,288 8,171 8,184 3,673 3,664 3,617 3,038 3,063 3,073 1,577 1,444 1,494 6,727 6,721 6,668 5,206 5,316 5,292 78.2 78.1 78.0 54.8 54.9 55.1 54.6 54.4 54.4 108,892 108,557 108,807 7,902 8,485 8,380 3,544 3,796 3,789 2,945 3,189 3,131 1,413 1,500 1,460 6,500 6,898 6,879 5,297 5,214 5,295 78.3 78.2 78.2 55.0 55.1 55.1 53.6 54.9 54.9 June 117,292 117,587 118,005 108,969 109,165 109,613 8,323 8,422 8,392 3,688 3,820 3,808 3,087 3,098 3,082 1,548 1,504 1,502 6,759 6,924 6,798 5,567 5,569 5,322 78.0 78.0 78.1 55.2 55.4 55.7 55.4 55.2 54.8 July August September 118,117 118,124 118,272 109,887 110,067 109,987 8,230 8,057 8,285 3,811 3,634 3,805 3,010 2,994 3,015 1,409 1,429 1,465 6,684 6,518 6,739 5,222 5,269 5,303 78.1 77.9 78.0 55.8 55.8 55.7 54.5 54.8 54.8 October 118,414 118,675 118,586 110,192 110,432 110,637 8,222 8,243 7,949 3,814 3,820 3,725 2,994 2,976 2,865 1,414 1,447 1,359 6,688 6,673 6,465 5,450 5,319 5,342 77.9 78.2 78.3 55.8 55.8 55.6 55.0 54.5 53.8 Revised 1 Revised 1 Revised 1 Revised 1 1 1 1 1985 January February March April May June July August September October November December 1986 January February March April May November December 1987 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 5 1 . x See "New Features and Changes for This Issue," page iii. ito JANUARY 1987 OTHER IMPORTANT ECONOMIC MEASURES GOVERNMENT ACTIVITIES | Q F ederal Government Year and month 500. Surplus or deficit (Ann. rate, bil. dol.) Q j | RECEIPTS AND EXPENDITURES State and local government' 501. Receipts 502. Expenditures (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 510. Surplus or deficit (Ann. rate, bil. dol.) DEFENSE INDICATORS Advance measures of defense activity 511. Receipts 512. Expenditures (Ann. rate, bil. dol.) (Ann. rate, bil. dol.) 517. Defense Department gross obligations incurred (Mil. dol.) 525. Defense Department prime contract awards 543. Defense Department gross unpaid obligations outstanding 548. Manufacturers' new orders, defense products (Mil. dol.) (Mil. dol.) (Mil. dol.) 1985 January February March -162!2 793.3 955.4 65^6 561.3 495^6 22,492 20,377 20,346 12,449 12,432 10,360 174,180 173,704 174,338 11,061 4,708 6,240 April May June -2li!8 755.8 97CL6 59.2 57U9 51^6 22,655 25,140 29,513 9,658 14,147 11,627 174,867 178,000 179,337 6,130 8,773 11,238 July August September -197.5 792'.6 990.1 59^5 584! 2 524! 7 31,641 34,470 30,753 12,163 17,579 11,702 182,074 187,278 186,401 9,594 10,270 8,106 October November December -217.6 805^8 1,02^4 62.5 592! 7 530^2 28,629 25,809 30,768 10,584 10,086 14,088 185,059 182,400 183,504 6,179 6,810 7,152 January February March -195!6 806.6 l,OOl!5 69.*9 608.3 538!5 26,792 29,492 32,124 13,424 9,318 14,368 185,822 188,008 190,756 10,350 7,200 10,447 April May June -232.2 813^5 1,045.7 58.'9 6lil5 552^6 28,162 29,221 34,945 12,855 8,849 13,493 188,903 189,004 193,207 6,500 8,430 7,253 July August September -197.4 833.1 1.03CL5 64.0 629'.1 565! i 31,541 30,323 31,371 15,992 13,088 13,413 196,185 198,635 199,295 10,157 8,332 8,838 October November December (NA) (NA) pi,04316 (NA) (NA) p575*.5 27,803 p31,565 (NA) p7,549 (NA) 198,408 pl98,337 (NA) 5,001 rlO,356 p4,615 1986 1987 January February March April May June July August September October November December See note on page 80. Graphs of these series are shown on pages 52 and 53. 1 Based on national income and product ace 90 JANUARY 1987 OTHER IMPORTANT ECONOMIC MEASURES GOVERNMENT ACTIVITIES—Continued E [ | DEFENSE INDICATORS—Continueci National defense purchases Intermediate and final measures of defense activity Year and month 557. Index of industrial production, defense and space equipment (1977 = 100) 559. Manufacturers' inventories, defense products, book value 561. Manufacturers' unfilled orders, defense products (Mil. dol.) (Mil. dol.) 580. Defense Department net outlays, military (Mil. dol.) 588. Manufacturers' shipments, defense products 570. Employment, defense products industries (Mil. dol.) (Thous.) Defense Department personnel 577. Military on active duty (u) (Thous.) 578. Civilian, direct hire employment (Thous.) 564. Federal purchases of goods and services, national defense (Ann. rate, bil. dol.) 565. National defense purchases as a percent of GNP (Percent) 1985 January February March 163.2 164.2 166.0 23,091 23,405 23,489 134,455 132,467 131,990 18,762 20,058 20,465 6,380 6,695 6,718 1,496 1,506 1,514 2,146 2,147 2,148 1,073 1,074 1,076 248.9 6*.4 April May June 167.1 168.3 169.9 24,006 23,962 24,721 131,769 133,958 137,975 19,597 20,603 20,554 6,352 6,584 7,221 1,521 1,530 1,541 2,148 2,149 2,151 1,081 1,084 1,084 255^1 ^4 July August September 170.8 173.3 174.5 25,317 25,923 26,476 140,742 143,848 144,828 21,498 22,489 21,987 6,827 7,164 7,126 1,549 1,569 1,565 2,156 2,157 2,151 1,091 1,094 1,099 265.5 6.6 October November December 174.8 177.2 178.5 26,587 26,598 26,270 143,336 142,288 141,497 20,908 21,847 22,443 7,671 7,858 7,943 1,572 1,581 1,580 2,151 2,153 2,150 1,099 1,098 1,100 268.0 6.6 January February March 178.7 176.3 176.2 26,762 26,254 27,080 144,814 144,433 147,801 20,152 21,586 23,342 7,033 7,581 7,079 1,589 1,590 1,589 2,157 2,160 2,160 1,103 1,087 1,084 266.4 6.4 April May June 178.0 178.0 178.4 27,565 27,754 28,117 146,968 147,912 147,201 22,101 22,921 21,954 7,333 7,486 7,964 1,594 1,598 1,576 2,150 2,150 2,143 1,081 1,072 1,060 278.4 6.7 July . August September 179.5 181.0 182.0 28,149 28,466 29,036 149,275 149,963 151,114 22,538 21,714 23,886 8,083 7,644 7,687 1,605 1,611 1,608 2,150 2,161 2,169 1,059 1,052 1,072 286.8 6^8 October November December 183.6 rl84.5 P186.2 29,221 29,025 (NA) 148,107 rl49,771 pl45,106 22,324 21,168 p22,780 8,008 r8,692 p9,280 rl,611 pi,615 (NA) 2,177 p2,180 (NA) 1,069 (NA) p281.9 p6.6 1986 1987 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 1987 91 OTHER IMPORTANT ECONOMIC MEASURES U.S. INTERNATIONAL TRANSACTIONS Q 602. Exports, excluding military aid shipments 604. Exports of domestic agricultural products | MERCHANDISE TRADE 606. Exports of nonelectrical machinery 612. General imports 616. Imports of automobiles and parts 614. Imports of petroleum and petroleum products Year and month (Mil. dol.) (Mil. dol.) (Mil. dol.) (Mil. dol.) (Mil. dol.) (Mil. dol.) 1985 19,401 17,853 18,446 2,945 2,842 2,436 4,247 3,970 4,160 28,297 27,985 28,129 4,005 3,833 3,411 4,033 4,999 4,243 June 17,779 17,414 17,438 2,624 2,215 2,218 3,970 4,073 3,952 28,295 28,685 29,425 4,936 5,237 4,842 4,350 4,073 4,932 July August September 17,412 17,423 17,732 2,184 2,347 2,080 3,615 3,897 3,777 26,630 26,083 31,764 3,342 3,252 4,041 4,161 4,489 5,555 October 17,368 17,976 17,024 2,351 2,446 2,426 3,694 3,918 3,730 27,594 30,285 32,888 3,811 4,367 5,079 4,198 5,461 5,758 '17,006 '17,734 '18,911 2,320 2,283 2,135 3,854 4,294 3,740 '32,005 '28,895 '31,972 4,978 4,254 3,578 5,044 5,378 5,018 1 17,964 '17,430 '19,069 2,043 1,960 1,819 3,981 3,644 3,582 '28,762 '30,272 '31,764 2,084 2,718 2,731 5,044 5,054 5,535 '17,707 '17,601 '17,518 2,062 2,231 2,111 3,585 4,091 3,812 '34,121 '29,476 '28,695 2,483 2,225 2,435 6,242 6,280 4,909 r119,328 '18,593 (NA) 2,447 2,204 (NA) 3,932 4,138 (NA) ^cois 2,155 2,788 (NA) 5,790 7,156 (NA) January February March April May November December 1986 January February March April May June July August September October November December '36,187 (NA) 1987 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. \Not seasonally adjusted. 92 See item 7 of "New Features and Changes for This Issue" on page iv of the March 1986 issue. JANUARY 1987 OTHER IMPORTANT ECONOMIC MEASURES E U.S. INTERNATIONAL TRANSACTIONS—Continued Q | GOODS AND SERVICES MOVEMENTS (EXCLUDING TRANSFERS UNDER MILITARY GRANTS) Merchandise, adjusted: Goods and services Year and month 668. Exports 667. Balance (Mil. dol.) 622. Balance 669. Imports (Mil. dol.) (Mil. dol.) 618. Exports (Mil. dol.) Income on investment 651. U.S. investment abroad 620. Imports (Mil. dol.) (Mil. dol.) (Mil. dol.) 652. Foreign investment in the United States (Mil. dol.) 1985 January February March -22,832 88,040 110,872 -25,045 55,324 80,369 18,726 16,507 April May . June -25,959 89,350 115,309 -30,367 53,875 84,242 22,253 16,804 July August September -24,454 90,234 114,688 -31,675 52,498 84,173 24,502 16,240 October November December -29,451 90,873 120,324 -37,352 52,727 90,079 24,509 15,254 January February March -31,015 91,593 122,608 -36,459 53,661 90,120 24,216 17,699 April May June -30,334 92,060 122,394 -35,669 55,149 90,818 22,636 17,311 July August September p-32,103 p92,531 pl24,634 p-37,669 p55,318 p92,987 p22,482 pl6,973 October November December (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) 1986 1987 January February March April May June July August September October November December See note on page 80. Graphs of these series are shown on page 57. x Balance of payments basis: Excludes transfers under military grants and Department of Defense sales contracts (exports) and Department of Defense purchases (imports). JANUARY 1987 9 3 OTHER IMPORTANT ECONOMIC MEASURES F I INTERNATIONAL COMPARISONS Q Year and month 47. United States, index o indusf trial production (1977-100) 721. OECD1 European countries, index of industrial production 728. Japan, index of industrial production 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 (1977 = 100) (1977 = 100) (1977 = 100) (1977 = 100) (1977 = 100) (1977 = 100) 723. Canada, index of industrial production (1977 = 100) 1985 January February March 122.7 123.2 123.4 108 110 111 143.0 143.4 141.9 110 109 110 101 105 107 106 106 108 102.8 111.5 111.7 115.2 115.5 116.8 April May June 123.3 123.6 123.6 110 111 111 144.9 147.4 144.9 110 111 112 104 107 104 109 108 108 107.6 108.5 111.1 116.4 117.6 July August September 123.4 124.4 124.3 111 111 112 147.2 145.5 144.5 114 112 112 107 107 107 107 108 110 107.3 105.8 110.6 118.8 118.7 120.0 October November December 123.6 124.8 125.6 112 114 110 144.8 144.2 144.6 116 116 111 107 109 104 109 110 107 106.9 110.9 106.6 119.9 119.3 121.2 January February March 126.2 125.3 123.6 112 113 112 144.6 145.2 144.5 113 113 113 104 107 104 109 110 110 108.0 111.0 114.5 120.3 120.3 117.1 April May June 124.7 124.2 124.2 115 111 114 144.6 145.1 145.3 117 112 116 110 103 108 111 109 107 116.2 108.5 113.7 120.2 117.7 116.6 July August September 124.9 125.1 144.9 141.3 rl46.3 117 116 rl24.9 115 114 114 109 109 109 110 110 111 110.6 105.6 rll0.8 rll8.1 rll6.3 rll6.2 October November December rl25.3 rl26.0 pl26.6 pll4 P143.5 (NA) plO9 (NA) pllO (NA) pllO.3 (NA) 117.5 P116.5 (NA) 118.8 1986 (NA) rll4 pll4 (NA) 1987 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. Organization for Economic Cooperation and Development. 94 JANUARY 1987 ItCII OTHER IMPORTANT ECONOMIC MEASURES F I INTERNATIONAL COMPARISONS—Continued Q Japan United States Year and month 320. Index © (1967 = 100) 320c. Change over 6-month spans1 (Ann. rate, percent) 738. Index © (1967 = 100) CONSUMER PRICES France West Germany 738c. Change over 6-month spans' (Ann. rate, percent) 735. Index © (1967 = 100) 735c. Change over 6-month spans1 (Ann. rate, percent) 736. Index ® (1967 = 100) United Kingdom 736c. Change over 6-month spans1 (Ann. rate, percent) 732. Index © (1967 = 100) 732c. Change over 6-month spans1 (Ann. rate, percent) 1985 January February March 316.1 317.4 318.8 3.6 3.6 3.6 321.3 318.7 320.2 2.2 1.3 1.4 211.0 211.9 212.6 3.4 3.4 2.4 453.5 455.8 459.0 5.5 5.5 6.0 578.0 582.7 588.1 8.2 8.3 8.5 April May June 320.1 321.3 322.3 3.6 3.4 2.8 321.9 323.3 323.5 1.6 1.7 0.9 212.9 213.1 213.3 1.6 0.9 0.2 462.2 464.5 466.4 5.8 5.3 4.7 600.6 603.4 604.7 7.3 6.6 4.7 July August September 322.8 323.5 324.5 2.9 3.6 3.8 323.8 320.7 323.8 2.2 2.4 1.7 212.9 212.2 212.6 0.0 0.2 1.1 468.2 468.7 469.2 4.1 3.9 3.3 603.5 605.1 604.8 2.8 2.7 3.1 October November December 325.5 326.6 327.4 4.1 2.9 1.6 328.4 325.0 325.2 1.1 1.9 1.0 212.9 213.3 213.5 1.0 0.3 -0.2 470.6 471.5 472.1 2.7 1.7 1.4 605.8 607.9 608.7 4.0 3.6 3.6 January February March 328.4 327.5 326.0 0.3 -0.4 -0.2 325.8 324.4 323.5 -0.6 -0.2 -0.6 213.8 213.3 212.8 -0.5 -0.8 -1.3 472.6 471.7 472.9 1.6 1.1 1.3 610.0 612.2 613.0 3.2 2.8 2.0 April May June 325.3 326.3 327.9 -0.8 0.3 1.8 324.7 326.9 325.2 -0.6 0.4 0.4 212.6 212.6 212.9 -1.8 -1.0 -0.7 474.7 475.6 477.0 1.3 2.3 3.0 619.0 620.1 619.8 1.0 1.1 2.3 July August September 328.0 328.6 330.2 2.7 2.9 2.5 324.4 323.8 325.4 -1.0 -0.3 (NA) 211.9 211.4 211.7 -1.1 -1.5 (NA) 477.5 478.0 479.9 2.8 3.1 (NA) 618.0 619.9 623.0 2.8 4.2 (NA) October November December 330.5 330.8 331.1 1986 325.7 324.1 (NA) 211.0 210.8 (NA) 480.9 481.4 (NA) 623.9 629.2 (NA) 1987 January February March April May June July August September October November December See note on page 80. Graphs of these series are shown on page 59. 1 Changes over 6-month spans are centered on the 4th month. JANUARY 1987 9 5 OTHER IMPORTANT ECONOMIC MEASURES F I INTERNATIONAL COMPARISONS—Continued Q CONSUMER PRICES—Continued Italy Year and month 737. Index © (1967 = 100) Q 733c. Change over 6-month spans1 19. United States, index of stock prices, 500 common stocks © 748. Japan, index of stock prices © 745. West Germany, index of stock prices © 746. France, index of stock prices © 742. United Kingdom, index of stock prices © 747. Italy, index of stock prices © 743. Canada, index of stock prices © (Ann. rate, percent) (1967 = 100) (1967 = 100) (1967 = 100) (1967 = 100) (1967 = 100) (1967 = 100) (1967 = 100) Canada 737c. Change over 6-month spans1 (Ann. rate, percent) 733. Index @ (1967 = 100) STOCK PRICES 1985 January February March 736.8 744.2 749.4 10.7 11.1 10.4 341.3 343.5 344.3 5.3 4.5 4.0 186.7 196.8 195.2 839.5 851.9 900.4 195.1 202.0 213.4 294.3 307.9 317.8 578.1 585.1 592.3 147.2 164.1 165.0 293.2 293.2 295.2 April May June 756.1 760.6 764.4 10.0 9.4 8.5 345.7 346.5 348.3 3.4 2.9 3.6 196.5 201.1 205.5 880.3 890.6 915.0 212.5 218.7 234.2 328.9 336.4 337.2 592.0 607.0 591.3 164.4 188.7 199.0 297.8 309.2 306.5 July August September 766.7 768.2 771.3 7.5 6.0 7.0 349.5 350.1 350.5 3.1 3.4 4.7 209.4 204.8 200.2 941.6 915.9 915.0 234.8 237.4 253.2 321.9 316.8 312.3 568.4 597.0 605.7 212.9 229.8 246.4 314.0 318.6 297.4 October November December 780.6 786.1 791.6 6.2 6.2 6.2 351.7 353.1 354.7 5.2 5.0 4.6 202.5 214.8 225.5 930.9 910.7 933.9 273.6 293.2 294.9 300.4 338.9 356.3 617.4 652.0 644.5 251.1 263.9 285.2 302.2 322.8 327.8 January February March 795.6 801.2 804.4 5.8 6.8 5.5 356.3 357.7 358.5 4.5 4.8 2.9 226.5 238.6 252.7 936.5 964.8 1,052.8 327.1 320.8 329.6 383.6 409.9 450.2 647.8 690.0 755.0 303.8 343.9 430.2 321.2 322.7 344.3 April May June 806.8 809.9 813.1 5.5 5.7 4.8 359.1 360.7 361.3 3.0 3.5 3.7 258.9 259.4 266.8 1,116.7 1,144.6 1,203.9 345.8 318.7 313.8 517.4 525.9 470.6 780.6 r756.2 r764.9 512.3 580.0 485.1 347.9 352.8 348.6 July August September 813.1 814.7 817.1 4.0 (NA) 363.9 365.1 365.1 4.4 4.6 5.4 261.3 266.5 259.2 1,262.7 1,354.5 pi,355.4 293.2 316.3 327.2 508.1 530.0 P528.3 755.5 750.0 767.2 483.2 P541.3 P535.5 331.7 342.2 336.6 October November December 822.0 (NA) 258.2 266.6 270.4 pi,267.1 pi,296.3 rpl,399.9 322.1 325.2 331.9 P520.0 P532.1 rp565.8 rp751.1 rp774.6 rp780.5 P530.6 P517.0 rp488.1 343.4 344.3 346.5 P288.6 pi,432.9 P306.8 P570.0 p833.4 P324.5 P378.4 1986 366.9 368.9 369.5 1987 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. 96 JANUARY 1987 ItO C. Historical Data for Selected Series Year Jan. Mar. Feb. 2 . CHANGE IN Apr. MANUFACTURERS 1 May June UNFILLED July ORDERS, Aug. DURABLE Sept. Oct. Nov. Dec. IQ ll Q III Q IV Q 1.70 -0.38 -1.76 0.42 0.68 -0.92 -0.32 0.12 -0.65 0.14 -0 .44 0 .43 1 .06 0 .90 1 .10 -2.64 -0.56 -2.11 0.77 - 1 .17 0.88 1.17 -1 .61 -0.04 0 .41 0.11 0.33 0 .05 0.23 1.12 0 .99 0.92 0.64 -1.13 -0.36 0.41 -0 .56 0.16 0.13 0.45 1 .02 1.06 1.52 0 .54 0.45 0.44 -0.81 0.05 1.05 3.06 Annual GOODS INDUSTRIES 952 . . . 953 . . . 0.59 1 .73 -0 .01 0 .42 1 .97 -0.80 2.18 - 0 . 52 0.21 -0.09 2 . 72 - 0 . 53 1 .80 -2.18 0.65 -2.25 0.85 -3 .49 -0. 6 -2.. 4 - 0 . 65 - 1 . 85 - 0 . 48 - 1 . 94 955 . . . 956. .. 957 . . . 958 . . . 959. .. 960 . . . 961 . . . 962. .. 963 . . . 964. . . 96 5 . . . 966 . . . 967 . . . 968. . . 969. .. 970. .. 971 . . . 0.78 1 .31 -0.25 -2.39 0.73 -1 .54 -0.34 0 .40 0 . 93 1 .07 1 .00 0 .62 0.23 -0.02 -1.12 1 .45 -0 .86 0.17 0.62 1 .04 0.71 1.18 1.19 0 .41 -0.87 -0.51 0 .89 -1 .24 -0.31 -0 .48 1 .36 0.78 0 .84 0.36 1 .22 -0.86 -0 .85 0.52 - 1 .07 0.18 -0.78 0 .60 0.85 0.89 0 .34 0.55 -0 .64 -0 .34 -0.40 -0.61 0.16 -0.39 0 .84 1 .13 0 .88 0 . 56 0 . 26 - 1 . 25 0 . 22 0 . 24 - 0 . 26 0 . 09 - 0 . 16 - 0 . 14 1 . 21 0 . 92 0 .81 1 .48 -1.73 0.14 -0.03 - 0 .43 0.41 0 .03 0 .00 1 .59 0.79 0.65 1 .90 -1 .70 0 .00 0.11 0.45 0.43 -0 .42 0.11 0.61 0.75 1 .47 - 0 .1 6 -1 . 1 0. 0 0.81 -O.f 3 0.04 0 ./f g 0 .06 1. 9 i.: 1 1 . 16 0 . 25 - 1 . 45 0 . 78 - 0 . 02 - 0 . 40 0 . 33 0 .1 0 .2 0. 8 3 1. 3 1. 87 0 . 07 - 1 . 44 -0 . 08 - 0 . 57 -0 . 30 0 . 57 1. 54 - 0 . 16 1. 02 1. 45 - 0 .06 0.00 0.18 - 0 .82 1.18 0 .28 0.26 0.66 -1 .07 0.88 -0 .43 1 .60 0.75 -0 .89 -0.02 0.16 0.32 2.32 -1 .27 -0.55 1 .06 -0.35 1 .08 -0.89 - 1 .27 1 . 57 - 0 . 14 - 0 . 02 - 0 . 82 - 1 . 38 0 .63 -1 .19 -0.04 -1 .00 - 0 .76 0 .36 0.74 -0.25 -1.39 -0.05 1.18 0.12 - 1 .41 - 0 .26 1 .16 0.32 0.15 0 .55 0.59 1.15 1 .42 2.38 0.31 1.18 0.78 -0.68 0.95 0.85 0.45 -2.21 0.86 0.65 -0 .38 -1 .34 1 .02 -1.21 -0.16 0.18 1.11 0 .85 1 .01 1 .01 1. 0 -0. 1 -l.: 2 0.32 1. 08 1. 00 - 0 . 06 0 . 66 0 . 53 -0.07 0 .62 0.53 -0.93 0.68 0.93 -0 .06 1 .13 -0.99 - 1 .07 0.43 0.24 0 .16 -1 .02 0 .05 973 . . . 2.78 2.83 4.11 3.46 3.40 2 . 75 1 .80 2.52 2.79 • 8 0 .4 0. 4 0.02 - 0 . 19 0 . 72 50 3 . 98 1 .50 0.05 -1 .60 0.27 0 .07 -0.51 0.31 0.72 0 .04 1 .03 1 .36 0.50 0.85 0.98 -0 .05 -0.28 0 .52 975. . . 976 . . . 977. .. 978... 979. .. 980 . . . 981 . . . 982. .. 983 . . . 984. . . 985 . . . 986 . . . -2.47 -1 .45 1 .50 2.14 4.46 3 .46 0 .04 -0.66 4.06 4.38 3.48 -2.63 -0.15 0.48 3 .07 7.07 2 .77 0 .30 -1 .48 -0 .82 5.44 0.75 -3.08 0 . 96 0 .41 4 . 57 6.86 1 .62 -0.7 1 -1 .08 -0 .42 8.14 -2.58 -2.45 0 . 94 1 .56 4.08 5.06 0.53 1 .60 -0.57 2.11 1 .85 -2.22 -1 .68 0 .60 1.31 5 .03 2.27 - 3 .00 1 .39 -3.87 1 .28 4.06 0.25 - 2 . 23 0 .6 2 . 43 4 . 30 4 . 38 - 0 . 24 0 . 34 - 3 . 65 4 . 16 0 . 61 4 . 12 0.04 1.7 1 0 .91 3 .43 1 .43 4.01 1 .48 -2.46 3.33 4.14 1.89 -0.85 -0 .45 1 .71 4.60 1 .03 1 .84 -0.33 -4.26 2.53 1.61 2.35 -0.84 1 .00 2.02 4 . 92 2.56 2.93 0 .02 -2.68 3.22 0 .00 2.98 -1.. 4 1 A2 3 .^^8 7 .2 6 1 . '. 4 2# 2 _2 . < 5 - 1 ./ 5 A5 -4.: 0 - 1 . )8 - 0 . 12 1 . 03 2 . 62 6 . 88 2 . 29 1 . 32 - 1 . 79 - 2 . 06 5 . 13 2 . 04 - 3 . 21 - 0 . 92 1. 72 4 . 29 4 . 18 2.69 3 . 96 - 2 . 96 2 . 93 1 . 89 - 2 . 63 1 . 75 0 .49 3 .24 3.74 -2.73 -0.21 0.80 3.26 6.13 2.62 -0.12 -1.07 0.94 5.99 0.55 0.79 3.20 3.93 -2.12 0.72 1.77 4.47 3 .90 -0 .90 1.11 -2.70 2.52 2.17 0.72 1.25 2 .37 4.09 -0.55 0.75 1 .55 4.32 1.67 2 .93 0.39 -3.13 3 .03 1 .92 2.41 1.66 3.44 -1.29 -0.86 1.46 3 .46 6.11 2.11 2 .60 -2.57 -0.18 4.29 - 1 .63 -1.15 -1.56 0.68 1.89 4.54 3.45 1 .81 -0.30 -1.77 2.69 2.11 0.63 6.1 -4.3 4.9 9.2 1 .5 -6.0 10.4 3.2 5.0 -3.5 6 .8 6.4 5.2 0.0 1.8 1.4 6.3 -5.2 0.0 8.5 6.7 -3.3 4.6 4.8 -4.7 2.1 3.7 -2.9 6.4 7.8 1.8 -1.9 5.0 2.6 0 .0 5 .6 4.1 5.7 4. 2 6.4 5.9 7.1 3 .5 2.7 4.8 5.9 17 .2 4.9 13.5 13.5 9.2 10.4 14.4 31.2 50.3 -6 .8 36.1 31 .7 48.5 15'.7 8.4 10.4 14.9 11 .6 11 .6 17.3 24.9 57 .3 12.5 33.8 32.9 39.5 31. CHANGE IN MANUFACTURING -0.2 5.4 -3.8 7 .6 5 .1 1 .9 -5.7 5.3 9.2 -2.2 8.7 -4.6 0 .8 13.1 7 .8 2 .7 5. 1 1 .8 1 .2 6. 9 AND TRADE 1.1 .0 0.5 10.2 7 .0 32.2 43.1 17.4 20 .9 32.7 38.5 16.1 12.7 11.5 7 .7 28.9 38.8 - 8 .2 27 . 2 32.9 38.4 15.7 8.1 15.3 10.2 28.0 51 . 9 -11.9 26 . 4 34.6 63 .3 12.2 15.2 12.2 15.2 26 .7 34.7 -0.8 29.1 39.0 63.1 57.7 56.9 56 . 1 -32.8 -7.4 88.9 32. 9 43 . 5 56.8 29.3 - 1 .5 - 3 8 .6 80.1 - 2 .1 6 9.2 78.8 11 .7 18.8 38. 1952... 1953 . . . 1954... 1 955. . . 1956.. . 1957 . . . 1959... 1960... 1961 . . . 196 2 . . . 1963 . . . 1964... 1965... 1966... 1967... 1968. .. 1969... 1970 . . . 1971 . . . 1 972. . . 1973. . . 1 974. . . 1975. . . 1976 . . . 1977 . . . 1 978. . . 1979... 1980... 1981 . . . 1982. .. 1983 . . . 1984.. . 1985... 1986... CHANGE IN MANUFACTURERS' 2.3 6 2 9 1 -0 2 0 .5 4 .9 9 .0 1 .3 0 .5 8 .9 12.5 16.0 5.9 6.0 14.4 14.7 9.0 7 .6 26 .6 60.4 5.9 31 . 8 18.9 34.6 12.0 17.2 12.3 15.1 13.9 12 . 3 13 .2 24.8 24.0 46.7 14.5 19.6 34.1 42.5 4.8 13.8 6.9 10.1 16.5 7.7 12.5 19.4 24.0 64.7 17.0 50.1 45.8 41 . 4 5 18 0 15 13 2 15 23 62 17 24 18 52 7 6 1 3 7 1 5 3 8 1 7 2 9 9 .1 17 .0 13 . 8 8 .0 8.4 10.0 - 1 .0 18 . 8 40 . 4 54 .5 - 2 .6 25 .7 37 . 9 57 .1 7.3 2.9 5.4 11 .1 14.0 9.6 9.2 14.3 7 .1 12.3 8.3 29.7 44.6 -0.9 24.8 33.4 46.7 85.8 35.5 34.3 6.1 10.6 57 .0 3.2 34.1 23.5 33.0 -30.3 30.2 54.6 - 1 0 .6 30.5 46.7 - 1 1 .7 39.1 45.1 0.4 28 17 -22 24 39 29 9 9 .4 8 .3 6 5 9 .0 23 . 0 42 .6 23 . 8 8 .9 23 .0 27. 5 18.9 5.2 85.3 2 .0 8.7 6 .7 13.9 5 2.3 30 . 9 44.2 - 5 7 .7 7 .5 54.9 -8.6 6.6 70.0 45.7 -33.5 -30.0 53.4 28.4 5.8 5.8 4.7 16.7 - 0 .5 13.6 20.4 34.9 57 . 3 _ 3.8 30.2 29.6 40.8 12.2 1980 1 . . 1981 . . . 1982 . . . 1983. . . 1984. . . 1985... 1986 . . . 1 .5 9.1 -4.0 5 .1 9.0 3.6 -6.4 3.2 10.4 1 0. 3 20 . 5 3 .0 10 . 0 1 1 .7 12 . 8 5 .6 32 . 0 58 . 9 - 5 .7 48 . 9 26 . 4 41 .7 14.2 8.9 0.2 3 .7 - 3 .4 -0 .3 7 .3 4 .4 0 .8 6 .5 11 . 9 - 1 3 .6 4.6 5 .3 2.7 17.7 7 .1 12.5 -2.6 7 .0 3 .7 4. 5 3.7 -9. 5 14.2 5 .8 -7 .1 4 .2 7 .0 10 .7 - 2 .1 3 .5 -1 .1 0 .6 5 .9 5 .6 5 .6 10.2 12.9 2 .9 3.7 9 3 -5 0 -3 8 11 3 5.0 -8 6 3 8 3 5 -1 0 9.0 5 .4 4.7 966] .. 967 . . . 968. . . 1969... 1 970 . . . 971 . . . 1972.. . 1973. . . 1974. . . 1975. .. 1976 . . . 1977. .. 1978. . . 7 .0 2 .2 6 .5 2.4 BOOK VALUE 10.8 2.6 -0.9 5.0 8.0 5.6 4.3 -4.8 1 .9 2 .2 5 .7 - 4 .6 8 .0 6 .4 0 .9 - 1 .7 10 . 8 2 .5 5.7 19.6 -4.7 4. 5 9. 1 6.6 -16.5 0.5 9.5 -3.0 9.5 -4.2 6.6 5.7 3.0 -2.4 8.4 4.5 INVENTORIES, MATERIALS AND SUPPLIES ON HAND AND ON ORDER ( B I L L I O N S OF DOLLARS) - 1 .40 0 .86 0.67 -0 .49 0.17 -1 .06 0.56 0 .41 -0 .09 0.10 -1 .48 1.12 0.18 -0 .43 -0 .08 -1 .05 0.38 0.9" -0.6. 0.42 -0.98 -0.10 0 .96 0 .60 0.31 0.84 0 .94 0 .64 0 .90 0.51 -0.7 1 1 .04 0 .66 2.52 2 .84 -1 .61 -0 .24 -0.75 0.59 4.14 2.65 0.29 -2.87 -0 .04 2.81 0.65 -0.99 1 .35 -0.69 -0.36 0.21 0.32 0 .07 0.76 1.24 0.17 0.54 0.16 -0 .43 0.31 0.77 2 .33 3.25 -1.72 -0.11 0.93 1.49 3 .06 2.81 0 .07 -2.61 1.00 2.82 -0 .48 -0.58 0 .80 -1.18 -0.12 -0.21 0.58 0.32 0.66 1 .66 -0 .23 0.03 0.69 -0.17 0.05 0 .46 2 .97 2.33 -2.88 1 . 52 1 .30 2.12 3 .44 1 .89 -0.64 -1 .92 0.54 2.35 - 3 .07 -0.5/ 0.3 -0.9 > 0.1 -0.6 0 .7 0 .li 0.0" 0.9" 0.1 0.0/ 0.8C - 0 .1 -0.3 0.3 2.2/ 2 .7 -3.2C 0.5 1 .1 1.9* 3.98 -0.33 0.92 -1 .92 -0 .02 1 .81 -0 .94 0 .38 - 0 . 93 0.48 0 .26 -0 .24 0 .0 1 -0.67 0.23 -0.15 0.38 0.36 0.46 1 .01 0 .03 -0.15 0.81 -0.23 -0 .83 0.78 2 .60 4.04 _ 1 .88 1 .05 1 .22 2.90 1 .14 - 2.07 .03 _ 2.55 3.64 .66 - .54 2 . 86 -1.0 2.8 -5.4 8.9 5.4 7 .0 -1 .8 1.9 -2.1 -4.5 3.9 -3.8 6 .0 8.0 -0.1 -6 .8 6.1 6.8 1952 . . . 1953... 1954.. . 1955. . . 1956 . . . 957 . . . 958. . . 1959. . . 960 . . . 961 . . . 962. .. 1963. . . 964. .. - 1 .1 2.2 -3.5 3 .2 12.7 INVENTORIE j , 3) \\7l 30 47 -64 36 29 8 .7 .3 .1 .6 .9 .7 .7 .2 .4 .1 45 .7 - 3 .3 -17 .2 48 .7 26 . 3 5 .3 61.2 43.7 -22.6 -25.3 74.1 19.7 44.2 32.8 -5.0 6.2 54.4 7.0 29.8 38.0 -12.0 26.6 52.2 -2.3 16 .6 9.1 10.5 11.8 5.0 6.5 16.7 39.4 58.1 6.6 26.0 32.5 57 .5 47.6 35.1 20.6 -34.6 36.7 31 .8 14.5 - 1 .34 -0.44 0 .77 0.73 -0.82 0.25 0.35 -0.06 0.41 -0 .05 0.07 0.67 0.40 0.80 0.57 -0.06 0.26 -0.37 -0.19 1.23 2.28 2.86 -0.52 0.34 0.90 2.74 1 .72 0 .63 0.19 -2.15 2.10 0.79 -0 .09 -1.35 0.16 0.99 0.27 -1.01 0.28 0.24 -0.51 0.52 0.01 0.11 0 .92 0 .83 0.23 0.59 0.59 0.10 0.21 0.40 1.13 2.74 -0 .32 0 .01 0.99 1.35 3 .44 2.07 1 .24 -1 .49 -1.39 2.30 -1 .68 0 .07 14 13 8 13 3 14 16 53 57 4 28 40 62 .0 .9 .1 .9 .7 .6 .0 .6 .6 B OOK VALUE . 28 . 66 . 52 . 22 . 50 -0 .95 - 0 .77 0.80 1.12 -0 .91 -1.24 -0 .69 0.65 1 .04 -0 .98 -1 .84 0 .14 0.86 0 .04 -0 .58 -1 . 0 . 1 . 0. -0 . 73 56 )7 24 33 - 1 . 08 - 0 . 18 0 . 71 0 . 22 - 0 . 92 - 1 . 25 0 . 09 1 . 20 0 . 34 - 1 . 17 -1.31 0 .85 0 .42 -0 .34 0.01 -0 .88 0 .46 0.34 -0.45 o] 1 5 50 - 0 . 45 0 . 10 -0. 1 -0. 1 0. 4 0 . 4_ 1. 3 0 .5 - 0 . 50. 1 -0. 1 -1. 2 0 . 5' 2 .2 3 . 7( - 1 . 52 0 . 95 0 . 76 3.04 3 . 05 - 1 . 10 0 . 88 - 3 . 35 2 . 09 - 0 . 22 1 . 68 0.27 0.14 -0.46 0.38 -0.19 0 .02 0.57 0.32 0.97 0 .60 -0.72 0.31 -0 .61 -0.42 0.99 1.91 3.36 -0.40 0 .70 -0 .04 2.39 1 .31 1.63 0.90 -1 .76 1.77 2.61 - 0 .46 0.15 0.11 0.20 0.80 -0.13 -0 .10 0 .42 0.16 1.14 0.68 0 .27 -0.08 -0.38 -0.05 1 .41 2 .30 3.31 -0.56 -0.50 1 .39 3 .04 3.21 -0 .22 -1.17 -2.40 2.96 -0.18 0.31 0.81 0.09 0.05 0.16 0 .30 1 .02 0.72 0.30 0 .42 0.27 0.55 -0.11 -0.09 1.29 2.62 1 .92 -0.60 0.83 1 .34 2.79 0.63 0 .48 0.83 -2.28 1 .57 -0.05 -0.11 0. -0. 0. 0 . 0 . 1. 0 . 0. 0. 0. 0. -0 . 0. 0. 2. -0. 0. 0 . 1. 2. 2. 1 . -2. -1 . 3. -2. -0. 30 58 37 31 36 19 34 37 29 54 >7 28 32 38 31 38 34 75 23 8 0 . 31 - 0 . 26 0 . 33 -0.01 - 0 . 05 0 . 85 0 . 61 0 . 24 0 . 59 0 . 55 - 0 . 32 0 . 51 0 . 30 1 . 42 2 . 54 0 . 11 0 . 46 1 . 70 0 . 67 4 . 12 2 . 25 0 . 85 - 1 . 64 - 1 . 72 1 . 96 - 1 . 56 - 1 . 28 - 0 . 08 - 0 . 68 1 . 17 0 . 03 0 . 02 0 . 71 1 . 04 0 . 08 0 . 88 0 . 68 -0 . 04 0 . 41 0 . 58 1. 09 2 . 86 - 0 . 68 - 0 . 47 0 . 53 2 . 15 3.43 1 . 33 1 . 38 - 0 . 50 - 1 . 16 1 . 91 - 1 . 06 1 . 83 0.86 -0.95 -0.19 0.32 0.50 0.23 0.75 1 .28 0.19 0.49 0.45 -0.44 0.47 0 .63 2.61 2.81 -2.07 0.39 0.49 1 .40 3.55 2.45 -0 .09 -2.47 0 .50 2 .66 -0.97 0 .30 -0.69 0.15 -0 .33 0 .34 0 .37 0.32 1.12 0.25 -0.23 0.60 -0.16 -0.83 0.54 2.38 3.49 -2 .20 0.85 1 .04 2.63 2.72 -1.17 0.94 -2.61 0.90 1 .08 -0 .27 -0 -0 0 -0 -0 5.5 4.4 6.0 9.4 15.9 8.0 10.9 13.6 8.2 10.2 14.2 31 .3 52.6 2.8 30.2 32.6 48.1 51.8 42 .6 33.8 -18.5 11.1 53.2 9.7 54 +8 34 29 32 +3 34 -0.62 0.77 0.44 -0.65 ~0'44 -0.5 5 0.22 -0 .01 0.26 0 .55 0.58 0.86 0.40 0.20 0.35 -0.19 -0.04 0.88 2.50 2 .21 -1.19 0.64 0.94 2.55 2.52 0.79 -0.11 -2.15 1.45 0.71 -0.31 NOTE: These series contain no revisions but are reprinted for the convenience of the user. 97 C. Historical Data for Selected Series—Continued Year Jan. Feb. 39. 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. 1983 . 1984. 1985. 1986. 2.03 1 .87 2.05 1.61 1.52 1.50 1 .57 1.56 1.71 1 .81 1.69 1.59 1 .69 2.59 2.49 2.37 2.42 2.12 2.37 2.42 2.48 2.24 1.84 2.20 1.91 1 .83 2.07 1.62 1.46 1.50 1.63 1.55 1.60 1 .84 1.69 1 .60 1.68 1 .79 1.75 1 .86 1.57 1.57 1 .83 1.81 1.72 2.01 2.54 2.71 2.46 2.37 2.48 2.05 1 .90 1 .98 1 .53 1 .53 1.57 1.76 1.52 1.60 1 .81 1 .69 1 .64 1 .66 2.32 2.51 2.39 2.23 1.78 2.19 2.53 65. 1952 . 1953. 1954. 1955. 1956. 1957. 1958. 1959. 1960. 1961. 1962. 1963. 1964. 1965. 1966 . 1967. 1968. 1969. 1 970. 1971. 1972. 1973. 1974. 1975. 1976. 1977. 1978. 1979. 1980. 1981. 1982. 1983. 1984. 1985. 1986. 12.48 12.45 13 . 6 2 13.55 14.20 16.35 16.90 16.34 17.33 18.57 18.99 20 . 0 5 20.76 21.74 22.75 25.51 27 . 2 2 28.78 31.53 34.49 34.86 35.72 38.87 49.08 50.20 55.73 60.67 66.37 74.39 80 . 2 3 89.66 84.37 81.16 89.69 78. 1952... 1953... 1954... 1955... 1956... 1957... 1958... 1959... I960... 1961 . . . 1962. . . 1963.. . 1964... 1965. . . 1966... 1967. . . 1968.. . 196 9 . . . 1970. . . 1971 . . . 1972.. . 1973. . . 1974. . . 197 5 . . . 1976 . . . 197 7 . . . 1978. . . 197 9 . . . 1980... 1981 . . . 1982. . . 1983. . . 1984. . . 1985. . . 1986. . . Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. I Q 12.55 12.40 13.64 13.61 14.39 16 .40 16.83 16.40 17 .56 18.69 18.96 20.07 20.87 21.78 22 .87 25.74 27 . 2 5 29.05 31 . 8 5 34.60 34.94 35.82 39.37 49.37 50.67 55.97 60.69 67.16 75.23 81 .26 90.09 83.74 81.90 89.86 MANUFACTURERS' 2.01 2.56 2.74 2.34 2.40 2 .44 2.65 2.41 2.43 2.28 2.25 1 .82 1 .91 1 .50 1 .51 1 .52 1.75 1.43 1 .68 1 .79 1 .65 1 .68 1.63 1.76 1 .76 1.72 1 .56 1 .64 1 .79 1 .78 1 .85 1 .99 2 .61 2 .63 2.40 2.38 2.44 2.53 2.40 2 .20 2.07 2.06 2.38 2.64 2.40 2.21 2.00 1 .96 2.25 2.74 2.30 2.16 1.92 2.02 2 .33 .75 .99 .55 .54 .47 .70 .50 .64 .85 .67 .59 .59 2.08 1.88 1 . .6 1 .57 1 .68 .75 .87 2 .94 2.45 2.37 2.51 .99 .97 .81 .47 .54 .54 2 .60 2.39 2 .41 2.42 2.14 2.01 .83 .44 .53 .48 .75 .52 .70 .80 .61 .67 .7 1 .82 .76 .64 .55 .68 .87 .75 .93 .02 .63 .65 .39 .34 .37 1 .92 1 .98 1 .65 1 .50 1 . 52 1 .57 1 .55 1 .65 1 .76 1 .68 1 .64 1 .76 1 .70 1 .65 1.74 1.69 1 .63 1 .76 1 .90 1 .72 1 .96 2 .27 2.80 2 .47 2 .40 2 .36 2 .45 2.64 2.57 2.37 2.18 1 . 94 2.09 2.32 2.05 1 .90 1 .98 1 .53 1 .53 1 .57 1 .76 1 .52 1 .60 1 .81 1 .69 1 .64 1 .66 2.77 2.22 2.19 1.95 1.96 2.29 .94 .35 .21 .90 .93 2.35 .70 .28 .19 .88 .10 2.39 .49 .51 .50 .71 .36 .73 .83 .61 .68 .63 42 IV Q II Q PERCENT OF CONSUMER INSTALLMENT LOANS DELINQUENT 30 DAYS AND OVER (PERCENT) END OF PERIOD .99 .97 2.02 1 .79 1 .44 1 .49 1.55 1 .60 1 .75 .51 .60 .67 .79 .70 .61 .65 .71 .81 .77 .67 .48 .68 .85 .90 .00 .11 .65 .48 .53 .41 .35 .45 .53 .37 .24 .91 .91 .26 2 .24 2 .34 2.50 2 .66 2 .42 2.23 1 .86 1 .97 2.32 .94 .45 2.24 2 .22 2.25 1 .82 1.91 1 . 50 1.51 1 .52 1.75 1 .43 1 .68 1.79 1 .65 1 .68 1 .63 1 .76 1 .76 1 .72 1 .56 1 .64 1 .7 9 1 .78 1 .85 1 .99 2 .61 2.63 2 .40 2.38 2 .44 2 .45 2.74 2.30 2.16 1 .92 2 .02 2.33 MANUFACTURERS' INVENTORIES, FINISHED GOODS, BOOK VALUE (BILLIONS OF DOLLARS) 12.64 12.41 13.71 13.65 14.48 16.52 16.82 16.46 17 . 7 3 18.63 19.03 20.04 20.96 21.83 23 . 0 3 25.88 27 . 3 1 29.30 32.05 34.82 35.15 36.16 40 .00 49.68 51.09 56 . 1 3 61 . 0 0 67.36 76.34 82.92 90.2 8 82.68 83 . 1 4 90.12 12.57 12.47 13.56 13.60 14.59 16 .56 16.68 16.54 17 . 9 1 18.7 5 19.04 19 .96 21.07 21.63 23 . 0 8 26.20 27 . 3 2 29.59 32.69 34.64 35.34 36 . 2 1 40 . 5 9 49.54 51 . 4 4 56.33 61.45 68.34 78.11 83 .26 89.58 82.32 84.14 90.12 12.33 12.66 13.46 13.62 14.82 16.72 16.58 16.59 18.11 18.72 19.27 20.07 21.14 21.74 23.32 26.41 27 .46 29.95 32.71 34.66 35.53 36.60 40.9 9 49.43 51 .76 57 .27 61 .90 68.71 79.10 84.77 88.47 82.06 85 . 1 1 90.13 12.34 12.80 13.47 13.62 15.24 16.78 16.52 16.48 18.21 18.76 1 9.44 20.29 21.10 21.87 23 . 5 8 26.43 27 .57 30.14 32.98 34.65 35.82 36.95 41 . 7 1 49.30 52.62 57.64 62.28 69.44 79.42 85.38 87.60 81.86 86 . 3 8 89.87 12.31 12.93 13.45 13.61 15.42 16.89 16.52 16.63 18.37 18.70 19.63 20.21 21.19 22.04 23 .83 26.51 27 . 6 4 30.30 33.24 34.38 35.83 37.04 42.71 48.98 53 .16 58.05 62.62 70.02 79.81 85.35 88.04 82.14 86 . 9 5 89.26 12.35 13.14 13 .32 13.72 15.71 16.92 16.36 16.83 18.39 18.84 19.76 20 .36 21 . 1 9 22.01 24.00 26.71 27.89 30.51 33.44 34.53 36.36 36.93 43.6 5 49.28 53.79 58.09 63 . 3 4 70.30 79.86 86.55 87 .60 81 .70 87 .80 Annual 1 .99 1 .97 1 .81 1 .47 1 .54 1 .54 1 .63 1 .56 1.7 1 1 .76 1 .63 1 .73 1 .65 .52 .57 .64 .76 .70 1.65 1.7 4 1 .69 1 .63 1 .76 1 .90 1 .72 1 . 96 2 .27 2 .80 .47 2 .40 .36 2.45 2.64 .57 2.37 2.18 1 .94 2.09 2.32 .70 .28 .19 1 .92 1 .98 1 .65 1.50 1 .52 1 .57 1.55 1.65 1 .76 1.68 1 .64 1 .76 1.70 1 .65 1.74 1 .69 1 .63 1 .76 1 .90 1 .72 1 . 96 2.27 2 .80 2.hi 2.40 2.36 2.45 2.64 2.57 2.37 2.18 1 . 94 2.09 2 .32 END OF PERIOD 12.36 13.31 13.28 13.75 15.96 12.33 13.47 13.32 13.82 16.02 12.32 13.57 13.28 13.88 16.21 12.33 13.62 13 .46 14.01 16.19 12.64 12.41 13.71 13.65 14.48 16.18 16.84 18.66 18.70 19.88 20 .50 21 . 1 8 22.15 24.31 26.81 28.18 30 .70 33.65 34.74 36.19 37.17 44.62 49.63 54.45 58.47 63 . 4 5 71 . 0 9 79.51 87 . 88 87 .27 81 . 4 5 88.55 16.15 16.85 18.60 18.94 19.98 20 . 5 4 21 .43 22.25 24.52 26 . 8 4 28.33 30.74 33.98 35.11 35.96 37.38 45.65 49.81 55.45 59.31 63.63 71 . 2 9 79.33 88.91 86 .93 81 .20 16.30 16 .96 18.58 18.96 19 .97 20.66 21 . 5 0 22 .40 24.88 26 .91 28.51 31 . 0 8 34.24 35.01 35.95 37 . 6 4 46 .96 49.98 55.13 59.86 64.50 71 . 56 79.83 89.64 85.81 81 . 5 5 89.27 16.35 17.10 18.64 18.81 20.12 20.74 21 . 6 2 22 . 5 4 25.19 27 .07 28.77 31 . 2 6 16 . 8 2 16.46 17.73 18.63 19.03 20 . 0 4 20.96 2 1.83 23 . 0 3 25.88 27 . 3 1 29.30 34.90 35.93 38.21 48.16 50 .27 55.54 59.94 65.40 72.97 80 . 2 2 89.7 8 85.17 80 . 9 6 89.69 34.82 40.00 .68 51 . 0 9 56.13 61 . 0 0 67 . 3 6 76.34 82 . 9 2 90 . 2 8 82 .68 83 . 1 4 12.34 12.80 13.47 13.62 15.24 16.78 16.52 16.48 18.21 18.76 19.44 20.29 21 .10 2 1 .87 23.58 26.43 27 .57 30.14 12.36 13.31 13.28 13.75 15.96 16.88 16.18 16.84 1 8.66 18.70 19.88 20.50 21.18 22.15 24.31 26 .81 28.18 30 . 70 34.65 35 .82 36.95 41 . 7 1 49.30 52.62 57 . 6 4 62.28 69.44 7 9.42 85.38 87 . 6 0 81 .86 86 . 3 8 34.74 36.19 37.17 44.62 49.63 54.45 58.47 63 . 4 5 71.09 7 9.51 87 . 8 8 87 .27 81 . 4 5 88.55 INVENTORIES, MATERIALS AND SUPPLIES ON HAND AND ON ORDER. BOOK VALUE (BILLIONS OF DOLLARS) .33 .62 .46 .01 .19 17.10 .64 18.81 20.12 20.74 21.62 22 . 54 25.19 27 .07 28.77 31.26 34.20 3 4 . 90 35 .93 38.21 48.16 50.27 55.54 59.94 65 .72 . 97 80.: 12.33 13.62 13 .46 14.01 16.19 16.7 5 16.35 17.10 18.64 18.81 20.12 20.74 21.62 22 . 54 25.19 27 .07 28.77 31 .26 34.20 34.90 35.93 38.21 4 8 . 16 50.27 55.54 59.94 65 .40 72.97 80 . 2 2 89.78 85.17 80 . 96 89.69 88.37 END OF PERIOD 51.59 51 . 7 6 51.86 51.78 52.16 51.88 50 . 9 3 45.04 43 .7 9 37.21 46 . 2 4 50.35 40.55 40.18 44.04 38.32 42.05 41.55 44.31 51 .40 58.43 37.77 46.6 5 50.27 39.56 41.54 43.36 37.95 42.26 41 .87 44.38 52.17 59.66 38.90 46.83 49.83 38.98 42.34 42.17 37.83 42.06 42.45 44.71 52.83 61 . 3 2 39.28 47 .80 49.22 38.44 39.76 48.06 48.97 38.05 40 . 2 8 47 . 8 4 48.47 38.20 41 . 0 9 48.97 47.55 38.47 41 . 7 4 50.01 46 . 57 42.59 50.05 4 5 . 99 43.66 50.29 45.06 44.37 50.51 44.14 45.57 50.85 42.97 3 8.90 46.83 49.83 40 .28 47 .84 48.47 42.59 50.05 45.99 4 5 . 57 50.85 4 2 . 97 45.57 50.85 42 .97 41 . 2 2 37.96 41.42 43 . 2 4 44.96 52.90 62.29 39.35 39.58 40 . 9 2 44.04 49.01 39.10 39.92 40.91 43 . 98 49.86 38.42 41 . 0 9 40 . 9 4 44.00 50.56 42 . 17 37.83 42 .06 42 . 4 5 44.7 1 40 . 10 38.29 41 .07 43 .46 45.81 39.93 39.51 40 .91 43 . 6 8 47 . 8 2 45.03 38.42 41 .09 40 . 94 44.00 50.56 45.03 38.42 41 . 0 9 40 . 94 44.00 50.56 74.01 76.26 77 . 8 2 78.28 74.04 77 . 0 6 77 . 6 8 77.91 39.64 38.66 40.89 43 . 4 8 46 .3 8 54.11 65.63 69.69 72 . 6 0 39.93 39.51 40 . 9 1 43 .6 8 47 . 8 2 73.98 75.58 77 . 9 9 78.22 40 . 1 0 38.29 41.07 43.46 45.81 53.79 64.66 69.09 73 . 3 2 39.84 3 9.46 40 . 7 6 43.38 46.80 73.44 75.42 78.42 77.91 40.5 5 38.19 41 . 2 6 43.6 2 45.33 53.36 63.29 68.57 73 . 9 0 66 .77 70.38 72.88 67 .07 70.79 73.15 67 . 4 4 7 1.08 73.68 67.68 7 1.67 74.23 67 .76 72.54 74.91 61.32 68.35 74.01 64.66 69.09 73.32 67 .07 70.79 73.15 67.76 7 2 . 54 74.91 89.56 119.85 141.91 128.93 136.12 148.81 183.02 211 . 7 2 218.80 214.28 191.29 211 . 5 4 217.95 91 . 8 8 123.10 140.20 128.82 137.05 150.30 186 . 0 8 214.52 218.87 211 . 6 7 192.29 214.36 217.47 94.85 125.43 137.31 130.33 138.35 152.42 189.52 216.41 218.23 209.75 192 .83 216 .71 214.40 97 .09 128.15 134.11 130.88 139.50 154.38 193.50 216.08 219.15 207.83 192 .81 218.52 213.46 77.45 77 .07 79.42 99.69 132.19 132.22 131 .93 140.7 1 157 .28 194.64 214.01 220.18 205.28 193.45 220.18 211 .93 77.34 75.79 79.96 101 .98 135.89 130.70 132.88 76.72 75.37 80.94 103 .89 139.24 130.30 133.58 76 .34 75.31 82 .36 106.19 142.55 129.75 133.07 76.24 75.22 83 .65 108.81 144.47 129.14 133.90 75 .96 75.55 84. 52 111.62 144.10 129.18 134.65 76 .46 75.85 85.95 114.15 144.21 129.64 136.35 76 .87 76.43 87 .03 117.01 143.52 129.17 136.87 77.82 7 8.28 78.32 94.85 125 .43 137.31 130.33 77.34 75.7 9 79.96 101.98 135.89 130.70 132.88 76 .24 75.22 83 .65 108.81 144.47 129.14 133.90 76 .87 76 .43 87 .03 117.01 143 .52 129.17 136.87 67 .76 72.54 74.91 79.14 76.87 7 6 . 43 87.03 117.01 143.52 129.17 136 .87 160 .32 197.69 212.91 221 .06 201.94 195.54 219.97 213.61 162.7 1 199.00 214.54 221 .96 200.17 197.31 222.58 213.15 165.75 202 . 2 1 214.32 220.79 197.78 200 .27 222.40 213.46 168.54 202.84 214.80 221.62 195.50 201 .84 222.35 213.35 171 .32 205.48 216.28 219.28 194.20 204.86 219.92 213.69 207.74 217.13 217 .64 192.48 206.82 218.36 212.41 209.07 218.51 217.14 191 .32 208.73 217.30 214.24 189.52 216.41 218.23 209.7 5 192.83 216.71 214.40 1 97.69 212.91 221 .06 201.94 195.54 219.97 213.61 202 .84 214.80 221 .62 195.50 201.84 222 .35 213.35 209.07 218.51 217 .14 191.32 208.73 217.30 214.24 209 .07 218.51 217.14 191 . 3 2 208.73 217.30 214.24 NOTE: These series contain no revisions but are reprinted f o r the convenience of the user. C. Historical Data for Selected Series—Continued Jan. Feb. Mar. Apr. 723 -640 836 369 -255 116 122 -59 -375 696 555 375 175 106 -44 -16 144 -480 -799 -91 153 -823 -808 -454 130 433 -176 -692 -999 -1 ,028 -1,101 46 -102 -650 330 -672 339 270 -267 -126 324 -48 -365 517 434 301 89 36 -107 -4 38 -596 -819 -127 91 -1 , 3 8 8 -997 85 -62 -114 -272 -764 -1,465 -1,023 -1,414 -122 376 -386 578 -614 503 122 -409 -316 495 -140 -219 486 382 269 99 -75 -246 236 -315 -701 -781 -120 134 -1 ,563 -1,176 160 378 155 -38 -742 -2,638 - 7 19 -1,254 -415 -241 -827 94. July May June 93. FREE RESERVES (MILLIONS OF DOLL/ Aug. Sept. 65 -353 561 212 -504 -444 547 -319 -33 453 130 365 711 168 -195 -508 484 -513 37 549 -468 366 770 92 -139 -383 547 -556 120 530 -383 -7 725 -189 -339 -47 1 3 82 -536 2 47 537 313 167 -105 -268 175 -413 -844 -704 -8 27 -1 , 5 6 4 -1,556 10 45 -62 -475 -899 -2 , 2 6 1 -1,136 -1 , 3 0 7 -517 -742 -585 247 82 -180 -352 26 9 138 120 -182 -352 297 161 135 -174 -362 272 1 , 102 -795 -18 -15 1,668 - 2 386 -61 261 72 -975 1,490 -835 1,968 -745 -453 -1,064 -701 -322 110 -1,730 -2,869 in -3 -149 -974 -1,17 5 -169 -1,700 -895 -1,234 -300 Nov. Dec. I Q -1 ,074 -1,217 -658 -55 -1,708 -3,131 -293 -53 12 - 1 , 1 46 -989 -111 -1,335 -378 -875 -252 95 250 708 -286 -214 -46 6 95 -400 390 638 -359 -195 -344 96 414 547 442 133 83 -134 -390 298 -144 -368 268 94 106 -146 -431 160 -946 -682 -606 -183 -1,897 -3,173 6 193 -872 -885 -904 -357 -1,122 -199 -1,127 -831 -335 -295 -352 -1,624 -3,096 -197 212 -443 -993 -1,339 -1,055 -1,035 -592 -943 -992 -208 -153 -327 -1,267 -1 ,702 -35 123 -980 -1 ,049 -1 ,750 -1,018 -871 -51 -332 -292 -1,195 - 1 ,027 229 2 80 -705 -417 -1,751 -1,201 -348 -177 -383 -623 -434 -813 683 46 8 67 849 792 988 47 6 903 225 37 1 ,048 362 82 884 715 81 1 425 905 149 -246 -875 198 650 -492 -154 -293 365 1,310 293 354 799 6 40 242 508 816 137 68 307 1 ,202 189 46 3 993 834 138 601 635 70 91 256 299 40 2 389 304 40 5 213 47 1 626 362 259 416 551 199 697 965 370 20 1,164 1,0 44 3 90 79 61 481 994 1,241 1 ,386 1,526 500 715 1,395 824 1,092 328 33 1 , 593 1,186 147 76 79 405 973 1 ,655 1 ,301 1 ,713 557 567 1,289 918 896 319 99 1 ,858 1,352 106 58 110 344 999 2,824 994 1,611 852 952 1,593 367 1,166 139 563 944 155 368 971 909 119 767 502 96 63 579 423 146 401 769 1 ,005 142 921 425 63 100 527 738 917 109 956 388 51 89 134 255 505 722 101 270 528 674 123 265 524 766 87 996 822 148 109 1,721 1,714 110 44 73 539 897 2,455 1 ,338 1,581 993 1 ,234 1,323 1,402 976 330 119 1 ,786 2 , 5 80 60 121 200 1,227 1,777 1,018 2,220 1,105 902 2,988 1,334 1 ,407 888 453 94 1 ,788 3,000 271 120 262 1,111 1,396 3 80 2 ,039 1,205 1 ,714 3,300 1,205 1,190 1,358 820 202 2,050 3,308 261 123 336 1 ,286 1,179 395 1 ,679 669 1,382 5,924 1,107 495 1 ,060 1,011 130 676 602 56 69 159 -206 633 158 -411 -485 508 -252 203 734 -128 -231 -440 341 -71 5 2 80 582 -365 -128 -257 25 -66 -91 627 -20 -270 -323 297 -63 518 424 233 123 -156 -324 247 -360 -1 ,003 -7 3 3 -116 41 -1 ,654 -2,270 75 101 -46 -808 -1,188 -1 ,088 - 1 ,601 -982 -735 - 1 ,892 -472 260 538 418 128 102 -151 -373 279 -183 -950 -745 -520 -197 - 1 ,7 43 -3,133 -161 1 17 -434 -1 ,008 - 1 ,077 -508 -1,164 -390 -982 -6,418 -374 588 459 387 1 12 80 -77 -273 17 9 -241 -936 -187 -80 -483 -1,166 -1 ,031 1 10 171 - 6 90 -738 -1,527 - 1 , 269 -516 -142 -300 -3 ,885 -502 116 520 421 197 107 -90 -276 194 -207 -87 1 -616 -207 -128 -1 ,455 - 1 ,857 -1 1 134 -253 -679 -1 ,131 - 1 , 141 -1 ,051 -692 -545 -3,046 -492 614 517 669 419 33 -34 209 168 -320 566 457 315 121 -222 270 -165 107 -310 -829 -49 58 -830 -1 ,036 -364 135 1 10 -384 -749 - 1 ,07 9 -1,587 -330 -197 -184 -2,333 -260 -132 72 -44 -592 -800 -113 126 -1 ,258 -994 -70 149 158 - 1 62 -733 -1 ,701 -923 -1,256 -164 11 -621 294 1 ,286 1 94 377 866 627 111 555 785 85 76 142 273 373 477 317 -305 -144 AVERAGE FOR PERIOD 1 ,032 651 11 5 765 898 65 1 ,005 252 1 ,008 293 67 127 334 564 728 89 56 5 1,249 827 804 43 8 2 , 144 3,351 211 104 1 ,071 1 ,147 1 ,097 659 1,417 510 1,573 8,017 1,073 331 528 766 90 515 1,067 607 501 514 1 ,86 3,28 39i 7 63 1 ,068 1,344 1,311 1,451 '76 41 142 105 119 1 ,593 441 246 839 688 710 557 906 87 149 304 309 490 733 126 430 452 611 133 243 454 557 238 1 ,135 46 2 2,022 1,335 1,149 455 837 6 ,017 1,187 1 ,241 425 407 606 1,399 1,285 61 84 8 40 722 1 ,906 2,156 695 57 9 912 4,617 1 ,741 1,086 321 107 1 ,049 1 ,298 703 127 62 558 874 1 ,47 3 1 ,617 642 697 745 3 , 186 1,318 813 984 339 51 1 ,538 1 ,194 214 71 83 410 989 1 , 907 1 ,227 1,617 636 745 1 ,426 3.98 4.83 4.49 h6 . 65 7.78 3 .61 46 . 17 46.48 41.93 45.01 47 . 4 8 52.74 65.32 79.56 94.37 100.83 106 . 7 9 109.36 103.62 103.16 120.33 159.52 177 . 8 2 162.54 174.25 200.22 261 . 0 1 297 . 1 6 312.99 306.92 291 . 0 4 329.94 349.67 5.9 4.0 2.0 7 .8 58.1 2.7 • 7 .06 f5.23 fl.63 ^.53 48.84 53.52 66.17 81.99 93 . 9 4 102.43 107 . 5 4 108.46 103.60 103.59 124.44 162.72 174.75 163.49 174.66 204.79 267.87 298.77 312.27 305.85 290.62 338.09 347.10 8.13 3.51 0.17 8.20 9.41 1 .88 68.34 73 . 4 2 48.38 48.54 59.96 61.24 7.58 44.16 41 . 8 1 43.7 5 49.45 54.37 67.06 83.74 94.10 102.75 109.86 107.19 103.05 103 . 9 4 127.91 165.94 172.30 164.44 176.22 208.87 272.93 299.30 313.87 305.28 292 . 7 3 339.93 344.87 47 . 18 43.5 5 41 . 9 6 43 . 3 6 50.29 55.50 67 . 9 4 85.25 95.16 102.40 110 . 9 3 106.30 101.78 104.98 131 . 3 1 170.86 170.61 165 . 0 3 177.53 213.90 275.20 296 . 3 0 315.26 301.41 294.01 343.99 345.13 71 .06 72.89 46 .7 1 49.10 60.22 59.99 47 . 4 2 43.2 9 42.05 43 . 2 0 50.15 56.71 68.86 87.40 96.74 102.26 110.91 105.48 100.40 105 . 9 8 134.06 174.53 168.38 165.64 179.96 218.20 279.57 296 .07 315.60 297.76 298.17 344.60 349.25 931 512 503 844 147 421 933 975 130 788 510 72 77 189 246 501 674 119 707 1 ,268 895 310 107 1 ,765 2,431 147 95 178 959 1 ,357 1 ,284 1 ,866 1 ,297 1 ,203 2 , 507 1 ,287 65 164 1,016 744 96. MANUFACTURERS' UNFILLED ORDERS, DURABLE GOODS INDUSTRIES (BILLIONS OF DOLLARS) 3 .99 4.41 6.18 6 .0 7 .5 3 .6 5.9 4.7 7 .3 1. 4.3 8 6 .44 52.03 4.15 7.72 '4.10 100.58 106 . 1 3 110.43 102.74 102.49 117.50 155.77 180.46 162.69 173 .77 197.14 253.94 294.38 312.69 308.40 291.86 324.50 348.92 Annual 544 -642 559 254 -310 -109 314 MEMBER BANK BORROWINGS FROM THE FEDERAL RESERVE (MILLIONS OF DOLLARS) 210 1 ,347 100 313 807 40 6 451 556 90 5 49 70 IV Q II Q AVERAGE FOR PERIOD 283 -631 626 95 -533 -504 492 -259 -194 551 -530 Oct. © ) 1 ,391 430 164 913 716 775 489 896 126 106 163 339 327 46 5 634 166 587 1 , 1 54 40 3 291 743 1 ,387 1 ,260 126 71 906 952 1 ,800 1 ,703 829 577 831 4,607 1,415 970 279 956 302 52 99 324 310 539 753 89 535 1,169 931 708 385 2,018 3,315 289 101 6 80 1,167 1 ,207 788 1,516 7 18 1 ,46 5 7,061 1,156 7 80 768 147 606 831 837 294 799 431 79 104 248 289 470 634 173 563 1,101 803 412 321 1 ,677 2 ,050 194 84 46 2 872 1,338 1 ,420 1 ,359 1,052 1 ,034 3,730 END OF PERIOD 72.87 70.71 45. 52 49 .91 61 .70 58.26 73.52 6 8.46 4 4 . 52 50.56 63 . 6 0 56 .56 74.37 64.97 44.82 51.74 63.72 55.15 73 . 8 0 62.43 46 . 13 53.21 63.56 53 . 2 4 73.16 60.58 45.31 54.37 63.81 51 . 7 9 72.68 58.64 45.25 56 . 2 4 63 . 8 8 50.35 65.95 74.03 52.00 47 . 8 4 58.19 62.74 1 .06 2.89 • 6.7 1 9.10 60.22 .99 74.37 64.97 44.82 51.74 63.72 55.15 7 2.68 58.64 45.25 56 . 2 4 63 . 8 8 50.35 72.68 58.64 45.25 56 . 2 4 63.88 50 . 3 5 47 . 3 9 42 . 8 6 42.46 43.23 50 . 1 6 58.30 69.65 89.17 97 . 3 6 101 . 0 8 110.87 104.48 99.64 106.61 135.86 17 8 . 8 0 168.42 167.35 180 .87 221.63 281 . 0 0 300 .07 317.08 295.30 301.50 348.73 351 . 1 4 47 . 50 43.31 42.90 42.81 50 .26 58.90 70 . 4 0 90 .26 97.72 101 . 8 2 110 . 6 2 103.09 99.60 107 . 3 4 138.39 184.14 167.57 166.90 182.59 226.24 282.04 301.91 316.75 291 . 0 3 304.04 350 . 3 4 353.49 48.66 43 . 6 2 43 . 0 4 43.36 50.86 60 . 0 6 71.81 92.64 98.04 103.00 111.40 102.42 100.55 109.73 141 . 1 8 186.81 166 . 7 3 167.90 184.61 231 . 1 6 284.60 304.85 316.76 288.35 307 . 2 5 350 . 3 4 356.48 49.48 42 .7 9 43.08 43 . 8 3 50.92 61.24 73.13 93 .37 99.04 104.50 111.29 101.10 100.87 110.94 144.67 185.96 165.19 169.52 188.09 238.42 285.94 307 . 3 6 313.81 286.94 313.10 346.04 354.49 49.45 42 . 4 0 43.41 43.96 51 . 1 2 62.13 74.46 93.84 99.50 104.95 111 . 3 1 100 . 9 1 101.59 112.44 148.64 185.24 165 . 0 6 170.55 190 . 7 1 245.30 288.23 308.69 312 . 0 2 284.87 318.24 348.08 351 . 2 8 48.88 4 2 . 10 43 . 9 8 45.51 50 .96 63.15 75.90 94.16 100 . 58 105.95 111.25 101.57 102.12 114.72 151 . 5 0 182 . 9 2 164.14 172.27 195.01 249.48 290 . 9 2 312.65 309.07 287.80 320 . 1 2 345.44 353.04 47 .06 45 . 2 3 41 . 6 3 44.53 48 . 8 4 53 . 5 2 66.17 81 . 9 9 93 . 94 102.43 107 . 5 4 108.46 103.60 103.59 124.44 162.72 174.75 163.49 174.66 204.79 267 .87 298 .77 312.27 305.85 290.62 338.09 347 . 10 47 . 4 2 43 . 2 9 42 . 0 5 43 . 2 0 50.15 56.7 1 68.86 87 . 4 0 96 . 7 4 48 .66 43.62 43 . 0 4 43 .36 50.86 60.06 7 1.81 92 . 6 4 98.04 103.00 111.40 102.42 100.55 109.73 141 . 1 8 186.81 166.73 167 .90 184.61 231.16 284.60 304.85 316.76 288.35 307 . 2 5 350.34 356 . 4 8 48.88 42.10 43 . 98 45.51 50.96 63.15 75.90 94.16 100.58 105.95 111 . 2 5 101 .57 102.12 114.7 2 151.50 182.92 164.14 172.27 195.01 249.48 290.92 312.65 309 .07 287.80 320.12 345.44 353 . 0 4 48.88 42.10 43 . 9 8 45.51 50.96 63.15 75.90 94.16 100.58 105.95 111.25 101 .57 102.12 114.72 151 . 5 0 182 . 9 2 164.14 172.27 195.01 249 . 4 8 290 . 9 2 312.65 309.07 287 .80 320.12 345.44 353 . 0 4 102 .26 110.91 105 .48 100.40 105.98 134.06 174.53 168.38 165.64 17 9.96 218.20 27 9.57 296 .07 315.60 297 .76 298.17 344.60 349.25 NOTE: These series contain no revisions but are reprinted f o r the convenience of the user. 99 C. Historical Data for Selected Series—Continued Year Jan. Feb. Apr. Mar. 104. My a July June Aug. Sept. Oct. Nov. Dec. IQ ll Q III Q IV Q Annual C (PERCENT) 1955... 1956 . . . 1957 . . . 1958. . . 1959. . . 1960 . . . 1961 . . . 0.95 0 . 50 0.27 0.48 0.36 0 .47 0 .08 0.83 0.33 0.59 0.56 0.60 0.27 0.51 0.51 0 . 50 0.42 0.11 0.23 0.57 0 .41 0 .91 0.17 0.03 0.15 0 .64 0.25 0.37 0.23 0 .34 0 .22 0.80 0 .03 0 .61 0.00 0.29 0 .20 0.37 0.15 0 . 54 0.33 0.55 0 . 50 0.89 0 .24 0.32 0.31 0 .82 0.13 0 .66 0.48 0 . 10 0.57 0.21 0.26 0 .36 0 .63 0 .41 0.48 0.55 0.68 0.33 0.72 0.03 0 .43 0.14 0.68 0.53 0.55 1963.. . 1964. . . 0.60 0.50 0.81 0.51 0.59 0 .43 0.57 0.51 0.73 0.68 0 .48 0.70 0 . 58 0.56 0.84 0.50 1966. . . 1967 . . . 1968. . . 1969. . . 1970 . . . 197 1 . . . 1972 . . . 1973.. . 1974... 1975. . . 1976 . . . 1977 . . . 0.70 0.55 0 .8 9 0 .5 a 0 .3 3 0 .8 I 0.8 1 .0 0 .9 0 .3 7 0.46 0.66 0 . 57 0.49 -0.03 0.96 .09 0.71 0 .40 0.62 0 .47 0.61 0 .94 0 .97 0.33 0 .67 0 .67 0.08 0 . 47 0.73 0.80 0.27 0.74 0 .81 0 .32 0.37 0.7 9 0 .95 0.08 0 .67 0.92 0 .00 0 . 92 1.15 1 . 10 0 .27 0 .90 0.93 0.11 0 .89 0 .70 1.17 0 .94 0.58 0 .86 0.97 0.78 0 .8 . 11 ) .43 .03 .01 0.51 0 .84 0 . 59 0 .50 0.37 0.88 0 . 94 0.88 0 .88 0.63 0.72 0.94 0 . 97 1 .00 0.95 0.83 0.98 0.69 0.92 1979. . . 1980 . . . 1981 . . . 1982. . . 1983 . . . 1984. . . 1985. . . 1986 . . . + 0.7 • 0 .8 1 .2 + 1.23 1.31 0.81 0.72 0.77 1 .05 0.98 0.81 1.01 0.85 0.87 1 .08 0.56 0.51 0.68 0.75 .16 0 .67 1 .09 0.41 0 .83 0.85 0.95 1 .04 0.17 0 .90 0 .60 0 .91 0.79 0 .63 1 .04 0.52 1 .46 0.64 0 . 95 0 .76 0.79 .04 0.79 0.64 0.78 0.85 1 .08 0 . 91 1 .01 0.82 1 .03 0.85 1.01 1.03 0.48 0.58 0.17 0.39 0.74 0 .48 0.14 0 .47 0 .10 0 .48 0 .40 0.53 0.75 0 .86 0.55 0 .41 0.43 0.50 0 .27 0 .34 0.64 0 . 52 0 .45 0.43 0.62 0.79 0.76 0.96 0.88 0.75 0.94 0.89 0.78 0 .66 0 .76 0.77 1 952 . . . 1953... 1954... 0.9 0.63 BANKS 10 0.54 0 .10 0.46 0.55 0 .27 0 .03 0.55 0 .08 0.35 0 .64 0.42 0.49 0 .70 0.77 0.30 0.70 0 .90 0.32 0.75 0.79 1 .10 0 .50 0.74 0.78 0.45 0.77 0.71 1 .03 0 81 0 .66 0.95 0.56 0 . 96 1 .06 1 .28 0.78 1.01 0 .60 0.67 1 .00 0.76 0.62 0.78 1 .09 1 .05 0.91 0.66 0.80 1.11 1 .01 0.58 0 .68 0.59 0.57 0.13 0 .46 0.40 0 .38 0 .06 0.79 0.15 0.25 0 .7 1 0.98 0.93 0 .60 0.71 0 .41 0.58 0 .64 0.78 0.57 0.79 1 .28 0 69 0 .48 1.12 0.87 1.04 0.12 1.16 0.92 0.50 0.95 0 .74 1 .00 0.50 0 .27 0.29 0 .43 0 .41 0 .34 0.54 - 0 . 10 0.25 0.63 0.89 0.44 0 . 50 0.62 0 . 56 0.65 0.68 0.55 0.69 0.88 1 .22 0 77 0.56 0 .64 1.05 0 .99 1.18 0.45 0 .86 0.69 0 .61 1 .14 0 .94 1.03 0 .64 0.67 0 .24 0.34 0.34 0.54 0.25 0 .44 0 .26 0.50 0.72 0 .67 0.48 0.39 0.61 0 .21 0.69 0.15 0.29 0.29 0 .61 0.23 0.56 0 .56 0.42 0.38 0.65 0 .26 0 .30 0.42 0 .43 0 .49 0.46 0.54 0.17 0.40 0 .46 0.35 0.14 0.63 0 .04 0.28 0.66 0.53 0.47 0.31 0.54 0.28 0 .32 0 .40 0.38 0.32 0.54 0.59 0.63 0.72 0.64 0.62 0 .60 0.65 0.59 0.56 0.68 0.68 0 .52 0.22 0 .89 0 .97 1.03 0.97 0.48 0 .89 0.95 0.89 0 .86 0.81 0 .91 0.91 1.02 0 .94 0.75 0 .44 0.60 0 .70 0 .29 0.48 0 .82 0.91 1 .01 0.85 0.84 0 .85 0.95 0.86 1 .15 0.55 0.90 0.80 0.79 1.04 0.49 0 .28 0.77 0.88 0.19 0.86 0 .85 1 .10 0.92 0.64 0.84 0.72 1.00 0.95 1 .01 0.85 0.98 0.74 0.78 0.93 0.67 0 .42 0.64 0.74 0.55 0.67 0.82 1 .20 0.72 0.55 0.85 1 .00 1.03 1.10 0.41 0.94 0.91 0.71 0.89 0.79 0.87 0.42 0.68 0.75 0.39 0.56 0.84 1.04 0.92 0.75 0.75 0 .87 0.98 0.95 0 .86 0.79 0 .92 0.79 0.87 0.92 0.70 © (F ERCENT) 1952. . . 1953 . . . 1954... 1955. . . 1956 . . . 3.00 3.00 3.25 3 .00 3.50 3.00 3.00 5.25 3.00 3.50 3.00 3.00 3.13 3 .00 3.50 3.00 3.03 3 .00 3.00 3.65 3.00 3.25 3 .00 3 .00 3.75 3.00 3.25 3 .00 3.00 3.75 3.00 3.25 3 .00 3.00 3.75 3.00 3 .25 3 .00 3.23 3 .84 3 .00 3.25 3.00 3.25 4.00 3 .00 3.25 3.00 3.40 4.00 3 .00 3.25 3.00 3.50 4.00 1958. . . 1959. . . 1960 . . . 4.34 4.00 5.00 + .00 + .00 5 .00 4.00 4.00 5 .00 3.83 4.00 5 .00 3.50 4.23 5 .00 3.50 4.50 5.00 3.50 4.50 5.00 1962. . . 1963 . . . 1964. . . 4 . 50 4.50 4 . 50 + .50 + .50 + . 50 4.50 4 . 50 4.50 4.50 4.50 4 . 50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4 . 50 4.50 3.50 4.50 4.85 4.50 4.50 4.50 4.50 1966 . . . 1967. . . 1968. . . 1 969. . . 1970... 1 971 . . . 1972 . . . 1973. . . 1974... 197 5 . . . 1976. . . 5.00 5.96 6.00 6.95 8.50 6.29 5.18 6.00 9.73 10.05 7.00 5.00 5.75 6.00 7.00 8.50 5.88 4.75 6.02 9.21 8.96 6.75 5.35 5.71 6.00 7.24 8.39 5.48 4.75 6.30 8.83 7.93 6.75 5.50 5.50 6.20 7 .50 8 .00 5 .25 4.98 6 .60 10 . 0 2 7 .50 6.75 5.50 5.50 6.50 7.50 8.00 5.42 5.00 7.01 11.25 7 .40 6.75 5.52 5.50 6.50 8.23 8 .00 5.50 5.04 7 .49 11 . 5 4 7 .07 7.20 5.75 5.50 6.50 8.50 8 .00 5.90 5.25 8.30 11 . 9 8 7.15 7 .25 5.88 5.50 6 .50 8 . 50 8.00 6 .00 5.27 9 .23 12.00 7 .66 7 .01 6 . 83 4.00 5 .00 4.50 4.50 4.50 4.50 4.50 4.50 6 .00 5.50 6.00 8.50 7.50 5 .91 5.73 9.94 11 . 6 8 7.96 7 .52 1 978. . 1979. . 1980 . . 1981 . . 1982 . . 1983.. 1984. . 1985 . . 1986. . 7.93 11 . 7 5 15.25 20.16 15.75 11.16 8.00 11 . 7 5 15.63 19.43 16.56 10.98 8.00 11.75 18.31 18.05 16.50 10.50 11 .00 10.50 11.21 10 . 50 11 . 7 5 16.57 19.61 16 . 50 10.50 12.39 10.31 11.65 1 2 .63 20.03 16.50 10.50 11.00 10.61 11 . 7 5 19.77 17.15 16 . 5 0 10.50 11 . 93 10 . 5 0 11 . 5 4 11 . 4 8 20.39 16.26 10.50 13 . 0 0 9.50 11.91 11 . 1 2 20.50 14.39 10 . 8 9 13.00 9.50 3.83 5 .00 4.50 4.50 4.50 4.50 4.50 4.50 6 .00 5.50 6.40 8.50 7.83 6 .00 5.50 9.86 1 2.00 7.88 7 .00 7.13 9.41 1 2 .90 2 .23 20.08 3.50 1 .00 1 2 .97 9.50 I ,110 ,532 i ,659 ,927 . . . . . . . . . 548. MANUFACTU *ERS' NEfc 12 . 6 0 9.78 ORDERS, 3 .00 3 .00 3.21 3.00 3.50 3.00 3.18 3.00 3 .00 3.72 3.00 3.25 3.00 3.16 3.86 3.00 3.25 3.00 3 .47 4.00 3.00 3.17 3.05 .16 .77 4.00 5.00 4.50 4.50 4.50 4.50 4.50 4.50 6 .00 5.68 6.20 8.50 7 .28 5 .47 5.75 9.75 10.83 7.53 3.00 3.25 3.00 3.50 + .00 + .50 + .00 5 .00 + .50 + .50 + .50 4.50 4.50 4.92 6 .00 6 .00 6.60 8.50 6.92 5.25 5.79 9.75 10.50 7.26 4.11 4.00 5.00 4.50 4.50 4.50 4.50 4 50 5.12 5.81 6 .00 7.06 8.46 5.88 4.89 6.11 9.26 8.98 l+ 7.75 10.94 15.55 16 . 0 6 16.84 11.85 11.00 11 . 7 7 7.75 11.55 1 5.30 20.35 15.75 11 . 5 0 11 . 0 0 11 . 0 6 6.25 7.98 11.75 16 .40 19.21 16.27 10.88 11 .07 3.61 4.67 4.78 4.50 4.50 4.50 4.50 4.50 5.88 5.50 6 .47 8.50 7.94 5.97 5.34 9.13 11.99 7.56 7.09 6 .90 9.14 12.12 11 . 6 1 20.32 14.72 10.80 12.99 4.00 5.00 4.50 14.39 13.79 18.45 12.52 11 . 0 0 12.58 3.61 4.24 5 .00 4.50 4.50 4.50 4.50 4.50 5.51 5.50 6 .40 7.74 8.00 5.39 5.01 7.03 10.94 7.32 6.90 6 .47 8.30 11.72 16.32 18.93 16.50 10.50 12.31 4.50 4.50 4.50 4.64 6.00 5.73 6.27 8.50 7.23 5.54 5.76 9.81 11.00 7.58 6.54 7 .67 10 . 8 1 15.08 16.73 17 . 0 1 11.96 11.00 11 . 8 0 2,523 2,087 2,037 2,129 7,923 5,044 6,625 6,685 28,652 24,754 1 ,692 1 ,676 6,047 6,533 5,236 5,401 5,295 8,057 6,492 1,763 1,536 2,065 2,46 9 1 ,796 1,554 2,063 4,163 5,643 5,315 4,763 5,009 5,275 19,888 20,976 .83 .48 + .82 l+ .50 + .50 + .50 5.62 5.63 6.28 7.95 7.91 5.70 5.25 8.02 10.80 7.86 6.84 6 . 82 9.06 12 .67 15.27 18.87 14.86 10.79 12 . 0 4 9.93 DEFENSE PRODUCTS s) 1952 1 953 1 954 1955 1 9 56 1957 . . . 1958 1 9 59 1 96 0 196 1 . . . 1 962 1 963 1 964. . . 1 96 5 1966 . . 1 967 1968. . . 1969. . . 1970 . . . 1971 . . . 1972.. . 1974... 1975.. . 1 976 . . . 1977 . . . 1978. . . 1979.. . 1980 . . . 1981 . . . 1982 . . . 1983.. . 1984... 1985. . . 1986. . . 1,957 2,200 1,499 2,050 2,154 2,206 1,870 1,862 1,958 1,668 ,884 .,463 ,875 ,393 ,473 2 ,270 2 ,636 1 ,689 1,531 1 ,825 2 ,825 2,164 1,939 1 ,451 1 ,625 2 ,962 1 ,692 1 ,900 2,419 1,561 2,383 2,473 ,348 2,008 1 ,847 2,267 2,453 2,122 1 , 934 1 ,888 2,913 2,294 3,830 4,463 7,048 9,555 6,503 11,061 2,601 3,348 3,650 4,967 6,758 5,014 6,884 4,708 -,581 + .439 2,562 + .959 3,759 6 , 544 6,361 11 , 7 1 3 6 ,240 2,832 3,409 2,614 4,913 4,113 6,014 6,578 5,139 6,130 2,663 3,642 2,925 4,373 5,423 5 ,644 5,609 6,648 8,773 1,181 2,193 2,943 3,80 9 2 ,521 4,807 4,764 5,594 7,412 6,834 11,238 1 ,915 1 ,668 2,156 1 , 966 1 ,347 2,898 1,844 1,769 1 ,6 90 1 ,489 1,504 3,612 ,257 1 ,381 2,445 2,034 6,150 6,234 7,373 5,860 25,617 1 ,818 3,027 3,088 3,161 6 , 530 5,390 5,351 7 ,115 7,600 9,594 2,033 2 ,646 3,359 2,944 5,062 5,600 5,994 5,496 8 , 0 90 10,270 ,617 ,390 ,072 ,048 t ,007 t ,055 l• , 4 9 8 ,80 4 ,301 3,106 2,823 4,530 3 ,792 2,901 5,083 4,975 6,160 6 ,792 5,167 6,179 2 ,799 2,793 4,097 3,090 4,369 5,147 5,445 8,506 10,091 6,810 3 ,700 4,152 3,518 2,730 4,985 4,501 10,057 7 ,038 7 ,448 7,152 6 ,820 7,295 9,953 8,204 12,439 13,189 20,350 20 , 9 3 0 25,100 22,009 7,930 8,438 10,860 8,060 14,093 14,300 17,252 19,599 18,621 26,141 6 ,468 8,063 9,519 9,153 17,599 17,045 15,843 18,415 22,991 27,970 9,322 11 , 4 7 5 11,407 8 ,721 14,437 14,623 21 , 6 6 2 22,336 22,706 20,141 30,540 35,271 41 , 7 3 9 34,138 58,568 59,157 75,107 81,280 89,418 96,261 NOTE: Unless otherwise noted, these series contain no revisions but are reprinted for the convenience of the user. 'This series contains revisions beginning with 1983. 100 (JANUARY 1987) C. Historical Data for Selected Series—Continued Year Jan. Feb. Mar. Apr. May 1952. . . 1953 . . . 1954. . . 1955. . . 1956.. . 1957 . . . 1958... 1959. . . 196 0 . . . 1961... 196 2 . . . 196 3 . . . 1964. . . 196 5 . . . 1966. . . 1967 . . . 1968... 1969... 1970... 1971... 197 2 . . . 1973.. . 1974. . . 1975... 197 6 . . . 1977.. . 1978... 1979. . . 1980... 1981. . . 1982 . . . 1983... 1984... 55.5 59,7 55.6 64.1 55.6 >9.8 >6 . 1 55.8 60.1 56 .1 55.4 9.7 6 .7 55.9 59.1 57.3 57 .1 58.1 57.9 56.8 58.2 58.7 65.4 62.2 71.4 72.9 J5.3 J1.6 65.3 62.0 73.7 70.8 >4.8 ( 2.2 4.0 0.9 65.0 63.4 74.2 71.0 65.3 64.7 73.7 71.1 June Nov. Dec. l Q 58.7 55.8 60 .9 58.9 55.3 62.3 59.1 55.4 63 .1 5 .6 51 . 9 66.3 64.2 68.7 63 . 5 69.4 66.4 62 .7 70 . 4 62 .1 70.1 71.5 71 .2 70.8 70 .4 Aug. Sept. 59.2 55.9 59.7 65.2 66.2 73.4 71 .4 57 .5 57 .3 58.4 67.5 66.5 65.1 67.5 73.1 71 .4 July Oct. II Q III Q IV Q Annual AVERAGE FOR PERIOD (1967=100) .9 56 . 1 59.0 57.3 57.8 5 7 .1 5 8.9 6 .3 .9 65.0 63.4 6 4.8 6 7 .5 7 .9 7 1.0 7.6 58.9 55. 5 62 .1 67 . 3 66.3 62.8 70.0 57.1 57 . 9 58,6 66.6 66 . 5 64.5 65.7 7 2,6 70.8 7 3.1 7 1,3 7 5.2 79.6 84.5 90 , 6 96 . 0 99.0 78.8 72.3 72.1 71.4 79.9 80.0 79.6 78.7 77.9 78.7 79.3 79.9 80.0 80.8 81 .0 7 J.6 78.7 87.2 94.5 99.9 88.2 94.8 100.8 88.4 95.2 101 .9 89.3 95.0 101 .5 90.2 95.6 100.2 89.9 95.3 99.4 90.8 95.5 99.1 91.5 95.8 98.3 91.7 96.4 97.3 92 .8 97.0 96 .7 93.1 98.0 96,5 93.7 99.1 96 . 4 g- . 9 9^ * . 8 100.9 89.8 95.3 104.4 112.2 107.5 108.6 119.2 132.4 128.7 107.7 126.1 134.5 141.0 147.7 141.4 142.1 135.1 145.2 164.5 105.5 112.1 106.6 110.2 120.7 134.1 128.0 107.6 128.0 136.5 142.8 147.5 140.4 140.4 135.7 147.4 166.5 105.7 111 .7 105.5 111 .9 122.2 105.4 112.2 105.1 113.7 122.9 133.5 125.5 113.4 130.5 138.9 106.0 111.2 105.5 113.5 123.3 106 .9 110.2 104.8 113.3 124.4 106.5 110.3 104.7 113.7 126 .0 108,1 110.8 104.9 14.6 27 .5 10 .3 10.7 04.4 15.5 29.4 110.8 109.5 105.0 116,5 130.3 111.5 109. 1 107 .3 118.0 131 . 4 127.8 107 .8 128.8 138.4 104.7 112.7 104.5 112.9 123.0 133.4 126.1 111.0 129.3 138.5 23.8 15.8 31.6 39.8 123.5 118.2 132.2 138.5 120.3 119.0 131 .9 140.5 16.5 20.6 32.4 41 .1 13.5 22 .0 32.2 41 . 9 H I ,2 122.4 133.5 141 .6 149.3 137.4 141 .7 134.7 150.2 167.2 146.4 133.4 144.6 136.0 152.5 168.1 147 .6 130.9 144.5 136 .2 1 54.4 168.2 46.5 32.0 43.2 35.5 57 . 3 166.7 145.2 135.1 142.9 136 .2 1 58.2 163.9 144.5 138.3 142.4 136.1 158.9 164.4 169.8 44,5 41 .2 39.3 37.5 60.0 65.7 41 .7 42.4 36.9 138.6 62.4 164.2 71.6 140 .1 143 . 4 137.0 139.4 162.5 165.1 171.6 15.8 -17 .1 -6.0 1 .8 1 .8 -1.8 26.3 -4.8 0 .0 41 .9 -25 .7 30.2 7 , -3 . -15. 23. 3 ., 1- - 2 .1 27.0 -13.3 1 .8 -12.3 12.9 -9.4 -4.9 - 1 0 .2 31 .4 7.4 0 .0 -14.1 18.7 -12.4 -6. 5 2 .2 16.5 -5.2 - 7 .0 -10 .9 -5.0 24.0 - 6 .6 7.0 5.2 19.8 -0.4 -4.1 -0.3 22 . 3 -12.3 -12.5 13.5 4.3 -5.9 0.2 19.1 0.2 1.7 -13.6 14.0 7.5 1.9 -6.3 27.2 -2.1 2.3 -3 .4 25.0 -3.7 - 1 .7 -12.4 8.9 0 .7 -6.0 -5.6 14.4 7 .0 -1 .5 -5.6 13.7 5 .3 - 3 .6 9.5 5.8 1 .5 8.7 1 .3 7 .7 - 7 .2 2 ,4 27 . 3 -1.1 -5.6 9.8 19.4 0.9 -26.9 12.7 2.8 3.9 13.1 - 2 .5 8.5 5.6 -12.3 7 .1 10.9 8.7 0.9 -21 .8 3.0 2 .8 8.0 14.3 - 1 .2 1 4.9 7 .9 -4.3 29.7 16.6 10 .6 -19.9 -19.6 6.5 11.3 8.2 6.6 11.8 2.4 5.2 0.8 -12.5 18.3 15.0 9.0 -2." -10.0 6.6 7.3 0.5 -9.4 10.0 1.5 -1.4 0.3 6.0 3.7 -3.2 -11.8 10.7 6.0 13.1 4.7 -8.1 13.3 8.6 -1.2 -2.2 4.0 14.4 -6.4 - 2 0 .6 5.7 4.8 4.4 11.7 - 3 .6 8.6 13.6 - 5 .9 10.4 12.4 12.9 - 6 .0 -22 .8 3 .2 7 .2 8.2 3 .8 -9.3 23.8 -4.4 1.1 -1.1 4.3 16.6 -10.3 -27 .0 9. 1 5. 16. 7 .8 -11 .5 4.8 19.6 5.6 2.3 9.9 15.3 -5.3 -32.0 -2.7 18.8 6 .8 -5.6 32.4 -4.1 -0.9 5.4 3.7 4.3 -1 .3 4.6 5.2 5.0 0.0 28.3 -23.2 13. 8.6 9.9 5 .8 2.0 -1.8 7 .0 9.4 -20.9 10.7 -18.8 10 .0 19.6 -10.3 7 .3 8.3 12.5 -2.5 -2.4 - 1 2 .7 8.8 0 .9 7 .2 9.4 7 .0 -3.2 .5 - 5.3 - 3.8 1 5.7 3 3.3 9 .0 4.2 1/ . y 7 .6 6 .7 3 .8 1 .3 - 1 0 .0 5.4 6^8 0 .0 11 .2 _ .0 1 + .9 28.9 3 .3 1 .4 6 .3 7 9.3 7 91 . 7 95.9 80^6 86.5 93 .2 98.0 96.5 100.4 98.2 06 . 5 10 , 2 20,7 105.4 112.0 05.0 13.4 23.1 10 7 . 2 11 0 . 4 10 4 . 8 11 3 . 9 12 6 . 0 110.9 109.8 105.6 116.7 130.4 07 . 2 11 . 1 05.5 13.5 25.0 109.2 122.8 1 34.5 142.4 28.2 07 .7 27 . 6 36.5 25.1 13.4 30.5 39.1 111.3 122 . 4 1 33 . 4 142 .0 140.5 143 .0 136.2 140 .9 163.4 164.1 17 3 . 6 48.2 39.7 4 .4 35.2 47.6 66.1 46.8 32.1 44.1 35.9 12 0 . 1 11 9 . 3 13 2 . 2 14 0 . 0 6.1 14 4 . 7 13 8 . 2 14 1 . 5 13 6 . 6 15 9 . 0 16 4 . 7 21 . 2 15.7 30.9 39.4 45.8 45.1 38.2 40 . 9 36 . 8 56 . 0 65.7 105.2 112.0 a o o . y 154.7 167.7 I O / . Z I O ^ . V 1986... 140 . 8 142 . 9 136.7 139.6 162.8 164.5 17 2 . 3 I 0 V . S. 910C. C A H N (A! 1952... 1953.. . 1954... 1955... 1956 . . . 1957... 1958... 1959... 1960. . . 1961... 196 2 . . . 196 3 . . . 196 4 . . . 196 5 . . . 1966... 1967 . . . 196 8 . . . 196 9 . . . 1970.., 1971 . . . 1972... 1973... 1974... 197 5 . . . 1976... 1977... 1978... 1979... 1980... 1981... 1982. . . 1983... 1984... 1985... 1986... 2.2 12.9 4.4 20.8 -3.5 -10.4 1.9 24.7 -4.8 8.9 0.0 9.3 7.1 10.7 10.1 13.2 0.0 7.8 -16.2 15.5 12.9 9.5 0.0 -15.3 37.5 0.0 -11.2 4.2 8.0 -7.3 -9.3 2.2 2.0 11.3 22.7 -5.2 -1.8 -11.0 16.2 -12.4 8.8 18.1 12.4 14.7 3.9 11.4 -4.8 13.4 -1.1 -9.6 19.2 16.2 16.5 -6.3 -1.1 19.7 19.4 16.4 -1.6 -8.2 -13.4 5.5 8.4 17.3 -1.4 15.6 5.9 10.9 910C. 1953... 1954... 1955... 19 5 6 . . . 1957.. . 1958... 1959... 1960... 1961 . . . 196 2 . . . 1963... 196 4 . . . 196 5 . . . 1966.. . 1967 . . . 196 8 . . . 196 9 . . . 1970... 1971... 197 2 . . . 1973. . . 1974. . . 197 5 . . . 1976... 197 7 . . . 1978. . . 197 9 . . . 1980... 1981 . . . 1982. . . 1983... 1984... 1985... 1986 . . . 4.4 6.2 0.0 15.8 7.4 0.0 8.1 25.9 -19.6 24.2 1.5 12.3 2.8 5.2 13.9 -1.2 2.3 -4.2 -11.7 20.2 16.0 0.9 -1.9 2 ,3 7 .8 18.0 19.1 15.7 -22.8 11.7 -8.5 5.2 2.2 7.1 AVERAGE FOR -6.1 2.1 17.9 13.3 7.5 -1.8 31.7 -4.8 5.2 0.0 13.0 -2.8 12.7 -8.3 -7.7 13.6 1 .8 5.5 -8.8 3.9 5.0 1.7 21.7 -5.8 10 .6 12.9 -2.5 -4.6 2.5 -10.8 11.3 -10.8 11.3 8.1 -6.9 -14.8 42 .1 4.8 0.9 12.2 -21.0 -29.8 27.5 12 .2 11.4 -11.4 13.5 7.5 -17.9 3.8 25.8 3.3 1.7 15.6 -12.8 12.1 12.8 7.8 -14.3 10.3 8.3 -5.2 7.1 8.8 -1.0 0.9 -5.6 2 9.3 11.7 3.5 0.8 10.3 -20.3 -0.8 1.8 29.0 -18.5 13.3 3.7 -5.3 5.7 27.6 -7.8 1.7 15.4 -11.5 -2.8 -3.9 -3.7 -9.2 17.2 7.0 -10.2 4.7 -2.1 4.0 -3.5 -15.1 28.6 10.6 8.1 4.2 -8.6 10.6 -10.3 -6.0 -3.6 11 .4 10.7 -10.3 -7 .7 -2.1 11 .2 -3.5 -2.9 27 .9 5.6 -10.6 -11 .6 -10.1 32.1 -2.5 6,4 6 .7 -4.9 16.9 0.7 2.9 -0.7 -10.2 4.4 -2.7 -18.4 11.3 11 .4 7 21 . 12. > 8. -6.4 -13.2 5.5 2 .7 9.' 8. 5 5.5 -0.9 0.8 4.5 5 .2 .9 9.9 6 .2 30 1 .6 7.1 4.0 AVERAGE FOR - 2 .3 8.6 7 .2 -1.9 -1 .0 10 .2 11 . 5 -1 .6 -14.5 10.3 10 .0 6 .2 3 .8 - 3 .9 3 .9 -3.9 3 .8 -3." 5 7 .4 16.1 0.9 6 .0 7 .6 PERIOD 15.5 -14.3 13.0 7 .4 1 .8 -6.6 14.1 -15.5 15.9 -1 .8 0 .0 -10.0 10.1 -13.2 29.5 0.0 -0.6 -14.0 -0.7 -3 .5 24.8 -4.1 -1 .8 -12.5 7.0 - 1 .4 22 .7 - 0 .6 - 5 .9 -7.9 2.5 4.4 6.4 17.6 -1.0 -4.8 7.4 -9.0 12.4 6.9 -4.9 0.2 13.9 -13.8 1 2 .3 -2.2 2.3 -3 .8 -1.1 -6.4 -3.3 -0 .5 -6.0 13.2 1 .1 - 1 .7 6 .9 8.2 4.2 7.5 12.5 2.9 7 .6 16.3 -7.3 11.7 2.6 -0.5 16.1 _ 10.4 8.7 5.4 10.1 1.0 6.6 7.8 2.0 -7.0 8.8 3.9 1 .2 8.1 6 .9 5 .2 9.4 - - .7 ,9 .2 .9 •* 7 .3 -6 . 1 14.2 6 .7 -1 .9 -5.3 13.9 3 .2 -2.6 11.4 3 .3 7 .0 8. 1 8.3 3 .5 _ ' .6 .1 -1 .9 7 .6 -2.1 -1 . 8 4.0 4.0 -5 .8 22.0 7.5 2 .3 Ir.7 ? .3 -2.4 -1 .3 10 . 4 11 . 5 - 1 .2 -15.1 13.9 8.6 6.3 5.9 20.0 -4.7 -6.5 -6.8 11.2 1.1 6.9 5.2 19.7 -0.6 -4.2 -0.6 22.2 -12.5 0.0 8.2 13.1 2.4 -3 .6 0.0 15.4 -10.5 -4.6 8.8 8.2 -2.4 -1.8 12.2 10.9 -6 .0 -12.7 13.5 4.3 -6.4 0.0 18.6 0.0 1.7 -9.7 14.9 8.1 -5.8 2.5 28.3 -3.2 2.9 12.0 -11 .6 7.9 6.2 1.2 0.6 28.5 -5.8 2.3 7.3 8.2 8.1 6.2 11.3 8.1 4.1 11.8 10 .0 -5.9 11.6 9.4 -10.1 6.4 7 .0 -4,4 1.9 6.9 3 .1 0.0 5.9 10 .7 5,8 13,1 6 .8 9.8 9. 7 .8 8.8 7 .2 11.9 2.1 9.2 4.8 -10.2 21.3 15.2 12.2 -9.1 -12.3 19.6 11.8 2.1 5.1 0.7 -12.6 18.3 15.0 8.8 -2.8 -5.0 21.0 6.6 -1 .2 1 .2 1.8 -10.7 16.8 13.4 3.1 -7.8 12.8 10 .5 -2.4 3.8 -9.5 9.8 -9.1 12.9 -8.2 13.1 -9.3 9.9 -7.1 5 .2 -0 .4 0.4 -5.5 13.3 7.5 -1 .8 -7.6 23.4 8.0 1.1 -1.8 0.0 5.8 8.7 -8.6 1.2 1.4 -7 .4 17 .4 4.2 -6.6 -1.5 0.0 4.7 4.4 11 .7 -3.6 8. 5 -1.4 -2.3 3.9 1 .8 -1 .5 8.0 -2.9 1 .2 10.2 - 6 .0 9.5 12.4 -11.1 17 .1 13.4 2.4 -11.2 18.8 -3.3 -1.4 6.8 3.6 -3.2 -11.9 33,2 9.0 4,6 -2.1 -8.0 28.6 9.3 8.0 -6.6 -1.5 17.0 -2.4 -9.2 28.4 8.8 15.9 -3.5 -20.8 7 .2 2.7 21 .7 9.0 1 .0 11.5 10.5 0.3 -24.4 12 .2 1 .5 20.4 4.1 0.0 7.5 5.6 -7.3 -14.8 4.3 2.4 20.3 -1.2 0.7 4.2 -2.4 -3.2 5.2 -4.6 0.6 15.8 -9.6 6.1 2.5 -1.2 -27 .0 11.9 4,9 3.2 3.9 -11.6 15.6 -14.3 10 .1 9.4 1 .7 4.3 7.1 -6 .8 -18.9 14.1 7 . 1 7.2 5.8 -8.5 -3.6 -2.9 29.1 9.6 8.3 5.4 -5.0 -28.7 13.5 0.0 10.2 7,1 -9.3 23 .4 -15.8 7 .2 11 .0 0.7 5.8 2.9 -6.6 -22.8 7 .5 6 .5 3.4 -0.3 0.9 -8.1 -3.7 25.0 10.2 4.9 7.9 -6.4 -21 .6 17 .6 2.5 3.8 -0,3 -5.3 30.9 -10.5 6 .0 7 .0 -2.4 7 .1 3.9 1 !l -10.6 5 .2 -8.6 10.3 8.8 -3.8 7 .2 15.8 -0*. 5 -0.8 -0.8 -5.2 20 .5 5.3 5.2 4.3 8.8 0.7 -9.5 -1.5 -1.3 25,3 9.6 4.7 8.3 4.6 -3.4 -11.3 4.0 1.5 18.8 -2.2 2.3 4.7 NOTE*. These series contain no revisions but are reprinted for the convenience of the user. Percent spans: 1-month changes are placed on the 2d month and 3-month changes are placed on the 3d month. Quar of the centered changes. 2 .5 4.5 5.7 6 . -7 . - 3 . () -4. V C A G IN COMPOSITE INDEX OF 12 LEADING INDICATORS O :R 3-MONTH SPANS H N E (A 10.5 -5.9 -15.6 21 .3 4.4 4.7 -0.5 -8.1 24.6 -5.7 -0.3 12.2 -8.7 6.6 2.3 PERIOD 3.9 1 .0 5.3 2 .1 -7.6 -6 . 3 -10.7 4.3 10.1 -3.5 6.5 3.0 5.5 -6.0 .7 _ .6 .8 -1 .5 ]9 1.0 _ + .9 - 2 2.9 1 .2 > .2 - .5 ,7 3 .7 - 3.4 1, .6 .8 .0 .3 4.2 -4.5 3.0 -4.4 4.5 15.5 1 .2 4.7 (JANUARY 1987) 101 C. Historical Data for Selected Series—Continued Year Jan. Feb. Mar. Apr. May June July 920, COMPOSITE INDEX OF 4 ROUGHLY COINCIDENT (1967=100) 1952, , . 19 1954, , . 1955, . . 1956 , . . 1957 . . . 1958. . . 1959. , . 1960... 1961 . . . 1962 . . . 1963 . . . 196 4 . . . 1965. . . 1966. . . 1967 . . . 1 968. . . 1 96 9 . . . 1 97 0 . , . 1971 . . . 1 972 . . . 1973 . . . 1974. . . 1 97 5 . . . 1976... 1977 . . . 1978. . . 1 979. . . 1980. . . 1981 . . . 1982 . . . 1983.. . 1984... 1985. . . 1986. . . 1952 . . 1 953 . , 19 5 4 . . 19 5 5 . . 956. . 1957 . . 9 58. . 19 5 9 . . 9 30. . 1 9> 1 . . 1 9>2 . . 9 >3 . . 93 4.. 19 3 5 . . 1 9? 6 , , 1 937 . . 1968.. 1969.. 9 70 , . 19 7 1 , . 1 9 2. . 19 73 . . 19 74. . 19 7 5 . , 1 976 . . 19 77 . . 19 78. . 1979. . 19 BO. . 19 SI . . 19 52. . 19 33. . 1 9B4. . 19 35. . 1 936. . 62.5 63 .1 59.4 67.4 69,1 63.6 68.1 69.7 70.1 68.4 64.2 67 .9 69.3 70.2 67.7 64.6 67.6 69.1 71 .0 76.9 82 . 5 89.6 77.4 83 . 1 90.2 7 8.0 82 . 1 91 .2 59.1 64.3 69.6 64.3 67 .0 71.9 67 .0 72.0 74.5 78.6 85 .4 93,6 99.4 02 .8 09,1 10 ,8 08.6 14.0 25.5 70 .0 63 .0 67.7 71 .6 66 .8 69.9 62.1 68.8 71 .0 67 .3 69.3 61 .0 69.8 7 1.3 67 , 5 68.9 61.2 70.6 70.9 68,3 69.1 62.1 70.8 70 .4 69.3 69.1 63.1 70.2 70 .0 69.4 75,1 79.4 86 .0 94.3 98. 8 03 . 5 09.9 10 .8 08,5 14.4 75.4 79.5 86 .8 95.4 98. 9 04.0 10.5 10.8 08.8 115.6 27 .4 27.8 13.0 23 ,6 76 .0 80.4 87 .3 95.5 99.1 04.4 10 .8 10.5 09.1 16.6 27 .2 24.3 76 .3 81.0 87 .9 96.0 99.0 05.2 10.8 10.1 09.6 17.2 27.5 28.2 14 .1 24,6 76 ,6 81 .2 88. 5 97 .1 99.2 06 .0 1 1 .4 09.7 09.8 16.9 27.8 28.3 14.9 24.8 76.8 81 . 9 89.4 97.3 99.5 06.6 12,1 09.8 09.6 117.8 28.7 28.2 15.6 25.3 40 .0 51 .2 48.1 47 ,2 39.2 134.6 53.1 59.3 43.0 49.1 45.1 47 .1 38.0 35,6 52 .6 60.5 43 ,1 50,6 42 ,4 46 .9 38.8 137.9 1 53 .9 160.2 44.2 50.6 41 .1 47 . 5 37.3 139.8 55.4 59.5 4.3 8.0 10.2 -5.7 2.2 -12.1 11 .1 21 .0 10 .1 -9.7 -20.2 20.8 4.8 -8.4 17.5 - 3 .0 - 0 .7 20 .3 9.8 0.0 - 2 .0 11.8 -11.4 25.7 0.0 - 1 .7 -15.9 13.3 -4.9 -3.5 8.8 9.4 -7 .0 8.5 9.2 0 .0 -1 .1 4.3 15.3 -6 .3 -1 5.3 ] 5.9 8.8 1 1 .0 0 .8 -8.4 3 .3 13,8 -6 .9 9 .2 4 .6 3 .7 1 .2 6 .0 6.8 0 ,0 3.8 -1 .9 -15.5 7 .1 17 .0 15.8 15.5 -11 .4 0 .0 -5.8 10.3 4. 1 2 .3 - 3 .6 -4.0 0 .0 -19.3 18.9 5.2 3.6 8.5 10.0 14.5 7 .] 1 .3 2.5 3.3 7 .0 6 .6 29.0 -15.5 - 2 1 .8 -0, 8 -9.9 9.3 12.6 9.4 21.8 6.3 1 .9 -4.0 18.2 -6 .8 - 6 .7 4.0 14.7 -6 .5 15.2 0 .0 4.8 9.3 8.6 6 ,5 -1 .2 -7 .9 -5.4 0 .0 7.6 0 .0 3 .5 19.1 3.5 -8.1 19.1 -1 ,6 4.8 0.0 -4.3 5 .6 6 ,4 2 .9 5 .8 8.8 2.9 8.5 6.7 -4,3 2 .2 -3.0 2 .9 0.9 8.7 1 .9 10.4 9,6 0.0 -10.4 5.0 -12.2 17 .8 ] 2.3 -5.1 -3.6 2.5 40.8 56 ,0 60 .9 100 .4 107 .1 112.6 09.0 10.1 119.9 28.7 26.5 18,1 25,6 100.3 107.7 112.9 06 .7 10 .2 121,8 9.7 5.2 8. 5 5.3 46.1 50 .4 42 .7 46.5 34 .5 43 .3 56 . 5 60 . 9 58.5 64.3 59.8 62.6 68.2 69.8 63.1 67.8 71.5 67.0 77.7 83.7 92.1 98.3 102.0 108.5 11.9 05.8 11 .0 123.2 30.7 22.2 18.9 126.8 37 .2 48.4 49.9 145.3 143.0 132.7 145.9 157 .7 161.6 78.3 85.1 93.0 98.6 103 .3 108.9 112.0 107 .6 112.2 124.5 129.8 118.4 119.5 127 .8 138.1 149.7 150 .0 146.1 140 .9 132.6 147.5 158.8 163.0 75.0 79.2 86 .1 94.4 99.0 103.4 09.8 10.8 108.6 14.7 26 .6 28.2 14.6 22.6 29.5 138.5 50.0 49.5 47 .1 139.2 134.1 150.4 158.9 5.9 -20.6 22.2 7 ,4 -3 .4 -17 ,8 34.1 13.2 -16.0 18.3 4.9 -4.5 26 ,1 12.5 0.0 22.3 9.3 -10.1 -9.7 9.1 14.7 9.7 -25.3 4.1 15.4 5.4 8,5 -3.1 9.5 -11 .8 -1 .8 7.7 9.6 6.1 3 .0 12.1 -19.4 17.1 7.3 9.0 -19.6 -5.3 56.6 -14.8 6.9 -4.7 9.7 22.0 12 .4 3 .7 16.4 4.5 1 .1 22.4 13.8 13.4 -8.0 -31 ,6 6 .2 9.9 8.2 11.0 0.8 6.8 -16.3 -0.9 14.0 8.7 10 .9 9.9 7.5 9.8 -8.7 16.1 0.0 0.1 12 .2 -15.4 15.8 9.3 5.9 -16.4 11 .0 18.9 -11 .6 13.1 1 .1 4,7 10.0 13.0 3 .7 12.1 6,9 -2.1 -5.0 7.9 16.3 3.5 -23.3 8.6 -18.3 17.9 5.4 0.0 -18.6 15.7 28.0 - 1 1 .6 5.8 0.5 •1.9 -20.4 3.8 -4.0 11 .5 -36.0 0.0 21.1 -9.7 -6.6 1 .7 6.7 3.2 10.8 12.9 2.5 3 .7 70.3 -13.8 0 ,0 0.0 50 . 9 0.0 9.9 -30.5 -5.0 12.8 3,3 1 .6 9.2 2 .7 3.8 10 , 1 39 . 9 -12.3 6 .3 9.4 13.0 -11.5 11 . 9 -3.5 -6.7 1 .7 7 .8 1.1 - 2 .2 9.6 8.8 - 0 .9 7 .6 4.4 -5.3 -3.2 1 .1 -3.2 9.1 19.0 -5.5 8.4 13.3 12.9 -11 .6 7 .7 -5.2 -3.4 14.6 3.3 9.7 -13.5 14.1 7 .6 -1.2 6.9 3 ,2 -22 .6 1.1 -8.1 -8. 1 19.1 1 .9 2 .7 7.7 - 3 .1 3.5 -2.4 -10.1 0,9 2.3 9.4 2 .2 8.8 -7.3 8.5 1 .0 11 . 2 1.7 - 1 .6 13.5 -6.3 -6 .0 23.5 3 .9 0 .0 6.0 9.7 -11.7 4.1 -2.8 7.3 11 .2 -0.8 13.4 -15.2 -13 .4 15.2 0 .0 -0.7 -2.9 6 .9 3 .2 -2.5 0.8 - 7 .6 8.0 2 .3 1 .5 3.7 7.1 9,9 -11.7 13.2 2.4 3.5 -19.9 9.4 20.8 -7 .4 3.9 2.2 9.0 11.5 9.9 2.1 6.0 14.2 7 .8 3.2 2.7 -0 .8 5.3 13.5 3.3 4.5 7 .1 9.8 15.9 0.0 0.0 -18.7 1 8.8 0.6 0.6 4.5 5.5 6 .3 8.2 10.7 1 .2 2.7 6.0 -4.2 4.5 12.7 9.6 -6.0 -17 ,0 14.4 10 .1 5.6 4.1 -5.0 3.0 -4.7 6 .2 10.1 1 .3 -0.2 4 .2 7 .1 -5.9 16 . 4 3 .0 - 1 .7 -1 9.0 17.8 - 3 .3 3 .0 - 1 .1 1 .9 9.4 5.5 -3.4 -9.6 9.9 10 .7 18.4 -0.5 -14.1 0.8 - 1 .2 3 .9 8.6 5 .4 6.8 0.0 4.4 -7 .1 20.0 1 .2 -6.1 - 1 0 .9 18 -2.0 - 1 .2 -3.3 13.9 1 .2 -4.5 0 .0 12.1 -3 .3 12 . 4 2 .2 6,5 8.8 8. 1 7.3 1 .2 7 .9 3.3 -8.0 0 .0 -2.7 12.4 -15,8 -1 .1 14.5 3.2 7.6 8.0 -2.9 -1.1 4.2 4,8 1 .9 14.6 3.3 -17.9 3.1 2.0 -1 .6 -17.6 0,8 -5.3 16 .4 11 .9 0 .5 2.0 5.7 5.2 -11 .3 2.9 6 .5 8.1 0.0 -3.3 1 .1 -10.0 8.7 5.6 1 .8 0 .7 111 Q Annual IV Q 23 .8 -7.8 0.7 6.9 3.0 -4.0 14.2 -15.4 -6 .1 5.3 3 .3 4.2 -2.5 1 .1 -5.5 11 ,6 2.6 6,8 5.4 -0.5 4.6 3.6 4.0 ? placed on the 3d me 41 .5 -10.6 24.4 -7 .9 9.9 -14.0 -5.0 9.5 2 .2 6 .4 1 .0 8.3 4.2 3.3 4.2 2.9 -10.8 2.2 14.3 3.1 -9.0 10.4 0.0 7 .0 6.8 - 1 .8 10.0 -8. 1 -9.9 12.8 2.1 2.8 1 .7 20 .8 -13.0 12.1 10 .0 7 .2 -13.7 5.9 1 1 .6 2.9 7.0 6.5 - 2 .1 -12.2 6.4 13.7 9.4 -15.1 5 .6 4.2 8.0 7 .0 -1.8 12, -11 , 15.3 4.4 1 .8 2 .0 58.6 64.9 59.0 65.0 68.5 69.1 61 .4 70.4 70.9 68.4 73.7 76.3 80 .9 87 .9 96.2 99.1 05.2 11 .0 10 9.5 16.9 27 .5 28.0 114.1 24.6 32.6 43 .4 50.1 42,9 47.2 138.0 137.8 154.0 160 .1 59.6 64.1 58.8 66.4 67.7 68.9 63.6 68.7 69.7 69.9 74.1 77.0 82. 5 89.7 97 .5 100.1 106.8 112.4 109.4 109.7 119.0 128.4 127.3 117.0 125.5 134.9 145.7 150.7 141.6 147.1 135.4 141 .6 156.1 160.5 62.9 61.9] 60.3 | 67.8 j 69.6 66,6; 65.6 i 68.9 ! 68.1 ! 71 .8 i 74.5 78.0 83 .6 i 92.1 j 98.4 i 101.9 108.4 112.3 106.7 111.1 123.2 : 130 .1 ! 121 .9 119.0 126.6 137.3 148.5 150.1 145.2 142.8 132.7 146 .1 157 .7 161.8 59.9 63.8 59.5 65.4 68.5 68.6 63.4 69.0 70.0 69,3 73.7 76 .6 81.5 89.0 96 .6 100.0 106 .0 111 .4 109.2 109.7 118.4 128,2 126.4 116.2 124.8 133,6 144.0 150.2 144.8 146.0 136.3 139.9 154.5 160.3 AVERAGE FOR PERIOD 1 .3 0.8 4.8 5.5 6.4 8,3 10.8 1 .5 2.9 6.1 -4.0 4.7 12.9 9.7 -6 .0 -17,0 14.6 10.2 6.1 4.4 -4.7 3.1 -3 .8 6.6 10 .3 1 .3 -0.2 CHANGE IN COMPOSITE INDEX OF 4 ROUGHLY COINCIDENT INDICATORS OVER 3-MONTH SPANS (ANNUAL RATE, PERCENT) spans: 1-month changes a ; placed on the 2d month and 3-month changes of the centered changes. 102 45.0 51 .0 40 .8 47 .6 36 .4 40 . 7 155.7 1 59 .7 100.3 106.8 112.5 0.4 67.8 9.4 6.6 6 ,2 8.3 8.1 2 .0 63.4 60.8 61.2 68.2 69.9 65.4 65.9 70.9 67 .2 72.4 62.8 CHANGE IN COMPOSITE INDEX OF 4 ROUGHLY COINCIDENT INDICATORS OVER 1-MONTH SPANS (ANNUAL RATE, PERCENT) -14.7 14.6 1 .8 -5 .0 -18.4 22,0 18.3 -3.5 -6 .4 1 .6 920C. 1952... 1953., . 1954. . . 1955. . . 1956 . . . 1957 . . . 1958. . . 1959. . . 1960 . . . 1961 . . . 1962. , . 1963 . . , 1964. . . 196 5 . , . 1966 . . . 1967 . . . 196 8 . . . 1 96 9 . . . 1970... 1971 . . . 1972... 1973 . . . 1974... 1975.., 1976. . . 1 977 . . . 1978... 1979. . . 1 980 . . , 1981 . . . 1982... 1983 . . . 1984... 1985. . . 1 986 . . . 63 .6 63.4 59 .0 66 .7 59.4 63,5 11 Q Nov. Dec. AVERAGE FOR PERIOD 59.9 64 .1 58.7 66.2 60.0 62 .3 920C. Oct. 57 .3 64 .9 58.7 66.2 60.0 61 . 9 39.9 33,5 Sept. INDICATORS 58.4 64.7 58.9 65.6 58.8 65.0 58.9 65.2 28.3 37.1 49 .3 50.7 46 .8 38.4 34.3 49.5 58.4 Aug. -1 .9 -1 .2 -3 .3 14.0 1.4 -4.3 1.3 12.4 -3.1 12 .6 2 .3 6.5 8.9 8.1 7 .5 1.3 7.9 3 .3 -3.9 3.7 4.8 1.3 1.6 6.9 3 .9 8.5 13.1 -0.9 -17.5 0.9 -5.0 16.5 11.9 0 .7 2 .8 29.9 -7.4 0.8 7 .0 9.3 -3.8 14.3 -14.6 -6.1 5,4 3.3 4.3 9.7 8.0 2.5 5.0 4.2 4.4 -2.5 1 .2 10 .7 3.2 -5.4 11.7 2 .6 6.8 5.4 -0.5 4.8 -2.6 -7.9 10.8 2.8 3.6 4,0 12 .0 -3.5 1.2 11 .6 4.2 -6.1 2.3 9.6 -4.8 8.0 2.9 5.3 9.1 9.3 6.1 5.1 5.5 3.0 -3.4 4.4 11.2 4.5 -8.2 1.6 7 .2 8.1 8.7 0.5 -1 .9 -3.3 -5.5 11 .6 12.3 -15.2 15.9 9.3 6 .2 -16.3 12.2 21.5 -11.4 13.3 1.2 5.0 11 .5 13.0 3.8 12.5 6.9 -1.9 -3.3 8.0 16.3 3.8 -22 .9 4.8 7.5 7.0 10.2 -1.0 9.9 -14.4 -5.4 12.3 6.1 5.4 AVERAGE FOR PERIOD 9.9 -14.4 -5.5 12.2 6 .0 5.3 3 .2 3.1 17.1 10.9 4.6 12.7 - 3 .0 -25.8 10 .2 9.9 1.5 5,3 1 .1 7 ,4 -15.8 4.3 1 3 .. 0 .9 5.3 6,1 8.9 -8.8 15.2 1.8 0.6 -19.2 15.3 6.0 -1.3 6.1 5.3 8.3 9.6 9.7 0 .7 5.0 5.9 -3.1 5.7 11.6 9.3 -5.8 -16.4 12.8 9.5 9.1 2.1 -6.6 3.0 -4.8 4.2 10.7 3.3 3 .7 Quarterly and annual figures are averages 24.3 -7. 9 13.6 -14.3 8.3 9.1 7.5 1.2 7.8 3.8 6.3 2.6 1 .4 4.5 4.3 9.2 11. 0 2.3 -15,6 0.5 -4,3 0.5 0.2 4.6 6.1 8.1 4.5 4.5 4.9 4.5 6.8 6.8 -0.8 3.5 2.7 2.1 10.2 -3.4 0.9 -16.2 14.7 16.0 -10.7 10.1 1.4 4.0 11 .0 11.8 3.7 9.8 6.2 -3.8 -3.3 9.6 14.2 3.3 -21 .4 6.9 7.1 5.5 7.5 -0 .6 9.8 -13.8 -2.8 13.5 5.1 4.1 ; : i ; : 6.0 2.6 -3.7 4.8 10.8 4.4 -7.9 1 .6 6.5 7 .7 8.6 0.8 -2.2 -3.4 10.9 7.3 2 .7 C. Historical Data for Selected Series—Continued Year Jan. Mar. Feb. Apr. May III Q IV Q Annual Sept. Oct. Nov. Dec. IQ ll Q 51 9 57 3 51 .9 57 .9 52 58 53 59 .3 .3 .0 .4 53.0 58. 5 52.9 59.4 52.3 58.3 51 . 5 56.4 73.2 54.7 51.4 56.2 5 4.8 53 .2 63.6 68.0 65.2 52.0 57 .4 72 .6 63 . 8 50.4 53.7 57.2 52^ 60.5 66 .9 70.1 55.9 65.6 70.6 62.7 76 . 4 .6 .5 .1 76.0 76.4 73.7 78. 1 82.7 87 .6 93 .1 99.7 100.2 105.5 114.9 108.7 104.3 78.4 74.4 75.0 78.6 77.8 73.3 76.2 79.9 .9 .0 .6 .2 .3 .8 .0 .1 77.2 73 .0 78.0 82 .4 86.1 92 .3 99.3 99.6 104.3 111.8 111.0 105.9 104.8 59.0 66.3 72.5 64.2 76.0 76.5 72.9 77.5 81 .7 89.5 95.5 100.3 101.5 108.1 113.8 106.6 105 .2 90.3 97.3 100.2 102 .1 109.9 113.7 106.6 105.1 91 .8 98.7 99.8 103.4 111.4 112.4 106.1 105.0 55 . 2 64.0 69.5 65.5 69.6 77.2 74.2 75.6 79.6 84.4 89.8 96 .2 100.0 101.8 108.7 113.7 107 .0 104.9 .7 121.1 114.2 116.5 117.6 119.8 117 lo .8 .0 103.8 104.1 103.0 105.4 103.4 107.0 10 5.1 103.9 108.9 103.5 106 .4 .3 .1 .5 .2 .0 .7 .7 103.7 109.4 118.0 126 .1 123.0 124.4 116.7 110.9 121.9 130 .2 111.8 119.2 127.8 120 .5 125.5 115.3 111.3 124.5 112.7 121.7 129.1 121.2 125.3 111.4 116.2 126 .1 114.8 123.3 120.6 123 .5 122.7 109.9 119.9 127.5 116.8 126 .1 120.7 124.6 118.4 110.2 121.9 129.9 114.0 122 .6 124.6 122 .4 123 .0 111 .7 117 .3 127 .0 14 .9 4 .2 0 .0 27 . 8 11 . 5 14 . 2 - 3 .7 1 .6 17.3 4.2 -2.2 0.0 -3.5 10.4 18.3 -17.3 12.1 8.6 -14.1 0.9 12.9 4.0 -19.0 - 2 .2 12.2 22.0 -13.4 7 .6 23.0 6.9 -29.1 29.1 -2.2 8.1 -7.8 26 .8 12.4 28.7 3.6 48.4 9.2 4.2 -2.2 19.6 3.3 5.5 8.2 1.8 7 .8 10.7 -9.4 13.7 12.9 11.3 -9.1 19.3 -7.0 5.3 1.6 5 .4 10 .2 5.8 4.2 -10.6 -1.5 5.4 6.8 8.4 3.0 4.7 -2.0 7.5 11 .2 1 .4 8.2 7 .8 -2.7 7 .3 5.2 -8.6 -3 7 - 0 .4 4.7 8.9 -4.6 -0.7 6.5 9.7 4.7 13.7 -0.9 -14.5 4 6 3 .2 5.8 9.0 -5.3 6.9 5.8 4.9 7 .4 7 .7 0.4 4 .8 7 .3 0.0 -4.1 -0^8 9.5 6 .1 -12.8 -0.7 5.6 8.2 7 .4 -0 . 1 1 .9 -5.7 -4.5 10.3 7.0 3.5 July Aug. 52 3 56 9 June 930 . COMPOS AVERAGE FOR PEIUOD ( 1 9 6 7 = 00 ) 50 .2 53.3 50 .3 53.8 50 8 54 1 50 6 55 2 51 3 56 5 52 2 56 8 52.6 52.7 6 0.2 66.6 69.3 64.0 76 .2 53 0 52 6 .5 67 . 8 67 . 8 64 . 3 77 . 3 53 2 .9 68 .1 64 .6 66 78 .6 53 9 54 .2 56 5 56.9 51 . 7 58. 1 53. 58. 2 68 . 1 63 .3 .3 79 . 4 68 .4 62 .6 69 7 9.2 71 .0 61 . 9 71 78 . 4 72.3 63.5 71 8 64 0 75.8 75 8 78 . 3 .8 78 . 5 75.6 79.0 75 .9 79 . 5 .8 89 .7 76 . 2 80 .0 85 .0 76.6 80 .3 85.9 77 1 80 7 86 1952. . . 1953. . . 1954... 1955... 1956 . . . 1957 . . . 1958. . . 1959. . . 1960 . . . 1 961 . . . 1962.. . 1963. . . 1964... 1965... 1966.. . 1967 . . . 1968... 1969... 1970 . . . 1971 . . . 1972... 1973. . . 1974. . . 77.9 81 .9 87.0 92.4 99.3 99.8 104.9 114.8 109.1 104.4 106.2 114.6 78.1 82.9 87.7 93.3 99.6 100 .4 105.6 114.8 108.8 104.2 107.3 114.4 197 5 . . . 1976.. . 1977 . . . 104.3 103.8 103.8 104.3 119.2 126 .2 121.7 126 . 1 115.7 109.8 123.7 119.7 127.1 120.7 125 .3 115.8 111.3 124.3 1979.. . 1980 . . . 1981... 1982 . . . 1983.. . 1984... 1985... 1986. . . 60.0 67.0 71 .8 64.1 74.9 67 69 64 77 0 2 .3 .0 78 . 3 83 88 .2 100 100 105 115 108 104 107 113 118 103 104 112 118 130 119 125 114 112 125 88 .9 .2 .1 .0 .7 .2 .7 .4 .6 89 . 8 .8 .2 .9 .1 .0 .0 .0 .2 .9 .2 .2 .3 .5 .4 .8 .8 .5 .5 122 121 122 124 109 118 126 123 120 123 122 110 119 127 .0 .5 .3 .3 .3 .8 .2 .0 .6 .2 .1 .0 .4 .7 22 25 22 24 09 17 26 121 132 119 125 113 114 125 121 129 122 125 111 116 126 .7 .3 .0 .9 .5 .6 .1 !6 .9 .3 99 102 109 114 107 105 112 117 106 103 107 .4 .2 102 . 8 104 .7 .3 .2 .3 .8 .2 .0 .1 .4 .8 .4 100 . 5 101 . 5 109 . 3 113 . 5 106.0 105 . 4 112 .0 117 .1 .0 103 .2 106 .2 .4 .8 .2 .0 .2 .9 .2 .5 .0 .6 .3 .1 .6 .7 100 101 107 113 107 104 109 115 89 .9 100 101 109 114 105 105 110 117 108 102 06 100 101 108 113 107 105 109 116 112 103 105 .3 3 9 .1 3 .4 .6 .6 .3 .8 .5 .3 .7 .8 .9 97.5 100.3 102.5 110.4 113.6 106.9 104.9 97. 100 102 111 113 106 105 7 1 6 1 5 4 1 118.6 105.9 103.9 107.7 115.4 124.7 119.4 124.7 121.4 109.7 121.0 128.4 118 106 104 108 115 125 119 125 120 109 122 129 7 0 2 3 4 -4 31 1 -8 9 21 0 -4 2 4 1 8 0 9 0 0 8 8 0 0 2 6 0 7 77 82 85 91 99 99 103 111 112 106 105 119 104 103 109 117 126 120 124 118 110 121 129 ORS (ANNUAL RATE, P ERCEh T) 1952... 1953... 1954. . . 1955... 1956... 1957 . . . 1958... 1959... 196 0 . . . 1961... 1962.. . 1963 . . . 1964... 196 5 . . . 1966 . . . 1967. . . 196 8 . . . 196 9 . . . 1970... 1971 . . . 1972!!! 1973 . . . 1974... 197 5 . . . 1976 . . . 1977... 1978. . . 197 9 . . . 1980... 1981... 1982... 1983 . . . 1984... 1985... 1986... !o - 7 .7 .9 - 1 2 .2 2 .3 2 .1 - 4 .3 6 .9 36 .7 5 .4 - 1 2 .5 21 .1 .0 - 6 .3 10 0 .0 3 .1 7 .9 7 .9 7 .1 3 .9 8 .8 10 .0 13 .6 - 1 .2 12 . 8 13 . 4 0 .0 1 10 . 5 2 .4 7 .7 1 .2 7 .8 18 14 6 .4 - 8 .0 3 .5 3 .2 _5 . 4 2 .3 3 .4 - 8 .1 - 4 .0 - 5 .6 -1 .1 7 .8 - 8 .7 33 . 5 - 1 5 .7 - 1 .9 - 1 3 .6 17 . 4 11 . 2 9 .5 13 .2 - 1 3 .7 -11 . 5 3 .5 22 .0 23 . 3 -29 .5 - 5 .7 5 .9 -7 .2 33 .6 21 .2 0 .0 7 .9 _9 .0 20 . 9 -2 .8 - 1 5 .9 11 . 8 - 1 .1 1. 1 4 .7 2 .2 12 .0 -22 .3 7 .2 5 .9 13 .7 - 6 .7 - 2 1 .9 37 . 5 -7 .4 -23 . 5 20 .6 16 . 5 10 .6 14 . 2 4 .3 -21 . 1 9 .5 12 .7 4 .2 - 3 6 .6 - 5 .7 13 . 3 10 .0 13 .7 - 3 2 .0 2 .0 -2 .8 - 1 2 .2 .9 -1 .9 0 .0 1 .1 - 5 .1 9 5 - 5 .5 15 .0 0 .0 -6 .4 3 .6 - 1 .1 6 .5 0 .0 - 3 0 .2 1 .0 - 4 .7 -1 14 . 1 3 .9 0 .0 6 .8 6 .5 11 9 - 4 .5 0 .0 1 .0 - 1 1 .6 0 .0 11 . 9 5 .4 7. 1 -12 .1 8 .1 - 1 7 .7 6 .8 10 .6 2 .9 -1 .8 12 .6 6 .9 - 1 9 .0 7 .0 21 . 9 7 .5 - 1 .7 5 .8 -4.7 -7.5 14.0 -1.5 -7.0 13.3 1.3 0.0 2 .4 11.9 -11.8 2.3 4.1 -6.9 -34.6 - 1 .9 22.9 -1.6 -4.8 3.1 15.7 10.1 12.3 3.7 7.1 37.4 -18.7 -15.7 17 .3 1.1 -1.0 -3.4 1.2 24.3 12.9 1.0 -12.0 17.7 -9.8 -11.3 19.2 13.7 8.3 0.0 - 3 .3 -2.3 13.2 -2.1 -18.1 -5.6 5.9 2.2 5.2 8.9 -9.4 -7.4 1 .0 17.7 6.0 2 .8 21.3 7.0 -11.6 -6.6 12.8 11.4 -20.7 -10 .6 930C. 13 -11 .8 6 3 !l - 4 .6 27 . 3 - 1 9 .4 - 8 .7 28 .7 15 . 3 -21 .8 0.0 17 . 9 32 . 2 - 8 .3 14 .6 30 . 5 5 .4 - 4 4 .0 39 . 3 23 .2 6 .6 -12 .4 17 .0 9 .8 0 .0 - 2 1 .6 48 . 1 -12 -8 .8 8 .8 - 1 2 .5 64 .7 - 1 9 .7 56 . 5 - 1 2 .6 40 .6 -11 .5 - 3 .2 4.6 13.5 5.6 -5.1 1 1 -1.1 13.6 15.3 -10.7 8.5 5.7 6.5 17.9 -10.4 14.5 -8.5 -6 .3 12.7 11.9 -4.5 13.3 -6.5 8.8 20.1 24.3 35.8 83.4 -33.3 5.0 0.0 6 .2 -7 .9 6.8 6 1 10 2 22 . 9 -11 .8 2 5 -2 4 17 .2 - 5 .8 4.5 5.7 5.3 3.7 0.0 9 1 s 3 1 0 1 5 9 0 1 9 9 2 1 4 8 8 -7 .2 -4 .4 0 .0 3 .2 10 .6 -13 .8 -4 .5 8 .0 20 . 4 4 .9 11 .7 - 4 .7 -18 .2 4 ,5 -2 .9 0.0 1 .8 -17.6 - 1 .1 -3.4 9.9 15.0 - 1 .1 -1.1 4.5 9.6 -1.9 33.2 -1.0 -14.2 10 .3 2 .0 4.7 6 .5 13.5 -9 1 - 5 .2 11 .3 -3.0 -7.7 -4.9 2 .0 11.4 3.1 14.5 -12.4 2.8 -7 5 7 .9 12.1 8.7 -1 _5 2 1 1 1 3 6 -1 11 -3 2 -11 -1 10 12 18 9 .6 3.7 4.6 8.0 12.5 0.4 13.1 -3.5 -10 5 5.9 12.3 13.2 -29.5 - 1 .4 8.4 5.5 13.5 -10.9 13 .2 -0.8 17.8 3.9 -1.8 2.9 4.5 -1.2 6 8 - 3 .7 9.5 5.4 -9.6 4.0 5.5 6 .1 8.3 -17.6 7.9 -10.3 -0 2 12.5 6.2 -2.1 CHANGE IN COMPOSITE INDEX OF 6 LAGGING INDICATORS OVER 3-MONTH SPANS KIOD 1 952. . . 1953 . . . 1954... 1955... 1 9 56 . . . 1957... 1958... 1959... 1960... 1961 . . . 196 2 . . . 1963... 1964... 196 5 . . . 1966.. . 1967 . . . 1968. . . 196 9 . . . 1970. . . 197 1 . . . 197 2 . . . 1973... 1974. . . 1975... 1976... 1977 . . . 1978... 1979. . . 1980. . . 1981 . . . 1982. . . 1983.. . 1984.. . 1985... 1986.., 17 .6 12.0 - 6 .7 -2.2 5 .5 0.0 -17.0 1.3 -1.0 1 .1 5.1 3.1 4.0 9.7 6.2 2.4 3.3 9.6 13.2 -13.4 - 6 .6 8.6 2.8 -2.3 -3 .4 1.9 9.9 9.2 2.6 2.0 2.6 -7.9 4.8 8.8 7 .0 11.8 8.6 -14.2 0.8 12.7 3.7 -20.1 -2.5 9 .9 -7 .1 5 .0 1 .5 4.9 10.1 5.8 4.1 2.8 6.3 12.3 -9.4 -5.5 11.1 - 3 .1 -8.0 -4.9 1.9 11 .0 2.7 13 .7 -12 .4 2.6 -7.7 7.0 12 .0 8.6 -4.5 8.7 -7.9 33.0 - 0 .6 21.4 9 .3 46 . 1 -16 . l -1 .1 3 1 7 2 - 3 .7 22 . 2 8 .8 4 .2 -1 . 2 18 . 8 13.0 - 1 .4 -3.0 13 .0 10.9 11.9 -12.6 -0.5 11.3 18.7 -12.5 7 .8 .2 .7 .1 .0 .3 - 2 .3 8 .0 -7 .9 24 . 2 9.6 27 .0 1 .3 46 .2 -16 .9 - 1 .6 9 .3 12 . 9 31 1 -9 8 2 7 .1 7 .8 C.5 7 .6 -2 . 2 0 .0 0.6 -7.1 4.8 3 .9 2 .9 -19.2 0.0 7.4 -4.9 0 .0 7 .4 7 .8 i. 1 3 .3 1 5 .i 10 . 5 1 .2 1 .6 8 .9 - 0 .7 - 4 .4 2 .7 9 .9 5 .3 -22 .8 1 .6 5 .9 10 .0 2 .0 - 2 8 .2 12 .3 - 5 .0 - 1 2 .7 15 . 5 5 .9 3 .4 8 .2 - 1 .6 2 .8 7 .2 1 .8 - 1 .1 -0 .4 9 .1 1 .7 - 1 9 .3 -0 .8 7 .8 7 .3 6 .8 - 2 5 .3 3 .6 - 8 .7 - 2 .5 12 . 2 1 .6 - 0 .6 .9 .6 *.4 . 8 .0 .5 - .1 * .7 .6 - #2 .9 8.1 3 .5 11 . 9 -8.9 8.4 -12.6 -0.4 11.2 9 .1 3 .7 6 .3 -0 .8 4 .0 5 .2 - 4 .5 - 3 .7 0 .4 5 .8 8 .8 - 8 .0 2 .3 6 .9 8 .3 11 . 2 - 1 .3 4 .0 - 1 2 .8 - 1 .1 6 .5 8 .1 4 .9 C .9 .2 7 .6 -; .8 7 .2 . .2 3.8 - : .7 .4 4.7 i .7 2 .2 6.2 9.6 7.3 3.4 3.8 8.1 7 .2 -9.9 -3.6 10.8 1 .1 -9.4 -4.6 2 .4 7 .2 6.9 12 .4 -6.3 1 .5 -7 .7 10.2 8.5 4.6 3 .2 15 .0 -16 .8 0 .0 1 7. 7 4 .9 -20 .5 1 .3 13 . 4 - 8 .6 3 .8 2 .1 9 .6 8 .2 21 .6 - 1 5 .7 3 .8 26 . 9 9 .3 - 2 4 .5 13 . 8 13 . 2 -10 .5 11 . 5 21 . 5 -13 .5 7 .0 22 . 6 6 .7 - 3 0 .0 27 . 3 13 . 1 - 1 0 .6 14.1 12 . 9 - 8 .4 12 .7 2 5. 1 3 .6 - 2 7 .3 35 . 7 10 . 2 - 8 .8 2 .1 2 .9 3 4 .4 9 .9 3 .7 5 .3 8 .3 -3 .8 -6 .8 1 .2 12 .6 3 .5 -17 .8 - 5 .6 3 .5 0 .7 8 .7 20 . 8 - 8 .6 - 0 .6 -7 .4 18 .7 4 .6 -1 .8 10 . 2 2 .4 4 .5 9 .4 - 4 .1 -5 .4 3 .5 8 .9 8 .3 - 1 9 .3 -1 .5 3 .5 4 .4 4 .4 8 .1 5 .1 - 0 .6 - 1 5 .6 19 .6 7 .9 0.6 12 . 5 0 .4 6 .1 13 . 1 -3 .8 .0 5 .9 12 .0 12 . 9 - 2 9 .7 - 1 .5 8 .3 5 .1 12 .3 - 1 3 .7 11 . 9 - 1 .0 - 1 5 .1 17 .7 3 .6 - 2 .4 4 .8 5 .8 -9 .8 27 .2 6 18 -15 36 -1 -7 4 .6 -0 .4 2 .8 4 .5 -1 .4 6 .6 - 3 .7 9 .3 5 .2 - 9 .6 3 .9 5 .4 6 .1 8 .1 -18 . 1 7 .7 -10 .5 -0 .4 12 . 5 6.1 -2 . 1 - -L • • 8 -{ . 8 . 5 ) .3 i* . 6 1 .6 - .0 - 1 +. 6 i .4 .0 .7 .8 -1 . . 9 .. 14.0 -14.6 -7.3 4.3 4.7 8.0 -6.3 - 1 .5 12.0 14.2 1 . 9. 3 . -14. 0 . 5. 6 .0 NOTE: These reprinted for the convenience of the user. Percent changes are centered withir spans: 1-month changes are placed on the 2d month , nd 3-month changes are placed on the 3d month. Quarterly and annual figures art 6.5 -27.3 25.6 12.2 - 1 0 .0 -0 .7 7 .5 -8.5 28.1 5 .1 22.2 - 1 .7 42.8 - 1 1 .3 - 3 .3 8.3 3.3 -3.0 18.0 6.7 4.8 7 .1 8.2 0.9 -0 .3 4.0 2.4 6.9 9.8 9.3 2.0 6.3 6.9 -1 .6 6 .8 8.1 -9.3 -4.9 1 .4 5 .1 8.5 -6 .4 0.0 8.5 10.6 5.7 6.9 2.2 -13.9 1 .3 5.1 6.6 11.1 1 .3 4.1 10.5 -2.9 -6.9 4.0 10.3 8.8 -23.9 -0 .5 5.9 6.5 6 .2 - 1 1 .3 9.8 - 2 .2 -14.5 17 .6 5.8 0.5 5.2 .2 3 .3 6 .2 0.1 2.3 -1.7 7 .7 4.2 -12 .0 2.3 7 .1 5.6 8.9 -17.4 6.6 -10 .6 -1 .1 12.0 5.6 0.3 - 7 .4 10.3 -9.1 13.4 9.1 -10.3 19 .2 2.3 -4.6 6 .4 5 .6 5.1 7 .6 0.5 4.5 8.2 -1.2 -4.8 0.0 8.4 5.6 -12.9 -0.7 6 .0 7 .5 6.9 -2.4 3 .0 -6.3 -5.5 11.2 6 .6 (JANUARY 1987) 103 E. Business Cycle Expansions and Contractions in the United States Duration in months Trough Cycle Contraction (trough from previous peak) Business cycle reference dates Expansion (trough to peak) Peak from previous peak Trough from previous trough Peak December 1854 December 1858 June 1861 December 1867 December 1870 June 1857 October 1860 April 1865 June 1869 October 1873 J2 18 30 22 46 18 34 March 1879 May 1885 April 1888 May 1891 June 1894 March 1882 March 1887 July 1890 January 1893.... December 1895 . 65 38 13 10 17 June 1897 June 1899 December 1900 August 1904 June 1908 January 1912 September 1902 , May 1907 January 1910 January 1913 December 1914 March 1919 July 1921 July 1924 November 1927 18 8 48 30 40 R 36 50 52 36 22 27 20 18 99 74 35 37 37 101 60 40 30 35 18 18 23 13 24 24 21 33 19 12 36 42 44 46 43 42 39 56 32 36 August 1918 January 1920 May 1923 October 1926 ... August 1929 .... 23 44 10 22 27 21 35 51 28 36 40 SL March 1933 June 1938 October 1945 October 1949 May 1954 May 1937 February 1945 .. November 1948 . July 1953 August 1957 .... 43 13 50 80 37 .45 39 64 63 88 48 .55 April 1958 February 1961 November 1970 March 1975 July 1980 November 1982 April 1960 December 1969 . November 1973 . January 1980.... July 1981 24 J[06 36 58 12 47 34 112 1 18 14 13 1 11 10 10 11 16 6 16 18 22 18 11 33 27 35 45 51 48 53 56 Average, peacetime cycles: 1854-1982 (25 cycles).. 1854-1919 (14 cycles) .. 1919-1945 (5 cycles).... 1945-1982 (6 cycles) ... 19 22 20 11 27 24 26 34 46 46 46 46 1 29 cycles. 1 15 cycles. Source: National Bureau of Economic Research, Inc. 104 3 24 cycles. 93 31 45 56 49 32 Hi 47 74 18 52 64 28 Average, all cycles: 1854-1982 (30 cycles). 1854-1919 (16 cycles) . 1919-1945 (6 cycles)... 1945-1982 (8 cycles) .. NOTE: Underscored figures are the wartime expansions (Civil War, World Wars that include the wartime expansions. 17 40 41 34 2 49 53 55 3 46 47 45 44 4 and II, Korean war, and Vietnam war), the postwar contractions, and the full cycles 4 13 cycles. G. Experimental Data and Analyses Year and month II III III III III III Foreign currency per U.S. d o l l a r Japan West Germany France United Kingdom (Yen) (D. mark) (Franc) (Pound) 2.4384 2.3317 2.2752 2.2732 2.2277 2.2337 2.1517 2.0621 2.0415 2.0054 2.0243 1.9880 7.4821 7.1575 6.9964 7.2060 7.0967 7.1208 6.9323 6.7215 6.6835 6.5628 6.6206 6.5296 0.7020 0.6994 0.6815 0.6673 0.6574 0.6629 0.6635 0.6729 0.6804 0.7011 0.7023 0.6948 199.89 184.85 178.69 175.09 167.03 167.54 158.61 154.18 154.73 156.47 162.85 162.05 300 \r Japan (yen) \ 154.83 6.2007 1.9596 A A 260 \ \ mm A ^\ rJ >\ ft \ V V \ 1.6 0.6643 10 9 8 \ \ t y r dollar Italy Canada Exchange value of the U.S. dollar1 (Lira) (Dollar) •(March 1973=100) \ 1,663.14 1,588.21 1,548.43 1,559.45 1,528.50 1,533.10 1,478.31 1,420.33 1,410.23 1,387.67 1,401.08 1,379.44 1 .4070 1 .4043 1 .4009 1 .3879 1 .3757 1 .3899 1 .3808 1 .3885 1 .3872 1 .3885 1 .3863 1 .3801 123.65 118.77 116.05 115.67 113.27 113.77 110.38 107.50 107.15 106.58 107.90 106.54 V f D r 0.7 I D A r f V 1 .3605 2000 1800 1600 \ V \ Italy (lira) r 1400 Q 1200 1000 800 1.6 u J Canada (dollar) 1.4 198' 7 1,317.17 0.6 0.5 J / 6 S 0.9 0.8 / / Urnieu runguum ^puunu; / 1986 7 \ 1 1 r 1 V r France (franc) Foreign currency per U.S Jan. Feb. Mar. Apr. May. June July Aug. Sept Oct. Nov. Dec 2.0 B / Jan.... Feb. Mar. Apr. May. June July Aug. Sept Oct. Nov. Dec. 2.4 \ r V 180 HO 3.2 2.8 n \ West Germany (d. mark) v\ J r ^ \\ May.... June... July... Aug Sept... Oct.... Nov Dec Year and month 220 ^ u 1987 Jan.... Feb.... Mar Apr.... Ratio scale Foreign currency per U.S. dollar- 1986 Jan.... Feb Mar Apr.... May June... July... Aug Sept... Oct.... Nov Dec II II ii III III III III III v— 101.13 n r ftl 1.2 1.0 160 Exchange value of the U.S. dollar (index: March 1973 = 100) • / 140 \ 120 s— ^N *% III III III III III III D i | | III III III III III 100 80 74 75 76 77 7 8 79 80 81 8 2 8 3 8 4 8 5 86 8 7 x This index is the weighted-average exchange value of the U.S. dollar against the currencies of the other G-10 countries plus Switzerland. Weights are the 1972-76 global trade of each of the 10 countries. For a description of this index, see the August 1978 FEDERAL RESERVE BULLETIN (p. 700). Source: Board of Governors of the Federal Reserve System. 105 G. Experimental Data and Analyses—Continued Net Contributions of Individual Components to the Leading, Roughly Coincident, and Lagging Composite Indexes Net contribution to index Basic data Series title (and unit of measure) LEADING INDICATORS 1. Average weekly hours of production or nonsupervisory workers, manufacturing (hours). . 5. Average weekly initial claims for unemployment insurance, State programs1 (thous.). . . 8. Mfrs.1 new orders in 1982 dollars, consumer goods and materials industries (bil. dol.). . 32. Vendor performance, percent of companies receiving slower deliveries (percent) . . . . 12. Net business formation (index: 1967=100) 20. Contracts and orders for plant and equipment in 1982 dollars (bil. dol.) 29. New private housing units authorized by local building permits (index: 1967=100). . . 36. Change in inventories on hand and on order in 1982 dol., smoothed2 (ann. rate, bil. dol.) . 99. Change in sensitive materials prices, smoothed2 (percent) 19. Stock prices, 500 common stocks (index: 1941-43=10) 106. Money supply M2 in 1982 dollars (bil. dol.) 111. Change in business and consumer credit outstanding (ann. rate, percent). . . . . . . . 910. Composite index of 12 leading indicators3 (index: 1967=100) ROUGHLY COINCIDENT INDICATORS 41. Employees on nonagricultural payrolls (thous.) 51. Personal income less transfer payments in 1982 dollars (ann. rate, bil. dol.) 47. Industrial production (index: 1977=100) 57. Manufacturing and trade sales in 1982 dollars (mil. dol.) 920. Composite index of 4 roughly coincident indicators3 (index: 1967=100) LAGGING INDICATORS 91. Average duration of unemployment1 (weeks) 77. Ratio, manufacturing and trade inventories to sales in 1982 dollars (ratio) 62. Labor cost per unit of output, manufacturing-actual data as a percent of trend (percent) . 109. Average prime rate charged by banks (percent) 101. Commercial and industrial loans outstanding in 1982 dollars ( m i l . dol.) 95. Ratio, consumer installment credit outstanding to personal income (percent). . . 930. Composite index of 6 lagging indicators 3 (index: 1967=100) Sept. 1986 Nov. 1986 Oct. 1986 Dec. 1986 Sept. to Oct. 1986 Oct. to Nov. 1986 40 . 8 40.7 r40 .8 p40.9 -0.08 0.08 369 3 43 342 356 0.20 0.01 88.32 87.41 r85.90 p91 . 9 8 -0.05 -0 .09 52 54 56 56 0.08 0.08 120.9 120.1 rll8.9 pll8.0 -0.09 -0.14 33.60 r32.31 r34.27 P35.98 -0.09 0.13 127 . 8 124.8 128.6 152.3 -0.07 0.09 r - 6 .52 r-13.59 p-10.88 NA -0.17 0.07 -0.52 0.13 rl .30 1 .85 0.26 0.46 238.27 237 .36 245.09 248.61 -0.02 0.20 2 , 4 0 6 .1 r2,423.9 r2,431 .5 P2,445.7 0.24 0.10 r4.4 rlO.l r6.4 P15.5 0.30 -0.19 rl79.4 rl80.6 rl82.2 P186.1 0.67 0.89 100,560 rl00,826 rl01,065 pl01,334 0.22 0.20 2,601.6 r2, 605.0 r2,604.2 p2,622.6 0.07 -0.02 rl24.9 rl25.3 r l 2 6 .0 p l 2 6 .6 0.09 0.16 432,903 r424,508 p426,404 NA -0.43 0.10 rl65.3 rl64.9 rl65.3 pl66.6 -0.24 0.24 rl5.5 15.2 14.8 15.0 0.14 0.19 0.40 -0.13 1 .49 1 .52 pi.51 79.9 r80 .2 r79.1 p78.5 0.11 - 0 .40 7 .50 7.50 7.50 7.50 0.00 0.00 r342,104 r344,453 r346,668 p355,278 0.18 0.17 16.66 rl6.81 pl6.89 0.58 0.31 r l 3 1 .4 rl33.3 rl33.5 1 .45 0.15 NA NA pl34.2 NOTE: The net c o n t r i b u t i o n of an i n d i v i d u a l component i s t h a t component's share i n the composite movement of the group. I t is computed by d i v i d i n g the s t a n d a r d i z e d and weighted change f o r the component by the sum of the w e i g h t s f o r the a v a i l a b l e components and d i v i d i n g t h a t r e s u l t by the index s t a n d a r d i z a t i o n f a c t o r . See the February 1983 BUSINESS CONDITIONS DIGEST (pp. 108-109) or the 1984 HANDBOOK OF CYCLICAL INDICATORS (pp. 67-68) f o r the weights and s t a n d a r d i z a t i o n f a c t o r s . NA, not a v a i l a b l e , p, p r e l i m i n a r y , r, r e v i s e d , e, e s t i m a t e d . 1 T h i s s e r i e s i s i n v e r t e d i n computing the composite index; i . e . , a decrease in t h i s s e r i e s i s considered an upward movement. T h i s s e r i e s i s a weighted 4-term moving average ( w i t h weights 1 , 2 , 2 , 1 ) placed on the t e r m i n a l month of the span. 3 F i g u r e s in the net c o n t r i b u t i o n columns are percent changes i n the index. The percent change i s equal (except f o r rounding d i f f e r e n c e s ) t o the sum of the i n d i v i d u a l components' c o n t r i b u t i o n s plus the t r e n d adjustment f a c t o r . The t r e n d adjustment f a c t o r f o r the l e a d i n g index i s 0 . 1 3 9 ; f o r the c o i n c i d e n t index, - 0 . 1 7 5 ; f o r the l a g g i n g i n d e x , 0.018. 2 16 0 G. Experimental Data and Analyses—Continued Cyclical Comparisons: Current and Selected Historical Patterns HOW TO READ CYCLICAL COMPARISON CHARTS These charts show graphically, for selected indicators, the path of the current business cycle. To set the current movements in historical perspective, cyclical paths over generally similar historical periods also are shown. The selected periods are superimposed to compare the current business cycle with corresponding historical patterns and to facilitate critical assessment of the amplitude, duration, and severity of the indicators' current movements. 1. For most indicators, two cyclical comparison charts are shown. In the left panel, comparisons are based on reference peak levels and reference trough dates; in the right panel, comparisons are based on both the levels and the dates of the specific troughs in each indicator. (See the charts on the following pages.) The three-part code indicates the timing classification of the series at peaks, at troughs, and at all turns: L=leading; C = roughly coincident; Lg=lagging; and U = unclassified. i i i I i i i i i I i i i i i | i u i This number indicates the latest month (or quarter) of data plotted. (1 = January) l l r T r i r i i M i i Series number, series title 2. The vertical line represents trough dates: reference trough dates in the left panel and specific trough dates in the right panel. The current cycle and the corresponding historical periods are positioned so that their reference trough dates (left panel) and specific trough dates (right panel) are on this vertical line. • 135 +5 •130 3. The horizontal line represents the level of data at reference cycle peaks (left panel) and specific cycle troughs (right panel). The current cycle and the corresponding historical periods are positioned so that their reference peak levels (left panel) and specific trough levels (right panel) are on this horizontal line. >125 4. For most series, deviations (percent or actual differences) from the reference peak and specific trough levels are computed and plotted. For series measured in percent units (e.g., the unemployment rate), these units (actual data) are plotted rather than deviations. The deviations (if plotted) and actual data for the current cycle are shown in the tables accompanying the charts. •120 5. For series that move counter to movements in general business activity (e.g., the unemployment rate), an inverted scale is used; i.e., declines in data are plotted as upward movements, and increases in data are plotted as downward movements. • 115 6. Several curves are shown in each chart. The heavy solid line ( — ) describes the current cycle. The dotted line ( • • • ) represents the median pattern of the seven post-World War II cycles. The other lines represent selected business cycles. In the left panel, each line is labeled according to the year of the reference trough; in the right panel, each line is labeled according to the date of the specific trough. 7. These charts use the business cycle (reference) peak and trough dates designated by the National Bureau of Economic Research, Inc. Peaks: Nov. 1948 (IVQ 1948), July 1953 (IIQ 1953), Aug. 1957 (IIIQ 1957), Apr. 1960 (IIQ I960), Dec. 1969 (IVQ 1969), Nov. 1973 (IVQ 1973), Jan. 1980 (IQ 1980), July 1981 (IIIQ 1981). • 110 -15 -12 -6 0 +6 +12 +18 Months from troughs Troughs: Oct. 1949 (IVQ 1949), May 1954 (IIQ 1954), Apr. 1958 (IIQ 1958), Feb. 1961 (iQ 1961), Nov. 1970 (IVQ 1970), Mar. 1975 (IQ 1975), July 1980 (IIIQ 1980), November 1982 (IVQ 1982). This scale measures time in months before ( - ) and after ( + ) reference trough dates (left panel) and specific trough dates (right panel). This scale shows deviations (percent or actual differences) from reference peak levels (left panel) and specific trough levels (right panel). This scale shows actual series units and applies only to the current business cycle (heavy solid line). 17 0 G. Experimental Data and Analyses—Continued Cyclical Comparisons: Current and Selected Historical Patterns M i l M i l 11II III I Illlll I I I I I I 1 1 I I I I I 1 I l l l l l l l l l l M i l l 1 1 1 1 1 1 1 1 1 DeviActuai ations data from for reference current peaks cycle 1. Average weekly hours, manufacturing MONTHS DEVIFROM ATIONS CURRENT MONTH REF. FROM AND ACTUAL TROUGH 7/81 DATA YEAR SERIES 1 HOURS • 40.5 • 40.0 - -1 • 39.5 38 39 40 2.3 2.0 2.0 40.8 40.7 40.7 41 42 43 44 2.0 2.0 1.8 1.8 40.7 40.7 40.6 40.6 4/86 5/86 6/86 7/86 2.3 2.3 2.0 2.3 40.8 40.8 40.7 40.8 8/86 9/86 10/86 11/86 49 2.5 40.9 Actual data for 'current cycle 1/86 2/86 3/86 45 46 47 • 41.0 Deviations from specific troughs 1. Average weekly hours,manufacturing 12/86 • 41.0 MONTHS DEVIFROM ATIONS CURRENT MONTH SPEC. AND FROM ACTUAL TROUGH YEAR DATA 9/82 • 40.5 SERIES 1 HOURS 5.2 • 39.0 • 38.5 40.8 41 42 43 44 4.9 4.9 4.9 4.9 40.7 40.7 40.7 40.7 2/86 3/86 4/86 5/86 45 46 47 48 4.6 4.6 5.2 5.2 40.6 40.6 40.8 40.8 4 .9 5 .2 5 .4 40.7 40.8 40 . 9 • 40.0 6/86 7/86 8/86 9/86 49 50 51 3 1/86 10/86 11/86 12/86 • 39.5 • 39.0 • 38.0 -1 -6 MONTHS DEVIFROM ATIONS CURRENT MONTH REF. FROM AND ACTUAL TROUGH 7/81 DATA YEAR •37.5 SERIES 47 1977=100 47. Industrial production index 47. Industrial production index 11.3 10.5 9.0 126.2 125.3 123.6 1/86 2/86 3/86 41 42 43 44 10.0 9.5 9.5 10.1 124.7 124.2 124.2 124.9 4/86 5/86 6/86 7/86 45 46 47 48 • 135 38 39 40 10.3 10.1 10.5 11.1 125.1 124.9 125.3 126.0 8/86 9/86 10/86 11/86 49 11.6 126.6 12/86 c.c.c • 135 • 130 • 120 • 115 - 0 -5 • 105 - -10 • 100 - I -15 ii Inn i MIII III Him I I I mm mm In in I HIM In ml -6 25.6 24.7 23.0 24.1 126.2 125.3 123.6 124.7 41 42 43 44 23.6 23.6 24.3 24.5 124.2 124.2 124.9 125.1 45 46 47 48 24.3 24.7 25.4 26.0 124.9 125.3 126.0 126.6 9/86 10/86 11/86 12/86 Months from reference troughs NOTE: For an explanation of these charts, see "How to Read Charts" on p. 107 of this issue. • 120 15 10 - 5/86 6/86 7/86 8/86 20 - 1/86 2/86 3/86 4/86 • 125 - 37 38 39 40 25 - SERIES 47 1977=100 0+6+12+18 + 24+30+36+42+48 108 - MONTHS DEVIFROM ATIONS CURRENT MONTH SPEC. FROM AND ACTUAL TROUGH 12/82 DATA YEAR • 110 - • 130 5 —' 0 liiiiMiiiiltiif ilmiiliiiiilmnlmiilii -6 0 + 6 +12 + 18 + 24+30+36+42+48 Months from specific troughs > 115 • 110 • 105 G. Experimental Data and Analyses—Continued Cyclical Comparisons: Current and Selected Historical Patterns—Continued QRTRS. FROM REF. TROUGH 30. Change in business inventories, 1982 dollars 1111111111111111111111111111111111111111111111111II11111 CURRENT QRTR. ACTUAL AND DATA YEAR 1982 dollars SERIES 30 ANN. RATE B I L . DOL. 7 8 30. Change in business inventories, 60.6 HI/84 33.9 IV/84 9 10 11 12 23.2 17.4 0.7 -5.2 39.9 15.1 -0.3 -11.5 140 1/86 11/86 HI/86 IV/86 120 82.5 76.7 60.0 54.1 23.2 17.4 0.7 -5.2 100 99.2 74.4 59.0 47.8 39.9 15.1 -0.3 -11.5 • +60 • +40 90 80 • +20 70 1/85 11/85 HI/85 IV/85 13 14 15 16 • +80 110 SERIES 30 ANN. RATE B I L . DOL. 119.9 60.6 H I / 8 4 93.2 33.9 IV/84 9 10 11 12 for current cycle 130 QRTRS. DEVIFROM ATIONS CURRENT QRTR. AND SPEC. FROM ACTUAL YEAR DATA TROUGH IV/82 7 8 Actual data Actual 1/85 11/85 HI/85 IV/85 13 14 15 16 Deviations from specific troughs 1/86 11/86 HI/86 IV/86 60 • 0 50 40 • -20 30 20 -40 I/70 10 0 QRTRS. DEVIFROM ATIONS CURRENT QRTR. REF. FROM AND ACTUAL TROUGH HI/81 DATA YEAR Deviations from reference peaks Actual data for current cycle 7 8 SERIES 50 ANN. RATE B I L . DOL. 7.4 3507 . 4 H I / 8 4 7.8 3520.4 IV/84 9 10 11 12 8.7 9.3 10.4 11.0 3547.0 3567.6 3603.8 3622.3 12.0 12.2 12.9 13.4 3655.9 3661.4 3686.4 3702.4 Percent —I 25 c,c,c I 1/85 11/85 HI/85 IV/85 13 14 15 16 50. GNP in 1982 dollars 1/86 11/86 HI/86 IV/86 20 • 3.700 _ + 1 0 • 3.800 • 3.700 • 3.600 • 3.500 • -60 15 QRTRS. DEVIFROM ATIONS CURRENT QRTR. SPEC. FROM AND ACTUAL TROUGH HI/82 DATA YEAR • 3.600 • 3.500 • 3.400 8 • 3.300 • 3.200 • 3.100 Mmlmiiliimliimliiiiiliiiiilmiilnm 0 + 6 +12+18+24+30+36+42+48 SERIES 50 ANN. RATE B I L . DOL. 1 1 . 2 3507 . 4 H I / 8 4 9 10 11 12 11.6 12.4 13.1 14.2 3520.4 3547.0 3567.6 3603.8 IV/84 1/85 11/85 HI/85 13 14 15 16 14.8 15.9 16.1 16.9 3622.3 3655.9 3661.4 3686.4 17.4 3702.4 IV/86 • 3.400 IV/85 1/86 11/86 HI/86 17 10 Months from reference troughs • 3.300 11/70 • 3,200 -1 0 linn iiiiiliiiiiliiiiiliiniliiinliiniliiiiilmiilii 6 0 + 6 +12 + 18 + 24+30+36+42+48 Months from specific troughs NOTE: For an explanation of these charts, see "How to Read Charts" on p. 107 of this issue. 109 ALPHABETICAL INDEX—SERIES FINDING GUIDE Series title (See complete titles in "Titles and Sources of Series," following this index) Current Series number (page Charts issue numbers ) Tables Historical data (issue date) 604 56 Sales, manufacturing and trade, Dl Automobiles 973 2 2 3 8 3 8 3 8 2 4 2 4 3 8 3 8 3 8 3 8 3 8 3 8 Imports of automobiles and parts Personal consumption expenditures 616 55 5 6 2 2 58 Employees, manufacturing and trade, Dl Inventories, manufacturing and trade, Dl New orders, manufacturing, Dl Plant and equipment expenditures, constant dollars 974 975 971 100 Plant and equipment expenditures, current dollars Plant and equipment expenditures, Dl Prices, manufacturing, Dl Prices, retail trade, Dl Prices, wholesale trade, Dl Profits, manufacturing and trade, Dl 61 970 976 978 977 972 92 Series (*) number Charts Tables 29 13,25 67 6/86 9 69 23 24 66 67 10/85 8/86 2 1 1 7 86 248 87 89 249 25 47 25 25 47 67 83 67 67 83 28 334 8 75 25 48 12,21 22 67 86 64 65 10/86 11/86 10/86 10/86 11/86 6/86 7/86 5/86 12/86 4 0 4 0 4 0 4 0 4 0 2 4 5 1 1 5 1 2 Construction Building permits, new private housing 12/85 6 5 7 6 7 6 7 6 6 7 6 7 7 6 7 6 7 6 7 6 7 6 7 6 11/85 12/85 12/85 12/85 11/86 11/86 11/86 12/85 12/85 12/85 12/85 12/85 2 0 3 7 3 7 3 7 9 2 6 5 12/85 10/86 5 6 3 9 2 3 2 3 3 7 3 7 3 7 3 7 3 7 B Balance of payments—See International transactions. Bank loans—See Business Loans. Bank rates—See Interest rates. Bank reserves Free reserves Member bank borrowings from the Federal Reserve Bonds—See Interest rates. Borrowing—See Credit. Budget—See Government. Building—See Construction. Building permits, new private housing Business equipment, industrial production 93 94 33 33 72 72 1/87 1/87 6 7 6 7 6/86 12/86 2 4 1 2 3 3 12,23 2 3 7 2 6 5 6 5 12/85 6/86 6/86 3 4 2 1 2 1 14 12 13 Loans Loans Loans Business outstanding, constant dollars outstanding, current dollars outstanding, net change ... saving 101 72 112 295 15,35 3 5 3 2 4 6 7 3 7 3 7 1 8 2 6/86 6/86 6/86 12/86 3 2 3 2 3 2 2 6 C 82 84 20 20 64 64 12/86 12/86 14 14 66 66 75 86 12/86 12/86 10/86 7/86 22 22 22 51 Capital equipment, producer price index Capital investment—See Investment, capital. 333 24 24 37 48 Capital investment commitments, Cl Cash flow, corporate, constant dollars Cash flow, corporate, current dollars Civilian labor force—See also Employment. Employment Employment as percent of population Labor force Unemployed Coincident indicators, four Composite index Composite index, rate of change Diffusion index Ratio to lagging indicators, composite index Commercial and industrial buildings, contracts awarded Commercial and industrial loans Loans outstanding, constant dollars Loans outstanding, current dollais Loans outstanding, net change .., Compensation—See also Income. Compensation, average hourly, nonfarm business sector Compensation of employees Compensation of employees, percent of national income Compensation, real average hourly, nonfarm business sector Earnings, average hourly, private nonfarm economy Earnings, real average hourly, private nonfarm economy Wage and benefit decisions, first year Wage and benefit decisions, life of contract Wages and salaries in mining, manufacturing, and construction Composite indexes Coincident indicators Four coinciders, index Four coinciders, rate of change Ratio to lagging indicator index Lagging indicators Six laggers, index Six laggers, rate of change Leading indicators Capital investment commitments Inventory investment and purchasing Money and financial flows Profitability Twelve leaders, index 914 35 34 11 29 29 60 70 70 1/86 10/86 10/86 5 26 26 442 90 441 37 51 17 51 18,51 89 62 89 62,89 4/86 4/86 4/86 4/86 9 9 9 9 Twelve leaders, rate of change 110 (page numbers ) Historical data (issue date) Series description C) Ratio to personal income Consumer installment loans, delinquency rate Consumer prices—See also International comparisons. 35 73 113 Net change 32 72 95 39 15,35 33 73 72 6/86 6/86 9/86 1/87 3 3 3 3 3 3 3 4 320 322 58 49 49 22 84,95 84 65 8/86 8/86 11/85 4 9 4 9 2 0 525 53 90 12/85 5 5 20 12,23 66 12/86 2 1 10 116 23 34 66 73 12/86 9/85 2 1 3 5 66 Costs—See Labor costs and Price indexes. failures, current liabilities formation, index incorporations inventories—See Inventories. loans See notes at end of index. Housing starts Consumer finished goods, producer price index Consumer goods and materials, new orders Consumer goods, industrial production Consumer installment credit Credit outstanding Contracts and orders, plant and equipment, constant dollars Contracts and orders, plant and equipment, current dollars Corporate bond yields Corporate profits—See Profits. Business expenditures—See Investment, capital. Materials Capital appropriations, manufacturing Backlog Newly approved Newly approved, Dl Nonresidential, constant dollars Nonresidential, percent of GNP Nonresidential structures, constant dollars Residential, constant dollars Residential, percent of GNP 35 35 13,25 2 4 Business Business Business Business Business Canada—See International comparisons. Capacity utilization Manufacturing Contracts awarded, commercial and industrial buildings Expenditures, plus machinery and equipment sales Gross private fixed investment All items Food Consumer sentiment, index Consumption expenditures—See Personal consumption expenditures. Contract awards, Defense Department 76 29 Current issue (See complete titles in "Titles and Sources of Series," following this index) A Agricultural products, exports Anticipations and intentions Consumer sentiment, index Series title Series description 97 11 965 Credit 110 Borrowing, total private 32 72 10/86 101 72 112 15,35 35 32 73 73 71 6/86 6/86 6/86 3 2 3 2 3 2 6/86 6/86 9/86 1/87 8/86 9/86 3 3 3 3 3 3 3 4 3 1 3 1 5 1 5 0 Business loans Loans outstanding, Loans outstanding, Loans outstanding, Consumer installment Credit outstanding constant dollars current dollars net change credit 66 Net change Ratio to personal income Consumer installment loans, delinquency rate Credit outstanding, percent change Mortgage debt, net change Crude and intermediate materials, change in 35 73 113 95 39 32 15,35 33 72 73 72 Ill 33 13,32 32 72 71 98 producer prices Crude materials, producer price index 28 69 331 48 85 6/86 7/86 557 54 91 12/86 11/85 12/85 12/85 5/86 10/85 12/85 5 5 5 5 5 6 5 6 5 6 5 5 7/85 1/87 7/85 7/85 8/86 10/86 10/86 1 7 1 5 1 7 1 5 5 4 3 4 3 1/87 1/86 3 4 1 7 10/86 1/86 12/85 9/86 12/86 2 2 5 3 7 5 1 2 12/86 12/85 1/86 1/86 7/85 8 3 7 5 5 1 5 12/85 11/86 12/85 12/85 1/86 3 7 2 3 3 7 3 7 2 5 12/85 12/85 12/85 12/85 7/85 8/86 3 7 3 7 3 7 3 7 2 5 5 D D e b t - S e e Credit. Defense and space equipment, industrial production Defense Department 10 39 36 11 23 60 '74* 60 66 101 72 112 15,35 35 32 73 73 71 1/87 1/87 1/86 1/86 10/85 '5 5 21 6/86 6/86 6/86 32 32 32 5 517 53 90 Gross unpaid obligations 543 53 90 580 54 91 Personnel, civilian 578 55 91 Personnel, military 577 55 91 Prime contract awards 525 53 90 Inventories, manufacturers' 920 920c 951 940 9 Gross obligations incurred Net outlays 559 54 91 New orders, manufacturers' 548 53 90 Shipments, manufacturers' 588 54 91 Defense products 561 54 91 Defense products industries, employment 570 55 91 Defense purchases, goods and services Unfilled orders, manufacturers' 564 55 91 Defense purchases, percent of GNP 565 55 91 Deficit—See Government. Deflators—See Price indexes Delinquency rate, consumer installment loans 345 280 49 45 87 82 10/86 11/86 46 46 64 30,47 70,83 10/86 4 6 346 4 9 8 8 10/86 4 6 340 4 9 8 7 8/86 5 341 348 349 49 50 50 87 88 88 8/86 9/85 9/85 5 53 53 53 19 63 9/86 39 33 72 Deliveries, vendor performance 32 12,21 64 Capital appropriations, manufacturing 965 37 75 Coincident indicators 951 36 74 Employees, manufacturing and trade 974 Diffusion indexes 38 76 Employees on private nonagncultural payrolls 963 36 74 Industrial production 966 37 75 Initial claims, State unemployment insurance 962 36 74 Inventories, manufacturing and trade 975 38 76 Lagging indicators 952 36 74 74 Industrial production, components 78 Leading indicators 950 36 New orders, durable goods industries 964 37 971 38 New orders, durable goods industries, components New orders, manufacturing 75 77 76 Plant and equipment expenditures 920 920c 940 1 0 3 9 1 1 6 0 60' 1/87 1/87 1/86 5 "5 930 930c 1 0 3 9 6 0 1/87 1/87 5 914 915 917 916 910 1 1 1 1 1 1 1 1 1 0 3 9 6 0 6 0 6 0 6 0 6 0 1/86 1/86 1/86 1/86 1/87 1/87 . 5 5 5 5 5 910c 970 38 76 Profits, manufacturing 960 37 75 Profits, manufacturing and trade 972 38 76 Raw industrials, spot market prices 967 37 75 Raw industrials, spot market prices, components Sales, manufacturing and trade 79 973 38 76 Selling prices, manufacturing 976 38 76 Selling prices, retail trade 978 38 76 Selling prices, wholesale trade 977 38 76 Stock prices, 500 common stocks 968 37 75 Workweek, manufacturing 961 36 74 Workweek, manufacturing, components Disposable personal income—See income. 77 ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued Series title (See complete titles in "Titles and Sources of Series," following this index) Current issue Series number (page Charts numbers ) Tables Historical data (issue date) Series description (*) E Earnings—See Compensation. Employment and unemployment Civilian labor force Defense Department personnel, civilian Defense Department personnel, military Employee hours in nonagricultural establishments Rate of change Total Employees in goods-producing industries Employees, manufacturing and trade, Dl Employees on nonagricultural payrolls Employees on private nonagricultural payrolls, Dl Employment, civilian Employment, defense products industries Employment, ratio to population Help-wanted advertising in newspapers Help-wanted advertising, ratio to unemployment Initial claims, State unemployment insurance Initial claims, State unemployment insurance, Dl Overtime hours, manufacturing Participation rate, both sexes 16-19 years of age Participation rate, females 20 years and over Participation rate, males 20 years and over Part-time workers for economic reasons Persons engaged in nonagricultural activities Unemployed, both sexes 16-19 years of age Unemployed, females 20 years and over Unemployed, full-time workers Unemployed, males 20 years and over Unemployment, average duration Unemployment, civilian Unemployment rate, 15 weeks and over Unemployment rate, insured Unemployment rate, total Workweek, manufacturing Workweek, manufacturing, components Workweek, manufacturing, Dl Equipment—See Investment, capital. Exports—See International transactions. 441 578 577 5 1 5 5 5 5 48c 48 40 974 41 963 442 570 90 46 60 5 962 21 453 452 451 448 42 446 445 447 444 91 37 44 45 43 1 3 9 1 7 1 7 38 14,17 3 6 5 1 5 5 1 7 1 6 1 6 12,16 3 6 1 6 5 1 5 1 5 1 5 1 1 7 5 1 5 1 5 1 5 1 15,18 18,51 1 8 1 8 1 8 12,16 961 3 6 8 9 9 1 9 1 6 1 62 7 6 6 2 7 4 8 9 9 1 6 2 6 1 6 1 6 1 7 4 6 1 8 9 8 9 8 9 8 9 62 8 9 8 9 8 9 8 9 62 62,89 6 2 62 6 2 6 1 7 7 7 4 4/86 5/86 10/85 9 5 6 5 6 9/86 9/86 8/86 12/85 8/86 9/86 4/86 8/86 4/86 4/86 4/86 12/86 12/86 8/86 4/86 4/86 4/86 4/86 4/86 4/86 4/86 4/86 4/86 4/86 4/86 4/86 4/86 4/86 8/86 "5 5 3 7 5 5 9 5 9 9 9 8 8 5 9 9 9 9 9 9 9 9 9 9 9 9 8 9 5 8/86 5 F Federal funds rate Federal Government—See Government. Federal Reserve, member bank borrowings from Final sales in constant dollars Financial flows, Cl Fixed investment—See Investment, capital. Fixed-weighted price index, gross domestic business product Food—See Consumer prices. Foreign trade—See International transactions. France—See International comparisons. Free reserves 119 34 9/85 94 213 917 33 40 11 1/87 10/86 1/86 35 38 5 10/86 311 93 33 72 1/87 G Goods output in constant dollars Government budget Federal expenditures Federal receipts Federal surplus or deficit State and local expenditures State and local receipts State and local surplus or deficit Surplus or deficit, total Government purchases of goods and services Federal, constant dollars Federal, current dollars Federal, percent of GNP National defense National defense, percent of GNP State and local, constant dollars State and local, current dollars State and local, percent of GNP Total, constant dollars Total, current dollars Gross domestic business product, fixed-weighted price index Gross domestic product, labor cost per unit Gross national product GNP, constant dollars GNP, constant dollars, differences GNP, constant dollars, percent changes GNP, current dollars GNP, current dollars, differences GNP, current dollars, percent changes GNP, ratio to money supply Ml Goods output in constant dollars Implicit price deflator Per capita GNP, constant dollars Gross private domestic investment—See Investment, capital. 49 20 63 10/86 502 501 500 512 511 510 298 5 2 5 2 5 2 5 2 5 2 5 2 4 6 90 90 9 0 90 90 90 8 3 10/86 10/86 10/86 10/86 10/86 10/86 12/86 5 3 5 3 5 3 5 3 5 3 5 3 48 263 262 265 564 565 267 266 268 261 260 4 3 4 3 47 5 5 5 5 4 3 4 3 4 7 4 3 4 3 8 1 8 1 8 3 9 1 9 1 8 1 8 1 8 3 8 1 8 1 11/86 11/86 11/86 10/86 10/86 11/86 11/86 11/86 11/86 11/86 4 3 4 3 4 3 4 3 4 3 4 3 4 3 4 3 4 3 4 3 311 68 48 30 84 7 0 10/86 10/86 4 9 2 8 50 50b 50c 200 200b 200c 107 49 310 217 9,40 3 1 2 0 48 40 63,80 80 80 80 80 80 7 1 6 3 8 4 80 10/86 10/86 10/86 10/86 10/86 10/86 8/86 10/86 10/86 10/86 3 8 3 8 38 38 3 8 3 8 3 0 1 4 3 8 38 46 60 1 6 1 6 6 1 6 1 4/86 4/86 9 9 1 2,16 5 3 6 1 6 6 1 7 7 7 4 6 1 8/86 961 21 8/86 8/86 5 5 3 9 40 H Help wanted advertising in newspapers Help-wanted advertising, ratio to unemployment Hours, manufacturing Average weekly hours Average weekly hours, components Average weekly hours, Dl Average weekly overtime Series title (See complete titles in "Titles and Sources of Series," following this index) Housing Housing starts Housing units authorized by local building permits Residential GPDI, constant dollars Residential GPDI, percent of GNP C u r r e n t issue Series number (page Charts numbers ) Tables Historical Series data description (issue date) () * 2 4 2 4 4 0 40 28 29 89 249 25 13,25 25 47 67 67 67 83 6/86 6/86 10/86 11/86 310 48 84 10/86 345 280 49 45 87 82 10/86 11/86 46 46 I Implicit price deflator, GNP Imports—See International transactions. Income Compensation, average hourly, nonfarm business sector Compensation of employees Compensation of employees, percent of national income Compensation, real average hourly, nonfarm business sector Consumer installment credit, ratio to personal income Corporate profits with IVA and CCAdj Corporate profits with IVA and CCAdj, percent of national income Disposable personal income, constant dollars Disposable personal income, current dollars Disposable personal income, per capita, constant dollars.... Earnings, average hourly, private nonfarm economy Earnings, real average hourly, private nonfarm economy Income on foreign investment in the United States Income on U.S. investment abroad lnterest.net Interest, net, percent of national income National income Personal income, constant dollars Personal income, current dollars Personal income less transfer payments, constant dollars Rate of change.... Total Personal income, ratio to money supply M2 Proprietors' income with IVA and CCAdj Proprietors' income with IVA and CCAdj, percent of national income Rental income of persons with CCAdj Rental income of persons with CCAdj, percent of national income Wage and benefit decisions, first year Wage and benefit decisions, life of contract Wages and salaries in mining, manufacturing, and construction Incorporations, new businesses Industrial commodities, producer price index Industrial production—See also International comparisons. Business equipment Consumer goods Defense and space equipment Durable manufactures Nondurable manufactures Total Total, components Total, Dl Total, rate of change Industrials, raw, spot market prices Components Diffusion index Spot market index Installment credit—See Credit. Insured unemployment Average weekly initial claims Average weekly initial claims, Dl Average weekly insured unemployment rate Interest, net Interest, net, percent of national income Interest rates Bank rates on short-term business loans Corporate bond yields Federal funds rate.. Mortgage yields, secondary market Municipal bond yields Prime rate charged by banks Treasury bill rate.... Treasury bond yields Intermediate materials, producer price index International comparisons Consumer prices Canada France Italy Japan United Kingdom United States West Germany Industrial production Canada France Italy Japan OECD, European countries United Kingdom United States West Germany 64 30,47 70,83 10/86 46 346 95 286 49 15,35 45 88 73 82 10/86 9/86 12/86 46 33 26 287 225 224 47 40 40 83 80 80 12/86 10/86 10/86 26 11 11 227 40 80 10/86 340 49 87 8/86 341 652 651 288 289 220 52 223 49 57 57 45 47 45 19 40 87 93 93 82 83 82 63 63 51c 51 108 282 39 14,19 31 45 63 71 82 283 284 47 45 83 82 285 348 349 47 50 50 83 88 88 53 13 335 19 23 48 63 65 85 76 75 557 73 74 47 24 22 54 20 20 14,20,58 966 47c 37 39 67 65 91 63 63 63,94 78 75 967 23 37 28 79 75 69 5 962 45 288 289 12,16 36 18 45 47 61 74 62 82 83 67 116 119 118 117 109 114 115 332 35 34 34 34 34 35 34 34 48 733 736 737 738 732 320 735 723 726 727 728 721 722 47 725 8/86 8/86 8/86 12/86 12/86 10/86 9/86 9/86 5 5 7 5 7 4 7 4 7 46 1 1 1 1 9/86 9/86 9/86 11/86 i i 3 0 4 7 11/86 11/86 4 7 47 11/86 9/85 9/85 47 5 3 5 3 9/86 6/86 7/86 1 1 2 1 5 1 12/86 12/86 12/86 12/86 12/86 12/86 1 2 1 2 1 3 1 2 1 2 1 2 12/86 12/86 1 2 1/86 1/86 2 5 2 5 12/86 12/86 4/86 12/86 12/86 8 8 8 4 7 47 73 73 72 73 73 73 72 73 86 12/86 9/85 9/85 9/85 9/85 1/87 9/85 9/85 7/86 3 5 3 5 3 5 3 5 3 5 3 5 3 5 3 5 5 0 59 59 59 59 59 49 59 96 95 96 95 95 84,95 95 6/85 6/85 6/85 6/85 6/85 8/86 6/85 60 6 1 6 1 6 1 60 4 9 6 1 58 58 58 58 58 58 14,20,58 58 94 94 94 94 94 94 63,94 94 12/86 10/85 9/86 10/85 10/85 10/85 12/86 10/85 5 9 5 9 5 9 5 9 58 5 8 1 2 5 9 See notes at end of index. 11 1 ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued Series title (See complete titles in "Titles and Sources of Series," following this index) International comparisons—Continued Stock prices Canada France Italy Japan United Kingdom United States West Germany International transactions Balance on goods and services Balance on merchandise trade Exports, excluding military aid Exports, merchandise, adjusted, excluding military Exports of domestic agricultural products Exports of goods and services, constant dollars Exports of goods and services, current dollars Exports of goods and services, excluding military Exports of nonelectrical machinery Imports, general Imports, merchandise, adjusted, excluding military Imports of automobiles and parts Imports of goods and services Imports of goods and services, constant dollars Imports of goods and services, current dollars Imports of petroleum and petroleum products Income on foreign investment in the United States Income on U.S. investment abroad Net exports of goods and services, constant dollars Net exports of goods and services, current dollars Net exports of goods and services, percent of GNP Inventories Business inventories, change, constant dollars Business inventories, change, current dollars Business inventories, change, percent of GNP Defense products, manufacturers' Finished goods, manufacturers' Inventories to sales ratio, manufacturing and trade Inventory investment and purchasing, Cl Manufacturing and trade, book value Manufacturing and trade, change in book value Manufacturing and trade, constant dollars Manufacturing and trade, Dl Manufacturing and trade, on hand and on order, change Materials and supplies on hand and on order, manufacturers' Materials and supplies on hand and on order, manufacturers', change Investment, capital Capital appropriations, manufacturing, backlog Capital appropriations, manufacturing, new Capital appropriations, manufacturing, new, Dl Capital investment commitments, Cl Construction contracts, commercial and industrial Construction expenditures, business, plus machinery and equipment sales Gross private domestic investment Business inventories, change—See Inventories. Fixed investment, constant dollars Fixed investment, current dollars Nonresidential, constant dollars Nonresidential, percent of GNP Nonresidential producers' durable equipment, constant dollars Nonresidential structures, constant dollars Residential, constant dollars Residential, percent of GNP Total, constant1 dollars Total, current dollars New orders, nondefense capital goods, constant dollars New orders, nondefense capital goods, current dollars Plant and equipment Contracts and orders, constant dollars Contracts and orders, current dollars Expenditures by business, constant dollars Expenditures by business, current dollars Expenditures by business, Dl Investment, foreign Income on foreign investment in the United States Income on U.S. investment abroad Italy—See International comparisons. Current issue Series (page n u m b e r s ) number Charts Tables Historical data (issue date) Series description (*) 743 746 747 748 742 19 745 59 59 59 59 59 59 59 9 6 9 6 9 6 9 6 9 6 9 6 9 6 11/85 11/85 11/85 11/85 11/85 11/85 11/85 6 3 6 3 6 3 6 3 6 3 2 5 6 3 667 622 602 618 604 256 252 668 606 612 620 616 669 257 253 614 652 651 57 57 56 57 56 44 44 57 56 56 57 56 57 44 44 56 57 57 9 3 9 3 9 2 9 3 9 2 8 2 8 2 9 3 9 2 9 2 9 3 9 2 9 3 8 2 8 2 9 2 9 3 9 3 8/86 8/86 12/85 8/86 12/85 11/86 11/86 8/86 12/85 12/85 8/86 12/85 8/86 11/86 11/86 12/85 8/86 8/86 5 7 5 7 5 6 5 7 5 6 4 4 4 4 5 7 5 6 5 6 5 7 5 6 5 7 4 4 4 4 5 6 5 7 5 7 255 44 8 2 11/86 4 4 250 251 44 47 8 2 8 3 11/86 11/86 4 4 4 4 30 26,42 245 42 247 47 559 54 65 27 77 15,27 915 11 71 27 31 26 70 27 975 38 68,81 8 1 8 3 9 1 6 8 6 8 6 0 6 8 6 8 6 8 7 6 9/86 11/86 11/86 7/85 1/87 11/86 1/86 10/85 1/87 11/86 12/85 4 0 4 0 4 0 1 7 1 7 1 7 5 1 7 1 7 1 7 3 7 36 13,26 6 8 9/86 1 7 78 27 6 8 1/87 1 7 38 26 6 8 1/87 1 7 97 11 965 914 9 24 24 37 11 23 6 6 6 6 7 5 6 0 6 6 12/86 12/86 10/86 1/86 10/85 2 2 2 2 2 2 5 2 1 69 24 67 8/86 243 242 86 248 42 42 25 47 8 1 8 1 6 7 8 3 11/86 11/86 10/86 11/86 4 0 4 0 4 0 4 0 88 87 89 249 241 240 25 25 25 47 42 42 6 7 6 7 6 7 8 3 8 1 8 1 10/86 10/86 10/86 11/86 11/86 11/86 4 0 4 0 4 0 4 0 4 0 4 0 27 ^ 23 6 6 5/86 1 5 24 23 6 6 5/86 1 5 20 12,23 10 23 100 24 61 24 970 38 6 6 6 6 6 7 6 7 7 6 12/86 12/86 11/86 11/86 11/86 2 1 2 1 652 651 9 3 9 3 8/86 8/86 5 7 5 7 57 57 2 3 2 3 J Japan—See International comparisons. L Labor cost per unit of gross domestic product Labor cost per unit of output, business sector Labor cost per unit of output, manufacturing Actual data Actual data as percent of trend Labor cost, price per unit of, nonfarm business Labor force—See Employment. Lagging indicators, six Composite index Composite index, rate of change Diffusion index See notes at end of index. 112 68 63 30 30 70 70 10/86 8/86 28 28 62 62 26 30 15 29 70 70 70 9/86 9/86 28 28 28 930 930c 952 10 39 36 60 1/87 1/87 1/86 74 Series title (See complete titles in "Titles and Sources of Series," following this index) Leading indicators, twelve Composite index Composite index, rate of change Diffusion index Liabilities of business failures Liquid assets, change in total Loans—See Credit. M Materials and supplies on hand and on order, manufacturers' inventories Materials and supplies on hand and on order, manufacturers'inventories, change Materials, capacity utilization rate Materials, new orders for consumer goods and Materials prices—See Price indexes. Merchandise trade—See International transactions. Military—See Defense. Money and financial flows, Cl Money supply Liquid assets, change in total Money supply M l , constant dollars Money supply M l , percent changes Money supply M2, constant dollars Money supply M2, percent changes Ratio, GNP to money supply Ml Ratio, personal income to money supply M2 Mortgage debt, net change Mortgage yields, secondary market Municipal bond yields N National defense—See Defense. National Government—See Government. National income—See Income. New orders, manufacturers' Capital goods industries, nondefense, constant dollars Capital goods industries, nondefense, current dollars Consumer goods and materials, constant dollars Contracts and orders, plant and equipment, constant dollars Contracts and orders, plant and equipment, current dollars Defense products Durable goods industries, constant dollars Durable goods industries, current dollars Components Diffusion index New orders, manufacturing, Dl Nonresidential fixed investment Producers' durable equipment, constant dollars Structures, constant dollars Total, constant dollars Total, percent of GNP 0 Obligations incurred, Defense Department Obligations unpaid, Defense Department OECD, European countries, industrial production Orders—See New orders and Unfilled orders. Outlays, Defense Department Output—See also Gross national product and Industrial production. Goods output, constant dollars Labor cost per unit of Actual data : Actual data as percent of trend Per hour, business sector Per hour, nonfarm business sector Ratio to capacity, manufacturing Ratio to capacity, materials Overtime hours, manufacturing r^nitmSl-o Series {m*wmers) number Charts Tables Historical data (issue date) Series description (*) 910 910c 950 14 104 10 39 36 33 31 60 .... 74 72 71 1/87 1/87 1/86 12/85 1/87 5 34 29 78 27 68 1/87 17 38 84 8 26 20 12,21 68 64 64 1/87 12/86 5/86 1 7 1 4 1 5 917 11 60 1/86 104 105 85 106 102 107 108 33 118 117 31 31 31 13,31 31 31 31 32 34 34 71 71 71 71 71 71 71 71 73 73 1/87 6/86 6/86 6/86 6/86 8/86 9/86 9/86 9/85 9/85 2 9 2 9 2 9 3 0 2 9 3 0 3 0 3 1 3 5 3 5 27 24 8 23 23 12,21 66 66 64 5/86 5/86 5/86 15 15 15 20 12,23 66 12/86 2 1 10 548 7 6 23 53 21 21 12/86 1/87 5/86 5/86 21 15 15 15 964 971 37 38 66 90 64 64 77 75 76 7/85 12/85 15 37 88 87 86 248 25 25 25 47 67 67 67 83 10/86 10/86 10/86 11/86 40 40 40 40 517 543 721 53 53 58 90 90 94 11/85 12/85 10/85 55 55 58 580 54 91 12/85 56 5 49 20 63 10/86 14 62 62 370 358 82 84 21 30 15 50 50 20 20 16 70 70 88 88 64 64 61 9/86 9/86 10/86 10/86 12/86 12/86 8/86 2 8 2 8 5 2 5 2 1 4 1 4 5 453 452 451 51 51 51 89 89 89 4/86 4/86 4/86 9 9 9 55 233 232 238 236 239 237 231 230 235 22 41 41 41 41 41 41 41 41 47 65 80 80 81 81 81 81 80 80 83 10/86 11/86 11/86 11/86 11/86 11/86 11/86 11/86 11/86 11/86 3 9 3 9 3 9 3 9 3 9 3 9 3 9 3 9 3 9 3 9 292 293 614 46 46 56 82 83 92 12/86 12/86 12/85 4 8 4 8 5 6 P Participation rates, civilian labor force Both sexes 16-19 years of age Females 20 years and over Males 20 years and over Personal consumption expenditures Automobiles Durable goods, constant dollars Durable goods, current dollars Nondurable goods, constant dollars Nondurable goods, current dollars Services, constant dollars Services, current dollars Total, constant dollars Total, current dollars.. Total, percent of GNP Personal income—See Income. Personal saving Personal saving rate Petroleum and petroleum products, imports ALPHABETICAL INDEX—SERIES FINDING GUIDE—Continued Series title (See complete titles in "Titles and Sources of Series," following this index) Plant and equipment—See also Investment, capital. Contracts and orders, constant dollars Contracts and orders, current dollars Expenditures by business, constant dollars Expenditures by business, current dollars Expenditures by business, Dl Population, civilian employment as percent of Price indexes Consumer prices—See also International comparisons. All items Food Deflators Fixed-weighted, gross domestic business product Implicit price deflator, GNP Labor cost, price per unit of, nonfarm business Producer prices Capital equipment Crude materials Finished consumer goods Industrial commodities Intermediate materials Sensitive crude and intermediate materials Raw industrials, spot market prices Components Diffusion index Spot market index Sensitive crude and intermediate materials, change in producer prices Sensitive materials prices, percent change Stock prices—See also International comparisons 500 common stocks 500 common stocks, Dl Price to unit labor cost, nonfarm business Prices, selling Manufacturing, Dl Retail trade, Dl Wholesale trade, Dl Prime contract awards, Defense Department Prime rate charged by banks Producer prices—See Price indexes. Producers' durable equipment, nonresidential, GPDI Production—See Gross national product and Industrial production. Productivity Output per hour, business sector Output per hour, nonfarm business ~ector Profitability, Cl Profits Corporate profits after tax Constant dollars Current dollars With IVA and CCAdj, constant dollars With IVA and CCAdj. current dollars Corporate profits before tax With IVA and CCAdj With IVA and CCAdj, percent of national income Manufacturing and trade, Dl. Manufacturing, Dl Per dollar of sales, manufacturing Profitability, Cl Ratio, profits to corporate domestic income Ratio, profits with IVA and CCAdj to corporate domestic income Proprietors' income with IVA and CCAdj Proprietors' income with IVA and CCAdj, percent of national income Series number Current issue (page numbers) Charts Tables 20 10 100 61 970 90 12,23 66 23 24 24 38 17 66 67 67 76 62 320 322 49 49 84 95 84 Historical data (issue date) Series description (*) 12/86 12/86 11/86 11/86 11/86 4/86 21 21 8/86 8/86 49 49 84 84 70 10/86 10/86 8/86 49 38 28 330 333 331 334 335 332 98 48 48 48 48 48 48 28 85 86 85 86 85 86 69 7/86 7/86 7/86 7/86 7/86 7/86 6/86 50 51 50 51 51 50 51 967 23 '37' 79 75 69 1/86 1/86 '25' 98 99 28 69 69 6/86 6/86 51 25 25 19 968 26 13,28 37 29 69 75 70 11/85 7/85 8/86 25 25 28 976 978 977 525 109 38 38 38 53 35 76 76 76 90 73 12/85 12/85 12/85 12/85 1/87 37 37 37 55 35 88 25 67 10/86 40 370 358 916 50 50 11 88 88 60 10/86 10/86 1/86 52 52 5 Historical data (issue date) Series description (*) 249 47 83 11/86 40 59 54 22 22 65 65 9/86 9/86 20 20 213 40 80 10/86 38 69 57 56 973 77 59 54 24 22 22 67 65 65 76 68 65 65 8/86 11/86 10/85 12/85 11/86 9/86 9/86 17 17 17 37 17 20 20 295 298 290 292 293 46 46 46 46 46 82 83 82 82 83 12/86 12/86 12/86 12/86 12/86 26 48 48 48 48 98 99 588 28 13,28 54 69 69 91 6/86 6/86 7/85 51 25 17 967 23 37' 28 79 75 69 1/86 1/86 25 25 19 968 13,28 37 69 75 11/85 7/85 25 25 114 115 18 16 80 79 28 28 29 29 69 69 69 69 9/86 9/86 9/86 9/86 26 26 26 26 286 287 972 960 15 916 22 45 47 38 37 29 11 29 82 83 76 75 70 60 69 12/86 12/86 12/85 12/85 11/85 1/86 9/86 26 26 37 37 27 5 26 81 282 29 45 70 82 10/86 11/86 26 47 283 47 83 11/86 47 Salaries—See Compensation. Sales Final sales, constant dollars Machinery and equipment sales and business construction expenditures Manufacturing and trade sales, constant dollars Manufacturing and trade sales, current dollars Manufacturing and trade sales Dl Ratio, inventories to sales, manufacturing and trade Retail sales constant dollars Retail sales, current dollars Saving Business saving Government surplus or deficit Gross saving Personal saving Personal saving rate Selling prices—See Prices, selling Sensitive crude and intermediate materials, change in producer prices Sensitive materials prices, percent change Shipments of defense products Spot market prices, raw industrials Components Diffusion index Spot market index State and local government—See Government Stock prices—See also International comparisons 500 common stocks 500 common stocks, Dl Surplus—See Government. 34 34 72 73 9/85 9/85 35 35 91 60 5 962 15,18 16 12 16 36 62 61 61 74 4/86 4/86 12/86 12/86 9 9 8 8 446 445 447 444 37 51 51 51 51 18,51 89 89 89 89 62,89 4/86 4/86 4/86 4/86 4/86 9 9 9 9 9 44 45 43 18 18 18 62 62 62 4/86 4/86 4/86 9 8 9 561 96 25 54 21 21 91 64 64 7/85 1/87 1/87 15 15 15 107 108 32 31 31 12,21 71 71 64 8/86 9/86 1/86 30 30 17 1 12,16 5 36' 61 77 74 8/86 961 8/86 "5" 14,22 22 38 15,27 T Treasury bill rate Treasury bond yields U R Raw industrials, spot market prices Components Diffusion index Spot market index .. Rental income of persons with CCAdj Rental income of persons with CCAdj, percent of national income Reserves, free Residential fixed investment, constant dollars Current issue (page numbers) Series . number Charts Tables 23 9 48 48 29 13,28 Residential fixed investment, percent of GNP Residential structures—See Housing. Retail sales, constant dollars Retail sales, current dollars '23" 311 310 26 28 Series title (See complete titles in "Titles and Sources of Series," following this index) 967 23 284 285 93 89 37 28 45 79 75 69 82 1/86 1/86 11/86 25 25 47 47 33 25 83 72 67 11/86 1/87 10/86 47 35 40 Unemployment Duration of unemployment, average Help-wanted advertising, ratio to unemployment Initial claims for unemployment insurance Initial claims for unemployment insurance, Dl Number unemployed Both sexes 16-19 years of age Females 20 years and over Full-time workers Males 20 years and over Total unemployed Unemployment rates 15 weeks and over Insured unemployment Total Unfilled orders, manufacturers' Defense products Durable goods industries Durable goods industries, change United Kingdom—See International comparisons. y Velocity of money GNP to money supply M l ratio Personal income to money supply M2, ratio Vendor performance slower deliveries W Wages and salaries—See Compensation. West Germany—See International comparisons. Wholesale (producer) prices—See Price indexes. Workweek, manufacturing Average weekly hours Components Diffusion index NOTE: CCAdj. capital consumption adjustment; Cl, composite index; Dl, diffusion index; GNP, gross national product; GPDI, gross private domestic investment; IVA, inventory valuation adjustment. * The number shown is the page of the Handbook of Cyclical Indicators (1984) on which the series description appears. 13 1 TITLES AND SOURCES OF SERIES Series are listed below according to the sections of this report in which they appear. Series numbers are for identification only and do not reflect relationships or order among the series. " M " following a series title indicates monthly data; " Q " indicates quarterly data. Data apply to the whole period except when indicated by "EOM" (end of month) or "EOQ" (end of quarter). To save space, the commonly used sources listed below are referred to by number: Source 1—U.S. Department of Commerce, Bureau of Economic Analysis; Source 2—U.S. Department of Commerce, Bureau of the Census; Source 3—U.S. Department of Labor, Bureau of Labor Statistics; Source 4—Board of Governors of the Federal Reserve System. Following the source for each series is an indication of the pages on which that series appears. The "Series Finding Guide" also lists chart and table page numbers for each series. I-A. Composite Indexes 910. Composite index of twelve leading indicators (includes series 1, 5, 8, 12, 19, 20, 29, 32, 36, 99, 106,111) (M).-Source 1 (10,39,60) 10. Contracts and orders for plant and equipment in current dollars (M).—Sources 1, 2, and McGrawHill Information Systems Company; seasonal adjustment by Bureau of the Census and Bureau of Economic Analysis (23,66) 11. Newly approved capital appropriations, 1,000 manufacturing corporations (Q).—The Conference Board (24,66) 12. Index of net business formation (M).—Source 1; seasonal adjustment by Bureau of Economic Analysis and National Bureau of Economic Research, Inc. (12,23,65) 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) 33. Net change in mortgage debt held by financial institutions and life insurance companies (M).— Sources 1; 4; American Council of Life Insurance; Federal National Mortgage Association; U.S. Department of Housing and Urban Development, Government National Mortgage Association; National Association of Mutual Savings Banks; and Federal Home Loan Bank Board; seasonal adjustment by Bureau of Economic Analysis (32,71) 34. Corporate net cash flow in current dollars (Q).— Source 1 (29,70) 35. Corporate net cash flow in 1982 dollars (Q).-Source 1 (29,70) 36. Change in manufacturing and trade inventories on hand and on order in 1982 dollars (M).—Sources 1 and 2 (13,26,68) 14. Current liabilities of business failures (M).—Dun & Bradstreet, Inc. (33,72) 37. Number of persons unemployed (M).—Source 3 15. Profits after taxes per dollar of sales, manufacturing corporations (Q).—Source 2 and Federal Trade Commission; seasonal adjustment by Bureau of Economic Analysis (29,70) 38. Change in manufacturers' inventories, materials and supplies on hand and on order, book value (M).-Source2 (26,68) (18,51,62,89) 16. Corporate profits after tax in current dollars (Q).— Source 1 (28,69) 39. Percent of consumer installment loans delinquent 30 days and over (EOM).—American Bankers Association (33,72) 18. Corporate profits after tax in 1982 dollars (Q).— Source 1 (28,69) 40. Employees on nonagricultural payrolls, goodsproducing industries (M).—Source 3 (17,62) 19. Index of stock prices, 500 common stocks (M).— Standard & Poor's Corporation (13,28,59,69,96) 41. Employees on nonagricultural payrolls (M).—Source 3 (14,17,62) 42. Number of persons engaged in nonagricultural activities (M).-Source3 (17,62) 917. Composite index of money and financial flows (includes series 104, 106, 111) ( M ) . - S o u r c e 1 (11,60) 20. Contracts and orders for plant and equipment in 1982 dollars (M).-Sources 1, 2, and McGraw-Hill Information Systems Company; seasonal adjustment by Bureau of the Census and Bureau of Economic Analysis (12,23,66) 920. Composite index of four roughly coincident indicators (includes series 41, 47, 51, 57) (M).-Source 1 (10,39,60) 21. Average weekly overtime hours of production or nonsupervisory workers, manufacturing ( M ) . — Source 3 (16,61) 930. Composite index of six lagging indicators (includes series 62, 77, 91, 95, 101, 109) ( M ) . - S o u r c e 1 (10,39,60) 22. Ratio, corporate domestic profits after tax to total corporate domestic income (Q).—Source 1 (29,69) 914. Composite index of capital investment commitments (includes series 12, 20, 29) (M)-Source 1 (11,60) 915. Composite index of inventory investment and purchasing (includes series 8, 32, 36, 99) (M).—Source 1 (11,60) 916. Composite index of profitability (includes series 19,26,80) (M).-Source 1 (11,60) 940. Ratio, coincident composite index (series 920) to lagging composite index (series 930) (M).—Source 1 (11,60) 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) I-B. Cyclical Indicators 1. Average weekly hours of production or nonsupervisory workers, manufacturing (M).—Source 3 (12,16,61,77) 5. Average weekly initial claims for unemployment insurance, State programs (M).—U.S. Department of Labor, Employment and Training Administration; seasonal adjustment by Bureau of Economic Analysis 24. Manufacturers' new orders in current dollars, nondefense capital goods industries (M).—Source 2 (23,66) 25. Change in manufacturers' unfilled orders, durable goods industries (M).-Source 2 (21,64) 26. Ratio, implicit price deflator to unit labor cost, nonfarm business sector (Q).—Sources 1 and 3 43. Unemployment rate (M).-Source 3 (18,62) 44. Unemployment rate, persons unemployed 15 weeks and over (M).-Source3 (18,62) 45. Average weekly insured unemployment rate, State programs (M).—U.S. Department of Labor, Employment and Training Administration (18,62) 46. Index of help-wanted advertising in newspapers (M).—The Conference Board (16,61) 47. Index of industrial production (M).—Source 4 (14,20,39,58,63,78,94) 48. Employee hours in nonagricultural establishments (M).-Source3 (17,39,61) 49. Value of goods output in 1982 dollars (Q).—Source 1 (20,63) 50. Gross national product in 1982 dollars (Q).-Source 1 (19,39,40,63,80) 51. Personal income less transfer payments in 1982 dollars (M).-Source 1 (14,19,39,63) 52. Personal income in 1982 dollars (M).—Source 1 (29,70) (19,63) 6. Manufacturers' new orders in current dollars, durable goods industries (M).-Source 2 (21,64,77) 27. Manufacturers' new orders in 1982 dollars, nondefense capital goods industries (M).—Sources 1 and 2 (23,66) 53. Wages and salaries in 1982 dollars, mining, manufacturing, and construction (M).—Source 1 (19,63) 7. Manufacturers' new orders in 1982 dollars, durable goods industries (M) -Sources 1 and 2 (21,64) 28. New private housing units started (M).—Source 2 (25,67) 8. Manufacturers' new orders in 1982 dollars, consumer goods and materials industries (M).—Sources 1 and 2 (12,21,64) 29. Index of new private housing units authorized by local building permits (M).-Source 2 (13,25,67) (12,16,61) 9. Construction contracts awarded for commercial and industrial buildings, floor space (M).—McGrawHill Information Systems Company; seasonal adjustment by Bureau of Economic Analysis (Used by permission. This series may not be reproduced without written permission from the source.) (23,66) 114 30. Change in business inventories in 1982 dollars (Q).— Source 1 (26,42,68,81) 31. Change in manufacturing and trade inventories, book value (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) 54. Sales of retail stores in current dollars (M).—Source 2 (22,65) 55. Personal consumption expenditures, automobiles (Q).-Source 1 (22,65) 56. Manufacturing and trade sales in current dollars (M).-Sources 1 and 2 (22,65) 57. Manufacturing and trade sales in 1982 dollars ( M ) . - S o u r c e s l and 2 (14,22,65) 58. Index of consumer sentiment (Q,M).—University of Michigan, Survey Research Center (22,65) 59. Sales of retail stores in 1982 dollars (M).-Sources 1 and 2 (22,65) TITLES AND SOURCES OF SERIES-Continued 60. Ratio, help-wanted advertising in newspapers to number of persons unemployed (M).—Sources 1, 3, and The Conference Board (16,61) 88. Gross private nonresidential fixed investment in 1982 dollars, producers' durable equipment (Q).— Source 1 (25,67) 61. New plant and equipment expenditures by business in current dollars(Q).-Source 1 (24,67) 89. Gross private residential fixed investment in 1982 dollars (Q).-Source 1 (25,67) 62. Index of labor cost per unit of output, manufacturing (M).-Sources 1 and 4 (15,30,70) 90. Ratio, civilian employment to population of working age (M).-Sources 1 and 3 (17,62) 63. Index of unit labor cost, business sector (Q).—Source 3 (30,70) 64. Compensation of employees as a percent of national income (Q).-Source 1 (30,47,70,83) 65. Manufacturers' inventories, finished goods, book value (EOM).-Source 2 (27,68) 66. Consumer installment credit outstanding (EOM).— Source 4 (35,73) 67. Bank rates on short-term business loans (Q).—Source 4 - Average duration of unemployment in weeks (M).— Source 3 (15,18,62) 91 (33,72) 93. Free reserves (M).-Source 4 94. Member bank borrowings from the Federal Reserve (M).-Source4 (33,72) 95. Ratio, consumer installment credit outstanding to personal income (M).-Sources 1 and 4 (15,35,73) 96. Manufacturers' unfilled orders, durable goods industries (EOM).—Source 2 (21,64) (35,73) 97. Backlog of capital appropriations, 1,000 manufac- 68. Labor cost in current dollars per unit of gross domestic product in 1982 dollars, nonfinancial corporations (Q).-Source 1 (30,70) turing corporations (EOQ).—The Conference Board (24,66) 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 98. Percent change in producer prices for 28 sensitive crude and intermediate materials (M).—Sources 1 Manufacturers' machinery and equipment sales and and 3 (28,69) business construction expenditures (M).—Source 2 (24,67) 99. Change in sensitive materials prices (M).—Sources 1, 3, and Commodity Research Bureau, Inc. (13,28,69) Manufacturing and trade inventories in 1982 dollars (EOM).-Sources 1 and 2 (27,68) 100. New plant and equipment expenditures by business in 1982 dollars (Q).-Sou reel (24,67) Manufacturing and trade inventories, book value 101 Commercial and industrial loans outstanding in 1982 (EOM).—Sources 1 and 2 (27,68) dollars (M).—Sources 1, 4, and The Federal Reserve Commercial and industrial loans outstanding in curBank of New York (15,35,73) rent dollars (M).—Sources 1, 4 and The Federal 102. Change in money supply M2 (M).-Source 4 (31,71) Reserve Bank of New York (35,73) 104. Change in total liquid assets (M).-Sources 1 and Index of industrial production, durable manufac4 (31,71) tures (M).-Source 4 (20,63) 105. Money supply Ml in 1982 dollars (M).-Sources 1 Index of industrial production, nondurable manuand 4 (31,71) factures (M).-Source4 (20,63) 106. Money supply M2 in 1982 dollars (M).-Sources 1 Index of industrial production, consumer goods and 4 (13,31,71) (M).-Source4 (22,65) Ratio, gross national product to money supply Ml 107. Index of industrial production, business equipment (Q).—Sources 1 and 4 (31,71) (M).-Source4 (24,67) 108. Ratio, personal income to money supply M2 (M).— Ratio, manufacturing and trade inventories to sales in Sources 1 and 4 (31,71) 1982 dollars (M).-Sources 1 and 2 (15,27,68) Average prime rate charged by banks (M).-Source Manufacturers' inventories, materials and supplies 4 (35,73) on hand and on order, book value (EOM).—Source l 1 f l Funds raised by private nonfinancial borrowers in 2 (27,68) credit markets (Q).-Source 4 (32,72) 79. Corporate profits after tax with inventory valuation and capital consumption adjustments in current dollars (Q).-Source 1 (29,69) 80. 81. 82. 84. 85. 86. 87. m I-C. Diffusion Indexes 950. Diffusion index of twelve leading indicator components (M).-Source 1 (36,74) 951. Diffusion index of four roughly coincident indicator components (M).—Source 1 (36,74) 952. Diffusion index of six lagging indicator components (M).-Source 1 (36,74) 960. Diffusion index of net profits, manufacturing—about 600 companies (Q).—Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (35,75) 961. Diffusion index of average weekly hours of production or nonsupervisory workers, 20 manufacturing industries (M).-Sources 1 and 3 (36,74,77) 962. Diffusion index of initial claims for unemployment insurance, State programs, 51 areas (M).—Source 1 and U.S. Department of Labor, Employment and Training Administration; seasonal adjustment by Bureau of Economic Analysis (36,74) 963. Diffusion index of employees on private nonagricultural payrolls, 172-186 industries (M).—Source 3 (36,74) 964. Diffusion index of manufacturers' new orders, 34-35 durable goods industries (M).—Sources 1 and 2 (37,75,77) 965. Diffusion index of newly approved capital appropriations in 1982 dollars, 17 manufacturing industries (Q).-The Conference Board (37,75) 966. Diffusion index of industrial production, 24 industries (M).-Sources 1 and 4 (37,75,78) 967. Diffusion index of spot market prices, 13 raw industrial materials (M).—Sources 1, 3, and Commodity Research Bureau, Inc. (37,75,79) 968. Diffusion index of stock prices, 500 common stocks, 42-82 industries (M).—Source 1 and Standard & Poor's Corporation (37,75) 970. Diffusion index of expenditures for new plant and equipment by U.S. nonfarm business, 22 industries (Q).-Source 1 (38,76) 971. Diffusion index of new orders, manufacturing—about 600 businessmen reporting (Q).—Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (38,76) Change in business and consumer credit outstanding (M).—Sources 1, 4, Federal Home Loan Bank Board, and The Federal Reserve Bank of New York (13,32,72) 972. Diffusion index of net profits, manufacturing and trade—about 1,400 businessmen reporting (Q).— Dun & Bradstreet, Inc. (Used by permission. This Corporate profits after tax with inventory valua- 112. Net change in business loans (M).—Sources 1, 4, series may not be reproduced without written and The Federal Reserve Bank of New York (32,71) tion and capital consumption adjustments in 1982 permission from the source.) (38,76) dollars (Q).-Soureel (29,69) 113. Net change in consumer installment credit (M).— 973. Diffusion index of net sales, manufacturing and Source 4 (32,72) Ratio, corporate domestic profits after tax with trade—about 1,400 businessmen reporting (Q).— inventory valuation and capital consumption adjust- 114. Discount rate on new issues of 91-day Treasury Dun & Bradstreet, Inc. (Used by permission. This ments to total corporate domestic income (Q).— bills (M).-Source4 (34,72) series may not be reproduced without written Source 1 (29,70) U5 permission from the source.) (38,76) Yield on long-term Treasury bonds (M).—U.S. Depart ment of the Treasury (34,73) Capacity utilization rate, manufacturing (M).— 974. Diffusion index of number of employees, manufacSource 4 (20,64) 116< Yield on new issues of high-grade corporate bonds turing and trade-about 1,400 businessmen reporting (M).—Citibank and U.S. Department of the Trea(Q).—Dun & Bradstreet, Inc. (Used by permission. Capacity utilization rate, materials (M).—Source sury (34,73) This series may not be reproduced without written 4 (20,64) permission from the source.) (38,76) I17< Yield on municipal bonds, 20-bond average (M).—The Change in money supply Ml (M).-Source 4 (31,71) Bond Buyer (34,73) 975. Diffusion index of level of inventories, manufacturGross private nonresidential fixed investment in ^18 Secondary market yields on FHA mortgages (M).— ing and trade—about 1,400 businessmen reporting 1982 dollars (Q).-Source 1 (25,67) U.S. Department of Housing and Urban Development, (Q).—Dun & Bradstreet, Inc. (Used by permission. Federal Housing Administration (34,73) This series may not be reproduced without written Gross private nonresidential fixed investment in permission from the source.) (38,76) 1982 dollars, structures (Q).—Source 1 (25,67) 119. Federal funds rate (M).-Source 4 (34,72) 15 1 TITLES AND SOURCES OF SERIES—Continued 976. Diffusion index of selling prices, manufacturing— about 600 businessmen reporting (Q) —Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (38,76) 977. Diffusion index of selling prices, wholesale tradeabout 400 businessmen reporting (Q).—Dun & Bradstreet, Inc. (Used by permission. This series may not be reproduced without written permission from the source.) (38,76) 243. Gross private domestic fixed investment in 1982 dollars (Q).-Source 1 (42,81) 289. Net interest as a percent of national income (Q).— Source 1 (47,83) 245. Change in business inventories in current dollars (Q).-Source 1 (42,81) 290. Gross saving (Q).-Source 1 247. Change in business inventories as a percent of gross national product (Q).-Source 1 (47,83) (46,82) 292. Personal saving (Q).-Source 1 (46,82) 293. Personal saving rate (Q).-Source 1 (46,83) 295. Business saving (Q).-Source 1 (46,82) 248. Gross private nonresidential fixed investment as a percent of gross national product (Q).—Source 298. Government surplus or deficit (Q).—Source 1 (46,83) 1 (47,83) 978. Diffusion index of selling prices, retail trade—about 249. Gross private residential fixed investment as a percent of gross national product (Q).—Source II—B. Prices, Wages, and Productivity 400 businessmen reporting (Q).—Dun & Bradstreet, 1 (47,83) 310. Implicit price deflator for gross national product Inc. (Used by permission. This series may not be reproduced without written permission from the 250. Net exports of goods and services in current dollars (Q).-Source 1 (48,84) source.) (38,76) (Q).-Source 1 (44,82) 311. Fixed-weighted price index, gross domestic business product (Q).-Source 1 (48,84) 251. Net exports of goods and services as a percent of II—A. National Income and Product gross national product (Q).-Source 1 (47,83) 320. Consumer price index for all urban consumers 30. Change in business inventories in 1982 dollars (Q) .— 252. Exports of goods and services in current dollars (M).-Source3 (49,59,84,95) Source 1 (26,42,68,81) (Q).-Source 1 (44,82) 322. Consumer price index for all urban consumers, 50. Gross national product in 1982 dollars (Q).—Source 253. Imports of goods and services in current dollars food (M).-Source 3 (49,84) 1 (19,39,40,63,80) (Q).-Source 1 (44,82) 330. Producer price index, all commodities (M).—Source 64. Compensation of employees as a percent of national 255. Net exports of goods and services in 1982 dollars 3 (48,85) income (Q).-Source 1 (30,47,70,83) (Q).-Sourcel (44,82) 331. Producer price index, crude materials for further 200. Gross national product in current dollars (Q).— 256. Exports of goods and services in 1982 dollars processing (M).-Source 3 (48,85) Source 1 (40,80) (Q).-Source 1 (44,82) 332. Producer price index, intermediate materials, sup213. Final sales in 1982 dollars (Q).—Source 1 (40,80) 257. Imports of goods and services in 1982 dollars plies, and components (M).-Source 3 (48,86) 217. Per capita gross national product in 1982 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) (Q).-Source 1 (44,82) 260. Government purchases of goods and services in current dollars (Q).-Source 1 (43,81) 261. Government purchases of goods and services in 1982 dollars (Q).-Source 1 (43,81) 262. Federal Government purchases of goods and services in current dollars (Q).-Source 1 (43,81) 333. Producer price index, capital equipment (M).— Source 3 (48,86) 334. Producer price index, finished consumer goods (M).-Source 3 (48,86) 335. Producer price index, industrial commodities (M).-Source3 (48,85) 263. Federal Government purchases of goods and services in 1982 dollars (Q).-Source 1 (43,81) 340. Index of average hourly earnings of production or nonsupervisory workers on private nonagricultural payrolls (M).-Source 3 (49,87) 227. Per capita disposable personal income in 1982 dollars (Q).-Sources 1 and 2 (40,80) 265. Federal Government purchases of goods and services as a percent of gross national product (Q).— Source 1 (47,83) 341. Index of real average hourly earnings of production or nonsupervisory workers on private nonagricultural payrolls (M).-Source 3 (49,87) 230. Personal consumption expenditures in current dollars (Q).-Source 1 (41,80) 266. State and local government purchases of goods and services in current dollars (Q).-Source 1 (43,81) 345. Index of average hourly compensation, all employees, nonfarm business sector (Q).—Source 3 (49,87) 231. Personal consumption expenditures in 1982 dollars (Q)-Source 1 (41,80) 267. State and local government purchases of goods and services in 1982 dollars (Q).-Source 1 (43,81) 232. Personal consumption expenditures in current dollars, durable goods (Q).-Source 1 (41,80) 268. State and local government purchases of goods and services as a percent of gross national product 346. Index of real average hourly compensation, all employees, nonfarm business sector (Q).—Source 3 (49,88) 225. Disposable personal income in 1982 dollars (Q).— Source 1 (40,80) 233. Personal consumption expenditures in 1982 dollars, durable goods (Q).-Source 1 (41,80) 235. Personal consumption expenditures as a percent of gross national product (Q).-Source 1 (47,83) 236. Personal consumption expenditures in current dollars, nondurable goods (Q).—Source 1 (41,81) 237. Personal consumption expenditures in current dollars, services (Q).-Source 1 (41,81) 238. Personal consumption expenditures in 1982 dollars, nondurable goods (Q).—Source 1 (41,81) 239. Personal consumption expenditures in 1982 dollars, services (Q).-Source 1 (41,81) 240. Gross private domestic investment in current dollars (Q).-Source 1 (42,81) 241. Gross private domestic investment in 1982 dollars (Q).-Source 1 (42,81) 242. Gross private domestic fixed investment in current dollars (Q).-Source 1 (42,81) 16 1 (Q).-Source 1 (47,83) 348. Negotiated wage and benefit decisions, average first year changes (Q).-Source 3 (50,88) 280. Compensation of employees (Q).—Source 1 (45,82) 349. Negotiated wage and benefit decisions, average changes over life of contract (Q).-Source 3 (50,88) 282. Proprietors' income with inventory valuation and capital consumption adjustments (Q).—Source 358. Index of output per hour, all persons, nonfarm busi1 (45,82) ness sector (Q).-Source 3 (49,88) 283. Proprietors' income with inventory valuation and 370. Index of output per hour, all persons, business capital consumption adjustments as a percent of sector (Q).—Source 3 (49,88) national income (Q).-Source 1 (47,83) 284. Rental income of persons with capital consumption adjustment (Q).-Source 1 (45,82) 285. Rental income of persons with capital consumption adjustment as a percent of national income (Q).— Source 1 (47,83) 286. Corporate profits before tax with inventory valuation and capital consumption adjustments (Q).— Source 1 (45,82) II—C. Labor Force, Employment, and Unemployment 37. Number of persons unemployed (M).—Source 3 (18,51,62,89) 441. Civilian labor force (M).-Source 3 (51,89) 442. Civilian employment (M).-Source 3 (51,89) 287. Corporate profits before tax with inventory valua- 444. Number unemployed, males 20 years and over tion and capital consumption adjustments as a (M).-Source3 (51,89) percent of national income (Q).—Source 1 (47,83) 445. Number unemployed, females 20 years and over (M).-Source 3 (51,89) 288. Net interest (Q).-Sou reel (45,82) TITLES AND SOURCES OF SERIES-Continued 446. Number unemployed, both sexes 16-19 years of age (M).-Source3 (51,89) 447. Number unemployed, full-time workers ( M ) . — Source 3 (51,89) 448. Number of persons employed part time for economic reasons (M).-Source 3 (51,89) 451. Civilian labor force participation rate, males 20 years and over (M).—Source 3 (51,89) 452. Civilian labor force participation rate, females 20 years and over (M).-Source 3 (51,89) 453. Civilian labor force participation rate, both sexes 16-19 years of age (M)-Source 3 (51,89) II—D. Government Activities 500. Federal Government surplus or deficit (Q).—Source 1 (52,90) 501. Federal Government receipts (Q).—Source 1 570. Employment, defense products industries (M).— Source 3; seasonal adjustment by Bureau of Economic Analysis (55,91) 577. Defense Department military personnel on active duty (EOM).—U.S. Department of Defense, Office of the Assistant Secretary of Defense (Comptroller), Washington Headquarters Services, Directorate for Information Operations and Reports (55,91) 578. Defense Department civilian personnel, direct hire employment (EOM).—U.S. Department of Defense, Office of the Assistant Secretary of Defense (Comptroller), Washington Headquarters Services, Directorate for Information Operations and Reports (55,91) 580. Defense Department net outlays, military functions and military assistance (M).—U.S. Department of Defense, Office of the Assistant Secretary of Defense (Comptroller), Directorate for Program and Financial Control; seasonal adjustment by Bureau of Economic Analysis (54,91) 47. United States, index of industrial production ( M ) . Source4 (14,20,39,58,63,78,94) 320. United States, consumer price index for all urban consumers (M).-Source 3 (49,59,84,95) 721. Organization for Economic Cooperation and Development, European countries, index of industrial production (M).—Organization for Economic Cooperation and Development (Paris) (58,94) 722. United Kingdom, index of industrial production (M).-Central Statistical Office (London) (58,94) 723. Canada, index of industrial production ( M ) . — Statistics Canada (Ottawa) (58,94) 725. West Germany, index of industrial production ( M ) . Statistisches Bundesamt (Wiesbaden) (58,94) 726. France, index of industrial production (M).—Institut National de la Statistique et des Etudes Economiques (Paris) (58,94) 588. Manufacturers' shipments, defense products (M).— Source 2 (54,91) 502. Federal Government expenditures (Q).—Source 1 (52,90) 727. Italy, index of industrial production (M).—Istituto Centrale di Statistica (Rome) (58,94) II—E. U.S. International Transactions 510. State and local government surplus or deficit (Q)— Source 1 (52,90) 728. Japan, index of industrial production (M).—Ministry of International Trade and Industry (Tokyo) (58,94) 602. Exports, excluding military aid shipments (M).— Source 2 (56,92) 511. State and local government receipts (Q).—Source 1 (52,90) 604. Exports of domestic agricultural products (M).— Source 2; seasonal adjustment by Bureau of Economic Analysis (56,92) (52,90) 512. State and local government expenditures (Q).— Source 1 (52,90) 606. Exports of nonelectrical machinery (M).—Source 2; seasonal adjustment by Bureau of Economic Analysis (56,92) 517. Defense Department gross obligations incurred (M).—U.S. Department of Defense, Office of the (56,92) Assistant Secretary of Defense (Comptroller), Direc- 612. General imports (M).-Source 2 torate for Program and Financial Control; seasonal 614. Imports of petroleum and petroleum products adjustment by Bureau of Economic Analysis (53,90) (M).—Source 2; seasonal adjustment by Bureau of Economic Analysis (56,92) 525. Defense Department prime contract awards for work performed in the United States (M).-U.S. Depart ment of Defense, Office of the Assistant Secretary of Defense (Comptroller), Washington Headquarters Services, Directorate for Information Operations and Reports; seasonal adjustment by Bureau of Economic Analysis (53,90) 616. Imports of automobiles and parts (M).-Source 2; seasonal adjustment by Bureau of Economic Analysis (56,92) 618. Merchandise exports, adjusted, excluding military (Q).-Source 1 (57,93) 620. Merchandise imports, adjusted, excluding military (Q).-Sourcel (57,93) 543. Defense Department gross unpaid obligations outstanding (EOM).-U.S. Department of Defense, Office of the Assistant Secretary of Defense (Comptroller), Directorate for Program and Financial Control; seasonal adjustment by Bureau of Economic Analysis (53,90) (57,93) 651. Income on U.S. investment abroad (Q).—Source 1 (57,93) 548. Manufacturers' new orders, defense products (M).— Source 2 (53,90) 652. Income on foreign investment in the United States (Q).-Sourcel (57,93) 557. Index of industrial production, defense and space equipment (M).-Source4 (54,91) 667. Balance on goods and services (Q).—Source 1 559. Manufacturers' inventories, defense products, book value (EOM).-Source 2 (54,91) 561. Manufacturers' unfilled orders, defense products (EOM).-Source2 (54,91) 564. Federal Government purchases of goods and services, national defense (Q).-Source 1 (55,91) 565. National defense purchases as a percent of gross national product (Q).-Source 1 (55,91) 622. Balance on merchandise trade (Q).—Source 1 (57,93) 668. Exports of goods and services, excluding transfers under U.S. military grants (Q).-Source 1 (57,93) 669. Imports of goods and services (Q).—Source 1 (57,93) Il-F. International Comparisons 19. United States, index of stock prices, 500 common stocks (M).—Standard & Poor's Corporation (13,28,59,69,96) 732. United Kingdom, consumer price index ( M ) . — Department of Employment (London); percent changes seasonally adjusted by Bureau of Economic Analysis (59,95) 733. Canada, consumer price index (M).—Statistics Canada (Ottawa); percent changes seasonally adjusted by Bureau of Economic Analysis (59,96) 735. West Germany, consumer price index Statistisches Bundesamt (Wiesbaden); changes seasonally adjusted by Bureau of ic Analysis (M).— percent Econom(59,95) 736. France, consumer price index (M)—Institut National de la Statistique et des Etudes Economiques (Paris); percent changes seasonally adjusted by Bureau of Economic Analysis (59,95) 737. Italy, consumer price index (M).-Istituto Centrale di Statistica (Rome); percent changes seasonally adjusted by Bureau of Economic Analysis (59,96) 738. Japan, consumer price index (M).—Bureau of Statistics, Office of the Prime Minister (Tokyo); percent changes seasonally adjusted by Bureau of Economic Analysis (59,95) 742. United Kingdom, index of stock prices (M).-Central Statistical Office (London) (59,96) 743. Canada, index of stock prices (M).—Toronto Stock Exchange (Toronto) (59,96) 745. West Germany, index of stock prices ( M ) . — Statistisches Bundesamt (Wiesbaden) (59,96) 746. France, index of stock prices (M).-Institut National de la Statistique et des Etudes Economiques (Paris) (59,96) 747. Italy, index of stock prices (M).—Banca d'ltalia (Rome) (59,96) 748. Japan, index of stock prices (M).—Bank of Japan (Tokyo) (59,96) Superintendent of Documents U.S. Government Printing Office Washington, D.C. 20402 OFFICIAL BUSINESS Penalty for Private Use $300 FIRST-CLASS MAIL POSTAGE & FEES PAID USGPO PERMIT No. G-26