Full text of Business Conditions Digest : July 1980

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U.S. DEPARTMENT OF COMMERCE
Philip M. Klutznick, Secretary
Courtenay M. Slater, Chief Economist for the Department of Commerce
BUREAU OF ECONOMIC ANALYSIS
George Jaszi, Director
Allan H. Young, Deputy Director
John E. Cremeans, Associate Director for National
Analysis and Projections
Feliks Tamm, Editor
This report is prepared in the Statistical Indicators Division of the Bureau of Economic
Analysis. Technical staff and their responsibilities for the publication areBarry A. Beckman—- Technical supervision and review
Brian D. Kajutti—Composite indexes
Morton Somer—Seasonal adjustments
Betty F. Tunstall—Data collection and compilation (Phone: 202-523-0541)
The cooperation of government and private agencies that provide data is gratefully
acknowledged. Agencies furnishing data are indicated in the list of series titles and sources
at the back of this report.
This publication is prepared under the general guidance of a technical committee under the
auspices of the Office of Federal Statistical Policy and Standards. The Committee consists of
the following persons:
Beatrice N. Vaccara, Chairman, Bureau of Industrial Economics, U.S. Department of
Commerce
John E. Cremeans, Bureau of Economic Analyses, U.S. Department of Commerce
Joseph W. Duncan, Office of Federal Statistical Policy and Standards
Lyle E. Gramley, Council of Economic Advisers, Executive Office of the President
Ronald E. Kutscher, Bureau of Labor Statistics, U.S. Department of Labor
J. Cortland Peret, Board of Governors of the Federal Reserve System

ABOUT THIS RiEPORT
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: $40 domestic, $50
foreign. Single copy price: $3.50 domestic, $4.50
foreign.. For information concerning foreign airmail delivery, available at an additional charge,
write the Superintendent of Documents (address

Most of the data contained in this report
also are published by their source agencies, A
series finding guide and a complete list of series
titles and sources can be found at the back of the
report.
Cyclical Indicators are economic time series
which have been singled out as leaders, coinciders, or (aggers 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 Eiconomic Measures provide additional information for the evaluation of current business
conditions and prospects. They include selected
components of the national income and product
accounts; measures of prices, wages, and
productivity; measures of the labor force,
employment, and unemployment; economic
data on Federal, State, and local government activities; measures of U.S. international transactions; and selected economic comparisons with
major foreign countries.
follows), enclosing a copy of your address label.
Make checks payable to the Superintendent of
Documents. Send to the U.S. Government
Printing Office, Washington, D,C. 20402.

BUSINESS CONDITIONS DIGEST

New Features and Changes for This Issue

iii

Seasonal Adjustments
MCD Moving Averages
Reference Turning Dates
Part I. Cyclical Indicators
Part II. Other important Economic Measures
How To Read Charts
How To Locate a Series
Summary of Recent Data and Current Changes

1
1
1
1
4
5
5
6
JULY 1980
Data Through June
Volume 20, Number 7

Chart

Table

Al
A2
A3
A4

Composite Indexes
Leading Index Components
Coincident Index Components
Lagging Index Components

10
12
14
15

60
—
—
—

Bl
JL
83
B4
B5
B6
B7

Employment and Unemployment
Production and Income
Consumption, Trade, Orders, and Deliveries
Fixed Capital Investment
Inventories and Inventory Investment
Prices, Costs, and Profits
Money and Credit

16
19
21
23
26
28
31

61
63
64
65
68
69
71

Cl I
_C2__
]C3J

Diffusion Indexes
Selected Diffusion Index Components
Rates of Change

36
—
39

74
77
—

The Secretary of Commerce has determined that.the publication of this periodical is necessary in the
transaction of the public business required by law of this Department. Use of funds for printing this
periodical has been approved by the Director of the Office of Management and Budget through September 1, 1980.



IICII




II.

AL
A2
UA3J
J\4
_A5j

He.

81
B2

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

AND
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

92
93

58
59
59

94
95
96

Price Movements
Wages and Productivity

EMPLOYMENT,
AND UNEMPLOYMENT
Civilian Labor Force and Major Components

,

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.
A. MCD and Related Measures of Variability (April 1980 issue)
QCD and Related Measures of Variability {April 1980 issue)
B. Current Adjustment Factors
C. Historical Data for Selected Series
D. Descriptions and Sources of Series (See "Alphabetical Index—Series Finding Guide")
E. Business Cycle Expansions and Contractions: 1854 to 1975 (March 1980 issue)
F. Specific Peak and Trough Dates for Selected Indicators (June 1980 issue)
G. Experimental Data and Analyses
Alphabetical Index—Series Finding Guide
Titles and Sources of Series

97
98

105
110
114

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

NEW FEATURES
AND CHANGES
FOR THIS ISSUE

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

methods, benchmark

1. The series based on establishment employment data
have been revised by the source agency to reflect a new
benchmark (March 1979) and updated seasonal adjustment
factors. The beginning dates for the revision of these
series are as follows:

data, etc. Changes may

1975:
1976:
1977:
1978:

Series
Series
Series
Series

1, 2, 21, 40, 41, 961, and 963
3 and 4
48 and 346
340, 341, 345, 358, 370, and 570.

Further information concerning these revisions may be
obtained from the U.S. Department of Labor, Bureau of
Labor Statistics, Office of Current Employment Analysis,
Division of Industry Employment Statistics.
2. Series 69 (Machinery and equipment sales and
business construction expenditures) and series 20
(Contracts and orders for plant and equipment) have been
revised for the period 1977 to date. These revisions
reflect the Census Bureau*s annual updating and new seasonal adjustment of construction-put-in-place data.
Further information concerning these revisions may
be obtained from the U.S. Department of Commerce, Bureau
of the Census, Construction Statistics Division.
(Continued on page i v f )
The August issue of BUSINESS CONDITIONS DIGEST is scheduled
for release on September 3.



in

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.

3. Series 723 (Industrial production index, Canada) has been revised for
the period 1976 to date to reflect the source agency's annual updating of
these statistics.
Further information concerning this revision may be obtained from
Statistics Canada, Industry Product Division, Ottawa, Canada KIA OT6.
4. Appendix C contains historical data for series 5-8, 10, 15, 20, 26,
63, 107, 618, 620, 622, 651, 652, 667-669, 910, 920, and 930.
5. The cyclical comparisons shown in appendix 6 are now based on recession periods. In this issue, recession comparisons are shown for series 29,
30, 43, 47, 50, 910, 920, and 930.




IV

METHOD OF PRESENTATION
This report is organized into two major parts.
Part I, Cyclical Indicators, includes about 150 time
series which have been found to conform well to
broad fluctuations in comprehensive measures of
economic activity. Nearly three-fourths of these are
individual indicators, the rest are related analytical
measures: Composite indexes, diffusion indexes,
and rates of change. Part II, Other Important
Economic Measures, covers over 140
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 11 to complete the
systematic presentation of certain sets of data,
such as real GNP and unemployment.) The
section of part It 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 1956, but those for the composite
indexes and their components (part I, section A)
begin with 1948, and a few charts use a two-panel
format which covers only the period since 1969.
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
are contained in the 1977
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
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.

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.

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,
c o n f o r m i t y to business e x p a n s i o n s 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
Reference Turning Dates
scores relate to cyclical behavior of the series
The historical business cycle turning dates used during the period 1947-70. This analysis produced
in this report are those designated by the National a new list of indicators classified by economic
Bureau of Economic Research, Inc. (NBER). They process and typical timing at business cycle peaks
mark the approximate dates when, according to and troughs. (See tables on page 2 and text below
NBER, aggregate economic activity reached its relating to section B.)
cyclical high or low levels. As a matter of general
This information, particularly the scores relating
practice, neither new reference turning dates nor to consistency of timing, served as a basis for the
the shading for recessions will be entered on the selection of series to be included in the composite
charts until after both the new reference peak and indexes. The indexes incorporate the best-scoring
the new reference trough bounding the shaded area series from many different economic-process
have been designated.
groups and combine those with similar timing
The historical reference turning dates are subject behavior, using their overall performance scores as
to periodic review by NBER and on occasion are weights. Because they use series of historically
changed as a result of revisions in important tested usefulness and given timing characteristics
economic time series. The dates shown in this pub- (for example, leading at both peaks and troughs),
lication for the 1948-1970 time period are those with diversified economic coverage and a minimum
determined by a 1974 review. The turning dates for of duplication, composite indexes give more
the 1973-1975 period are detailed in NBER's 1976 reliable signals over time than do any of the
Annual Report.
individual indicators. Furthermore, much of the

1

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

LOYMENT
)
AND
UNEN
MPLOYMENT
T
eries)

II.
PRODUCTION
AND
INCOME
(10 series)

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

LEADING (L)
INDICATORS
(62 series)

V.
INVENTORIES
AND
INVENTORY
INVESTMENT
(9 series)

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

VII.
MONEY
ANDCREt
(26 series)

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

Capacity
jinal
utilization
ptoyment
(2 series)
ustments
series)
vacancies
series)
!
prehenslve !
ployment
series)
prehensive
smployment
series)

IV.
FIXED
CAPITAL
INVESTMENT
(18 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)
Commodity
price:;
(1 series)
Profits and
profit
margins
(7 series)
Cash flows
(2 series)

Money flov
(3 series)
Real mone\
supply
(2 series)
Credit flow
(4 series)
Credit
difficultie
(2 series)
Bank reser\
(2 series)
Interest rat
(1 series)

••
!-

ROUGHLY
COINCIDENT(C>
INDICATORS
(23 series)

prehensive
ployment
series)

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

-

, T . ,.
tion of
tmployment
series)

LAGGING (Lg)
INDICATORS
(18 series)

- -'• -

-

:

'

,:... ..,...,.,. . . . .

"

Consumption
and trade
i
(4 series)

......

i;

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

!

(prehensive
ployment
series)

Velocity of
money
(2 series)
Interest rat
(2 series)

',

Business
Investment
expenditures
(1 series)

':

TIMING
UNCLASSIFIED
(U)

.i

....

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

.
,. -. . ,
Inventories on
hand and on
order
.
(4 series)

Unit labor costs
and tabor share
(4 series)

i

Business
investment
commitments
(1 series)

Trade
(1 series)

(8 series)

1 nterest rat
(4 series)
Outstandln
debt
(3 series)

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

Interest ra1
(1 series)

B. Timing at Business Cycle Troughs
Xy Economic
Xv Process
x^

EMPLOYMENT
AND
UNEMPLOYMENT
(18 series)

CyclicaTV
Timing
%.

II.
PRODUCTION
AND
INCOME
(10 series)

IV.
III
CONSUMPTION, FIXED
TRADE,
CAPITAL
ORDERS, AND
INVESTMENT
DELIVERIES
(18 series)
(13 series)

Industrial
production
(1 series)

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

-]

1 V,.
V.
;' INVENTOF [\ES
PRICES, COSTS,
ANDPROFI1TS
AND
(17 series)
INVENTOFIY
INVESTME NT
(9 series)

VII.
MONEY
AND CREDIT
(26 series)

\j

LEADING (L)
INDICATORS
(47 series)

Marginal
|i employment
adjustments
i (3 series)

i1
ROUGHLY
COINCIDENT(C)
INDICATORS
(23 series)

LAGGING (Lg)
INDICATORS
(40 series)

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

Marginal
employment
adjustments
(1 series)
Job vacancies
(2 series)
Comprehensive
employment
(1 series)
Comprehensive
and duration
of
unemployment
(5 series)

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

Consumption
and trade
(3 series)




Business
investment
commitments
(1 series)

Profits
(2 series)

Money flow
(1 series)
Velocity of
money
(1 series)

Unit labor costs
and labor share
(4 series)

i

Velocity of
money
(1 series)
Bank reserves
(1 series)
Interest rates
(8 series)
Outstanding debt
(3 series)

•!
i

;i

1
j
j

*
!l
•

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

Unfilled orders
(1 series)

;
\

Inventories on
hand and an
order
(5 series)

f1
1
i

,.
TIMING
UNCLASSIFIED
(U)
(1 series)

Money flows
(2 series)
Real money
supply
(2 series)
Credit flows
(4 series)
Credit
difficulties
(2 series)

i!

.. .

t

Marginal

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

Formation of
Inventory
business
investment
enterprises
(4 series)
(2 series)
Business
'
Investment
commitments
(4 series)
Residential
construction
(3 series)
ij

\

!
;

I
•
i;

1

__

•

i

i

Bank reserves
(1 series)

1

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
w e l l - e s t a b l i s h e d d i f f e r e n c e s 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, seethe 1977
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 post-1970 period
can be determined by inspection of the charts
where the 1973-75 recession is shaded according
to the dates of the NBER reference cycle
chronology.
Section B, Cyclical Indicators by Economic Process
This section covers 111 individual time series,
including the 22 indicators used in the
construction of the composite indexes. The peak
and trough timing classifications are shown on the
charts in the same manner as described above, but
this section includes, series with different timing at
peaks and at troughs, as well as series where the
timing is not sufficiently consistent to be classified
as either L,C, or Lg according to the probabilistic
measures and scoring criteria adopted. Such series
are labeled U, i.e., unclassified as to timing at
turning points of the given 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 1977
Handbook of Cyclical Indicators.
Section C. Diffusion Indexes and Rates of Change
Many series in this report are aggregates
compiled from numerous components. How the
individual components of an aggregate move over a
given timespan is summarized by a diffusion index
which indicates the percentage of components that
are rising (with half of the unchanged components
considered rising). Cyclical changes in these
diffusion indexes tend to lead those of the
corresponding aggregates. Since diffusion indexes
are highly erratic, they are computed from changes
measured over 6- or 9-month (or 3- or 4-quarter)
spans, as well as 1-month (or 1-quarter) spans.
Longer spans help to highlight the trends underlying the shorter-term fluctuations. Diffusion indexes
are shown for the component series included in
each of the three composite indexes and for the
components of some of the aggregate series shown
in section B.
Diffusion measures can be derived not only from
actual data but also from surveys of anticipations
or intentions. Indexes based on responses of
business executives about their plans and
expectations for several operating variables are
presented, along with the corresponding indexes
based on actual data, as the last set of diffusion
series.
This section also records rates of change for the
three composite indexes (leading, coincident, and
lagging) and jor 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
iEHSURES
This part is divided into six sections which cover
a wide range of quarterly and monthly time series
measuring various aspects of economic activity,
Some of these series are very comprehensive,
pertaining to the U.S. economy as a whole, others
have to do with particular sectors or markets, and
still others relate to U.S. international transactions
or to selected foreign countries, The represented
variables include incomes, outputs, and
expenditures; prices, earnings, and productivity;
labor resources; government receipts,
expenditures, and defense-related activities; exports and imports; and selected indicators for a few
key foreign countries.
Section A. National Income and Product
The national income and product accounts,
compiled by BEA, summarize both receipts and
final expenditures for the personal, business,
foreign, and government sectors of the economy.
Section Al shows the gross national product,
final sales, and personal and disposable personal
income. The four major components of the gross
national p r o d u c t — p e r s o n a l consumption
expenditures, gross private domestic investment,
government purchases of goods and services, and
net exports of goods and services—are presented in
sections A2 through A5. Most of the series in
section A are presented in current as well as
constant dollars. There are also a few per capita
series. The national income and product accounts,
briefly defined below, are described more fully in
the Survey of Current Business, Part I,
January 1976.
Gross national product (GNP) is the market
value of final goods and services produced by the
labor and property supplied by residents of the
United States, before deduction of allowances for
the consumption of fixed capital goods. It is the
most comprehensive measure of aggregate
economic output. Final sales is GNP less change in
business inventories.
Personal income is the income received by
persons (individuals, owners of unincorporated
businesses, nonprofit institutions, private trust
funds, and private noninsured welfare funds) from
all sources. It is the sum of wage and salary
disbursements, other labor income, proprietors'
income, rental income of persons, dividends,
personal interest income, and transfer payments,
less personal contributions for social insurance.
Disposable personal income is the personal
income available for spending or saving. It consists
of personal income less personal taxes and nontax
payments to government.
Personal consumption expenditures (A2) is
goods and services purchased by individuals,
operating expenses of nonprofit institutions, and
the value of food, fuel, clothing, rent of dwellings,
and financial services received in kind by individuals. Net purchases of used goods are also included.



Gross private domestic investment (A3) is fixed
capital goods purchased by private business and
nonprofit institutions and the value of the change
in the physical volume of inventories held by
private business. The former include all private
purchases of dwellings, whether purchased for
tenant or owner occupancy. Net purchases of used
goods are also included.
Government purchases of goods and services
(A4) is the compensation of government employees
and purchases from business and from abroad. It
excludes transfer payments, interest paid by
government, and subsidies. It includes gross
investment by government enterprises but excludes
their current outlays. It includes net purchases of
used goods and excludes sales and purchases of
land and financial assets.
Net exports of goods and services (A5) is exports
less imports of goods and services. Exports are part
of the national production; imports are not, but are
included in the components of GNP and are
therefore deducted. More detail on U.S.
international transactions is provided in section E.
National income (A6) is the incomes that
originate in the production of goods and services
attributable to labor and property supplied by
residents of the United States. Thus, it measures
the factor costs of the goods and services produced. It consists of the compensation of
employees, proprietors' income, rental income of
persons, corporate profits, and net interest.
Saving (A7) is the difference between income
and expenditures during an accounting period.
Total gross saving includes personal saving,
business saving (mainly undistributed corporate
profits and capital consumption allowances), and
government surplus or deficit.
Shares of GNP and national income (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 8, 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 1969.
The group of series on wages and productivity
consists of data on average hourly earnings and
average hourly compensation (including earnings
and other benefits) in current and constant dollars,
output per hour of work in the business sector, and
rates of change for most of these measures.

Section C. Labor Force, Employment, and
Unemployment
This section contains measures of the civilian
labor force and its major components: Total
numbers of employed and unemployed persons.
The number of unemployed is subdivided into
selected categories defined by sex, age, and class
of worker. Also included are data on participation
rates for a few principal segments of the labor
force.
Section D. Government Activities
Receipts, expenditures, and their balance (surplus or deficit) are shown quarterly on two levels:
(1) Federal Government and (2) State and local
government. Also shown is a selection of series
from the discontinued Defense Indicators,
These series measure defense activities which
influence short-term changes in the national
economy. Included are series relating to
obligations, contracts, orders, production,
shipments, inventories, outlays, and employment.
These series are grouped according to the time at
which the activities they measure occur in the
defense order-production-delivery process, Series
measuring activities which usually precede production, such as contract awards and new orders,
are classified as "advance measures of defense
activity." Series measuring activities which tend to
coincide with production, such as employment, and
activities which usually follow production, such as
shipments, are classified as "intermediate and final
measures of defense activity."
Section E. U.S. International Transactions
This group includes monthly series on exports
(excluding military aid) and general imports, plus a
few selected components of these aggregates. Also
shown are the balances between receipts and
expenditures for goods and services, merchandise,
and investment income.
Section F. International Comparisons
This section is designed to facilitate a quick
review of basic economic conditions in six of the
nations with whiciti we have important trade
relationships. The U,S. business cycle shading has
been omitted from these charts. Data on industrial
production, consumer prices, and stock prices for
Canada, the United Kingdom, France, West Germany, Japan, and Italy are compared with the corresponding U.S. series. Also included is an industrial production index for the European
countries in the Organization for Economic
Cooperation and Development (OECD). The industrial production series provide cyclically sensitive output measures for large parts of the
economies covered. Changes in consumer price indexes (plotted for the period since 1969) provide
important measures of the rates of inflation in the
major industrialized countries. Stock prices (also
shown beginning in 1969) tend to be significant as
leading indicators.

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. ("IV" = fourth
quarter)

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

Diffusion 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.

Rates of Change

Solid line indicates percent
changes over 3- or 6-month
spans.

Dotted line indicates anticipated quarterly data over
various spans.
Arabic number indicates latest
month used in computing
the changes.

Broken line indicates percent
changes over 1-month spans.

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

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

Roman number indicates
latest quarter used in computing the changes.

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


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

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

Series title

Percent change

B

Unit

Average

Of

May
to
June

4th Q
tu
IstQ

IstQ
to
2dQ

1980

1979

IstQ

2dQ

1979

measure
1978

E
a

to
May

1980

1980

1980

-1.7
-0.3

-6.2
-4.7
-1.5

910
920
930

-6.5
-3.9
-3.5

913
914
915
916
911

Apr.

4th 0

1980

1980

May

i'une

1980

Apr.
1980

1980

e

&
1

I. CYCLICAL INDICATORS
A. Composite Indexes
910 Twelve leading indicators
920. Four coincident indicators
930. Six lagging indicators

. .

Leading Indicator Subgroups:
913. Marginal employment adjustments
914. Capital investment commitments
915. Inventory investment and purchasing
916 Profitability
917. Money tind financial flows

L,l,l
C.C.C
Lg,Lg,lg
i

1967-100 ..
do. . . .
do, . . .

141.8
140.1
143.1

L,L,L
L.L.L
1,1,1
l,L,L
L,L,L

do.
do.
do.
do,
do.

98.1

96.8

115.7
106.2
03.2
149.0

113.6
105.9
91.7

90.4

89.1

145.3

140.2

40.4

40.2

40.1

3.6
4.1
339
0.9
2.1

3.3
4.0
381
1.1
2.0

3.2
4.0
404
1.2
2.0

3.1
3.8
406
1.4
1.9

2.6
3.1
607
3.0
1,4

3.0
3.0
569
2.9
1.5

2.5
3.0
635
3.5
1.4

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

140.2
145.2
166.4

134.1
144.8
183.2

125.8
138.0
180.5

126.7
140.6
196.0

96.3

95.7

111.3
102.2

89.5
107. 0
98.6

90.3

112.8
102.6

106.2
100.0

NA
135.6

87.0

98.1
87.5

137.9

136.0

134.9

40.1

39.4

39.8

39.3

39.1

136.4
145.2
177.6

126.9
135.5
162.5

-2.3
-1.9
-6.6

88.3

90.0

105.7

109.0
97.6

-2.2
-0.5
-1.9

NA
135.9

-0.8

123.8
137.9
183.1

0.6

2.5
-1.7

-11.3

1.9
3.1
-0.5

HA
0.7

3.2

-0.6
-1.3
-0.4
-1.4
-1.6

NA
-1*7

B. Cyclical Indicators by Economic Process
B1. Employment and Unemployment
Marginal Employment Adjustments:
*1, Average workweek, prod, workers, mfg
21. Avg, weekly overtime, prod, workers, mfg.2 . .
2. Accession rate, per 100 employees, mfg.2 . . . .
6 Avg weekly initial claims (inverted4)
*3, Layoff rate, per 100 employ., mfg. (inv. 4 ) 2 ..
4. Quit rate, per 100 employees, mfg.2

L.l.L
L,C,L
L,L,L
L,lg,U

Hours
do. . . .
Percent
Thousands. .
Percent
do. ...

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

L,lg,U
L,Lg,U

Ratio
1967-100...

0.738
149

0.786
158

0.789
161

0.699
150

0.446
116

0.500
122

0.409
112

u,c,c
L,C,U

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

164.56
91,031
86,697
25,585

169.89
93,640
89,886
26,505

170.90
94,319
90,557
26,549

171.97
94,486
91,120
26,605

169.50
93,622
90,547
25,745

170.49
93,912
90,951
26,121

169.55
93,609
90,602
25,746

U,Lg,U

Percent

58.59

59.25

59.31

59.17

58.41

58.63

58.47

58.12

-0.16

6,047
6.0
3.2

5,963
5.8
3.0

6,084
5.9
3.0

6,390
6.1
3.2

7,808
7.5
4.2

7,265
7.0
3.7

8,154
7.8
4.3

8,006
7.7
4.6

-12.2

11.9

10.8

10.5

10.7

11.2

11.3

10.5

11.7

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

L,L.L
UC.L

U.C.C

c,c,c

Comprehensive Unemployment:
37. Total unemployed (inverted 4 ) . . . ,
L,Lg,U Thousands , .
43. Unemployment rate, total (inverted 4 ) 3
L,lg,U Percent
4 2
45. Avg. weekly insured unernploy-rato (inv, ) . . L,Lg,U
do. . . .
*91. AVR. duration of unemployment (inverted 4 ) . . Lg,Lg,Lg Weeks
44. Unernploy, rate, 10 weeks and over (inv.4)2 .. Lg,lg,Lg Percent

1.4

1.2

1.2

1.3

1.6

1.6

1.6

2.4
3.3
617
2.6
1.4

-1.3
-0.5

0.
-11.6
-0.6
-0.1

1.7

0.3
2.8
0.9
0.

0.
-0.1
-0.2
-0.5
-0.2
-0.1

-1.7
-0.5
-0.7

-49,5
-1.6
-0,5

a
21
2
5
3
4

-0.253
-22.?

60
46

-1.4
-0.9
-0.6
-3.2

48
42
41
40

-0.14

-0.76

90

-22.2

-0.1

-5.0
-0.2
-0.2
-1.9
-0.1

-1.4
-1.0
-4.7
-0.3

37
43
45
91
44

-6.3
-0.5

-0.1
-0.2

-0.4
-0.5

-2.3
-1.4
-1.7

30
52
51

-4.5

!>3

-4 .9

4V
73
74
49

0.428 -0.091
-8.2
115
168.45
93,346
90,088
25,367

-0.5
-0.1

-0.6
-0.3
-0.4
-1.4

-0.8
-0.6

7.1
0.

0.019
2.7

-0.6
-0.3
-0.6
-1.5

-0.35
1.8
0.1
-0.3

-11.4

•0.090
-6.8

0.6
0.2
0.6
0.2

B2. Production and Income
Comprehensive Output and Income:
§0 6NP in 1972 dollars
62. Personal income in 1972 dollars
*S1. Pers. income less transfer pay., 1972 dollars ..
63, Wages and salaries in mining, mfg., and construction, 1972 dollars
Industrial Production:
*47 Industrial production, total
73 Industrial production, durable mfrs
74, Industrial production, nondurable mfrs
49. Value of goods output, 1972 dollars
Capacity Utilisation;
82. Capacity utilization rate, mfg., FRB 2
83 Capacity utilization rate, mfg., BEA 2
84. Capacity utilization rate, materials, ERB2 . . . .

c.c.c
c,c,c

1 3 9 9 . 2 1431.6 1 4 4 0 . 3 1 4 4 4 . 7 1410.8
1145.2 1178.3 1186.8 1182.2 1165.2 1167.7 1164.6 1163.2
9 9 5 . 7 1 0 2 4 . 1 1029.1 1 0 2 4 . 3 1007.0 1011.0 1006.1 1 0 0 4 . 0

0.3

C.C.C

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

c,c,c

do. . . .

243.5

246.0

241.5

238.5

227.7

231.8

227.6

223.6

-1.8

-1.8

-1.2

c,c,c
c,c,c

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

146.1
139.7
156.9
639.5

152.2
146.3
163.3
653.1

152.2
145.1
164.4
655.1

152.2
144.0
165.2
659.7

144.7
134.3
158.5
637.9

148.3
138.7
161.8

144.7
134.2
158.6

141.2
130.0
155.1

-2.4
-3.2
-2.0

-2.4
-3.1
-2.2

-0.8

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

84.4

85.6

84.6

83.8

78.4

C.L.L

c,c,c
UC.U

L,C,U

«4

82

81

80

R5.6

87.2

86.3

85.4

70.19
41.48
37.16

77.20
41.40
36.46

76.54
39.43
34.71

0.
0.3
0.7

-0.8

NA

-1

80.01
39.62
35.23

79.5

-0.9

-6.7
-4.1
-3.3

-5.4

NA
-S.9

82
83
84

B3. Consumption, Trade, Orders, and
Deliveries
Orders and Deliveries:
6. New orders, durable goods
UL,L
7. New orders, durable goods, 1972 dollars
L,L,L
*8. Neworders, eons, goods and mtls., 1972 do!. . L,L,L
25, Chg. in unfilled orders, durable goods2
L,L,L
96 Mfrs ' unfilled orders durable goodss
L,Lg,U
*32. Vendor performance 2 ©
L,U
Consumption and Trade:
66. Manufacturing and trade sales
*67. Manufacturing and trade sales, 1972 dollars . .
7§. Industrial production, consumer goods
54 Stiles of retail stores
59 Sales of retail stores 1972 dollars
65, Personal consumption expend., autos
§8 Index of consumer sentiment ©

Bil, dol

do. ...
do. . . .
do. . . .
Bil. dol,, EOF
Percent

C,C,C

Bil. do!

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

do. . . .
1967=100...
Mil. dol
do. . . .
A.r., bil. dol.
1 Q 1966-100

L,L,L
L.L.L

1967-100...
Number. . . .

c,c,c

68.39
72.42
65.42
67.33
33.61
3 3 . 2 3 31.91
35.69
29.56
30.43 29.03
29.23
-2.12
-1.58
0.21
-2.82
3.26
2.33
3.68
2.05
2 2 8 . 8 2 2 6 7 . 8 8 2 6 7 . 8 8 2 7 4 . 8 8 270.16 275.10 2 7 2 . 9 8 270.16
64
63
32
49
33
40
45
28
254.26
156.32
149.1
66,741
44,314
68.0
79.4

288.28
159.82
150.5
73,837
44,800
69.2
66.0

300.05
158.89
149.0
76,385
44,879
66.8
62.1

NA
309.65
158.76
NA
148.2
142 .5
77,997 74,874
4 4 , 3 4 4 41,681
71.5
63.5

52.5
54.4

295.28
150.62
144.9
75,011
41,859
52.8

NA
292.25
146.97
NA
140.6
141.9
74,265 75,345
41,350 41,835
51.7

58.8

-7.0
-6.9
-4.6

-2.8
-4.0

-2.33

0.7
-0.70

-0.8

-1.0

-8

-4
NA
NA

-1.0
-2.4
-2.1
-1.0
-1.2

-0,9

-2.1

13.7

1.5
1,2

4.5
0.5
1.5
0.28

2.6
-4

3.2
-0.1
-0.5

2.1
-1.2

7.0
2.3

-14.5
-15.2
-16.1
-3.91
-1.7

-12

NA
NA
-3.8
-4.0
-6.0

-26.6
-14.3

6
7
i
25
96
32
56
57
75
54
59
SS
58

B4. Fixed Capital Investment
Formation of Qusinoss Enterprises:
*12 Met business formation
1 3. New business incorporations




132.2
132.9
132.4
131.7
3 9 . 9 9 6 4 3 . 7 1 4 4 4 . 9 5 6 43 . 8 R 2

NA
NA

125.6
NA

NA
NA

NA
NA

NA
NA

NA
NA

-0.2

-2 - d

NA
NA

12
13

Percent change

Basic data'

Series title

Timing
classification3

Unit
of
measure

to
May

4th Q
to
IstQ

IstQ
to
2dQ

1980

1980

1980

Apr.

4th Q
1979

1978

May
to
June

1980

Average

1979

IstQ
1980

2dQ

Apr.
1980

1980

May

June

1980

1980

Series number

1

Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued

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

UUL

22.01

25.22

25.77

26.06

22.48

24.20

21.18

22 .07

-12.5

4 .2

UUL
UUL

do. . . .
do. . . .

13.60
18.30

14.53
21.64

14.50
21.70

14.18
22.64

12.17
20.28

12.98
22.16

11.54
19.59

11.99
19.10

-11.1
-11.6

3.9
-2.5

UUL

do. .-. .

11.41

12.68

12.52

12.57

11.14

12 .02

10.79

10.60

-10.2

-1.8

uc,u

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

80.73
16.78
63.43

90.34
22.41
77.10

86.02
23.48
77.10

90.91
30.48
85.12

68.94
NA
NA

72.90

62.72

71.19

-14.0

13.5

153.82 177.09

186.95

U,Lg,U
C,Lg,Lg

Bil.dol

C,Lg,Lg A.r., bil.

dol.

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

2,020
145.4

1,744
123.8

60.1

56.7

UUL
UUL
UUL

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

UUL

do. . . .

14.1

UUL
UUL
UUL

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

19.02

10.62

43.2
2.05

46.4
2.56

1,593
108.0
55.8

91.7
51.7

72.5
41.1

4.3

2(
2<

0.4

-11.4

2

5.7

-24.2
NA
NA

1
9

2.4

-0.2

6

-2.3
-4.8

6
7<
8

-17.3
-20.9
-20.5

2
2
8

-1.1

NA 2 9 1 . 9 9 2 9 2 . 9 2
171.6
172.3
174.3
143.9

1,263 , 1 , 0 4 5

1

-14.2
-10.4

2.0

3(

-3.36

NA
NA
NA

3
3
3

NA
NA
NA

7
7
6

NA

7

NA

7

3.7

-2.33
-11.3

9
2

4.7

-1.7

1

NA
NA
NA
NA
-0.5

1
1
7
8
1
2

29.8
10.4

191.36 191.00

230.13 271.93 284.10 3 0 0 . 3 9
171.3
172.9
160.3
175.6
140.1
151.2
148.8
150.5

-13.7

1.1
-2.2

1,030
63.7

913
66.6

NA
168.3

1,191
87.1

0.3

NA

-1.1

-2.3

5.7
1.6
0.5

-11.4
4.6

30.4
30.8

-20.7
-15.1
-7.3

NA

B5. Inventories and Inventory Investment
Inventory Investment:
30. Chg. in business inventories, 1972 dol.2
*36. Change in inventories on hand and on order,
1972 dollars (smoothed6)2
31, Chg. in book value, mfg. and trade invent.2 . .
38. Chg. in mtl. stocks on hand and on order 2 . . .
Inventories on Hand and on Order:
71. Mfg. and trade inventories, total 5
*70 Mfg and trade invent total 1972 dol s
65. Mfrs.' inventories of finished goods5
77. Ratio, inventories to sales, mfg. and trade,
constant dollars 2
78. Materials and supplies, stocks on hand and on
order5

Lg,Lg,Lg Bil.dol., EOP
do
LQ LQ LQ
do. . . .
Lg,Lg,Lg
Ratio

0.3

2.3

- 7 . 5 1 -10.87

NA
NA
NA

1.4

33.8
2.09

49.1
2.08

380.64 427.04 427.04 439.32
249.59 257.32 257.32 256.88
70.53
63.88
73.94
70.53
1.57

ULg,Lg Bil.dol., EOP

9.7

168.52

1.60

199.20

1.62

1.62

199.20 2 0 5 . 4 3

NA
NA
NA

-0.93
-79.5
-2.49

NA
NA
NA

NA 4 4 5 . 5 3 4 4 5 . 1 0
NA 2 5 8 . 7 2 2 5 7 . 3 8
76.21
NA
75.76

NA
NA
NA

-0.1
-0.5

NA
NA
NA

-0.2

NA

NA

0,03

NA

0.

NA 2 0 5 . 0 7 2 0 2 . 2 2

NA

-1.4

NA

-0.12
278.5

-0.43
267.5

-1.19

-6.56

-7.49

74.4

-5.1

-0.36

-2.85

1.72

1.75

0.6

15.3

-0.01
2.9
4.8

3.1

86. Prices, Costs, and Profits
Sensitive Commodity Prices:
*92. Chg. in sensitive prices (smoothed 6 ) 2
23. Industrial materials prices©

L,L,L
UUL

Percent
1967=100...

1.23

2.08

231.0

293.0

Stock Prices:
*19 Stock prices 500 common stocks @

UUL

194143=10.

96.02

UUL
UUL

121.5

144.1

78.5
83.1
54.2

85.7
85.6
51.6

UUL
UUL

A.r., bil.dol.
do. . . .
do. . . .
do. . . .
Cents
1967=100...

UUL
UUL

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

194.1
121.5

222.3
128.8

227.7
127.5

238.8
131.3

NA
NA

4.9
3.0

NA
NA

3
3

Lg,Lg,Lg 1967=100...

194.0

214.0

221.1

227.5

235.8

2.9

3.6

6

Lg,Lg,Lg Dollars
Lg,Lg,Lg 1967-100...

1.020
164.1

1.115
175.4

1.152
179.9

1.182
185.2

NA
193.4

2.6
2.9

NA
4.4

6
6

75.7

75.8

76.0

76.4

NA

0.4

NA

6

0.66
0.67
0.97

0.60
0.71
0.95

0.36
0.50
0.79

0.41
0.60
0.65

-0.02

do

222.5
C64.4

215.6
846.2

211.4
834.0

206.3
816.5

198.6
801.3

C,Lg,C

Ratio. . . . . .
do. . . .

6.125
1.273

6.330
1.310

6.390
1.322

6.460
1.332

6.505
1.328

UUL
UUL
UUL
L.L.L

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

Profits
16.
18.
79.
80
1 5.
26.

and Profit Margins:
Corporate profits after taxes
Corp. profits after taxes, 1972 dollars . . .
Corp. profits after taxes, with 1 VA and CCA . .
do
in 1972 d o t . . . .
Profits (after taxes) per dol. of sales, mfg.2 . . .
Ratio, price to unit labor cost, nonfarm bus

Cash Flows:
34 Net cash flow corporate
35. Net cash flow, corporate, 1972 dollars
Unit Labor Costs and Labor Share:
63. Unit labor cost, private business sector
68. Labor cost {cur. dol.) per unit of gross
domestic product (1972), nonfin. corp
*62. Labor cost per unit of output, mfg
64. Compensation of employees as percent of
national income2

UC,L
UC,L

Lg,Lg,Lg Percent

5.4
95.6

2.42

2.50

0.17

1.07

307.1

318.5

282.6

301.9

103.01 105.30 110.30 108.40

102.97

5.7
94.3

146.9

158.0

84.7
80.3
46.9

88.8
72.6
41.4

5.4
94.0

5.6
93.6

107.69 1 1 4 . 5 5

-7.8

4.6

-0.31
-3.9

6.4

NA
NA
NA
NA
NA

0.08

7.6
4.8
-9.6

-11.7
0.2
-0.4

93.1

190.2

193.5

196.6

1.7

1.6

B7. Money and Credit
Money:
85 Change in money supply (M1-B)2
102 Change in money supply (M2) 2
*104. Chg. in total liquid assets (smoothed6)2
105 Money supply (M1-B) 1972 dollars
*106 Money supply (M2) 1972 dollars
Velocity of Money:
107 Ratio GNP to money supply (M1-B)2
108. Ratio, pers. income to money supply (M2) 2 ..
Credit
33.
112.
1 13.
1 10.

Flows:
Change in mortgage debt2
Change in business loans2
Change in consumer installment debt2
Total private borrowino




UUL
UC.U

UUL
UUL
UUL

c.c.c

Percent. . . .
do. . . .
do. . . .
Bil do!

0.67
0.69

-1.18
-0.21

-0.10

0.73

0.81
0.66

1.22
1.42
0.68

199.7
800.4

197.8
800.0

198.2
803.5

1.337

1.330

1.316

48.24 23.63
73.96
NA
86.56
77.88
90.83
2.47 -38.96
2 9 . 9 3 -11.92
22.88
-4.28
14.27
NA - 2 3 . 8 2 -41.21
23.77 20.41
4 4 . 3 5 35.50
NA
3 4 6 . 6 3 358.07 295.83 364.03

1.08
1.02

-0.07
-1.0

0.

0.02

0.2
0.4

-0.007 -0.014

NA - 2 4 . 6 1
-41.43
NA -17.39

0.72

1.32

0 .61

NA
39.68
NA

0.05
0.10

-0.43
0.07

-0.14

0 .04

-2.4
-2.1

-3.7
-1.9

8
10
10
10
10

0.070 0 .045
0 .010 - 0 . 0 0 4

10
10

NA
-41.85
NA
NA

3
11
11
11

-3.92
34.21
-3.36
23.1

Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data1
Unit
•f

Timing
clanification3

Series title

Average
1978

fettntcfen*
Apr.

Ath n
1979

IstQ

2dQ

1979

1980

1980

May

1980

1

1980

4th Q

to
IstQ

IstQ
to
2dQ

1980

to
May

June

1980

Apr.
1980

May
to
June

1980

«
E
c

1980

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

UUL
UUL

Mil.dol
Percent, EOP

Bank Reserves:
93. Free reserves (inverted4}2©'.
94. Borrowing from the FederalReserve2®

L,U,U
L,lg,U

Mil.dol
do. . . .

Interest Rates:
119. Federal funds rate 3 ®.
.. .
114. Treasury bill rate2®
116. Treasury bond yields2®.
1 16. Corporate bond yields2®
117. Municipal bond yields2®
118. Mortgage yields, residential2®
67. Bank rates on short-term bus. loans2®
*109. Average prime rate charged by b@nks2®

L,Lg,Lg Percent
do.
C,lg,Lg
do.
C.Lg.Lg
do.
Lg,Lg,Lg
do.
U,Lg,Lg
do.
lg,lg,Lg
do.
Lg,Lg,Lg
do.
Lg.Lg.Lg

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

Outstanding Debt:
66. Consumer installment debt5
Lg,lg,Lg Bil.dol., EOP
*72. Commercial and industrial loans outstanding,
weekly reporting large comm. banks
Lg,lg,lg 'eil.dol
*95. Ratio, consumer install, debt to pars, income2. Lg,Lg,Lg i Percent

221.33 2 2 2 . 2 8 2 3 9 . 3 6
2.45

-679

872

7.94
7.22
7.89
8.98
6.02
9.75
9.80
9.06

NA

NA
NA

NA
NA

NA
NA

-1,131 -1,527 -1,715 -1,118 - 2 , 3 5 2
1,338
1,800
1,907
1,236
2,443

1,028

2.64

11.20
10.04
8.74

10.05
6.52

10.89
13.18
12.67

2.64

13.58
11.80

2.53

-888

15.05
13.46
11.15
12.99

12.69
10.05
10.02
12.03

17.61
14.00
10.83
13.36

10.98

7.20

8.23

7.95

8.63

7.59

NA
15.81
15.08

NA
15.67
16.40

12.43
17.75
16.32

13.45

11.99

19.77

16.57

NA 3 0 6 . 2 5 3 0 2 . 8 2

9.61

11.33

2 6 7 . 6 3 303.13 303.13 3 0 8 . 2 4

NA
NA

NA
NA

-1,464
236 -1,415

-114

NA
NA

-774
-792

NA
0.11

186
107

-1.51
-2.15
-0.42
-0.49

11 ,,8 5

-6.63
-4.85
-1.01
-1.75
-1.04
-1.46

-0.14

NA
-0.14

12.63

-3.20

-3.94

1.32

NA

-1.1

NA

1.7

-2.0

-0.21

0.
NA

4.0
-0.14

1.1
0.1
0.5

2.3
3.9
0.3
1.4

0.6
0.3
0.8
0.9
0.7

4.6
1.5
5.3
3.1
4.4

9.15
9.82

9.47
7.00
9.40

11.61

11.12
7,63

126.31 1 4 7 . 0 6 154.92 161.16 160.14 162.28 159.03 159.09
14.34
14.99
15.04
NA
14.78
14.57
NA
14.90

0.04

1.47
1.66
1.54
1.66
1.03

NA
NA

-597
-671

-2.36
-3.41
-1.13
-0.96
-0.28
NA
2.08

-0.08

NA
-0.6

NA

14
39
93
94

119
114
116
117
118
67
109

66
72
95

II. OTHER IMPORTANT ECONOMIC
MEASURES
B. Prices, Wages, and Productivity
B1. Price Movements
310.
320.
320c.
322.

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

Implicit price deflator, GNP
Consumer prices (CPI), all items®
Change in CPI, all items, S/A2
CPI, food

330.
331,
332.
333
334

Producer prices (PPI), all commodities®
PPI crude materials
PPI, intermediate materials
PPI capital equipment
PPI finished consumer goods

1

152.0
195.4
0.7
211.4

165.5
217.4
1.0
234.5

170.6
227.6
1.1
242.0

174.5
236.5
1.4
245.5

178.9
245.0
0.9
249.4

242.5
0.9
248.4

244.9
0.9
249.2

2 50 1 5

1.0
0.
0.3

do.
do.
do.
do.
do.

209.3
240.2
215.5
199.1
192.6

235.6
282.2
242.8
216.7
215.7

247.5
298.2
257.5
223.0
227.5

258.9
302.6
271.1
230.0
237.5

263.7
293.2
275.3
236.7
242.4

262.3
290.3
273.8
235.9
241.2

263.7
294.1
274.9
236.0
242.1

265.2
295.1
277.1
238.1
243.8

0.5
1.3
0.4
0.
0.4

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

247*6

2.5
3.6
-0.5

1.6
1.9

310
320
320
322

1.5
2.9
2.1

330
331
332
333
334

2.3

340

-3.1

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

do. ...

,

212.9

229.8

237.2

242.7

248.4

246.2

248.2

250.7

do
do. . . .
do. ... j
do. . . .

109.0
2?6.9
116.1
119.3

105.6
247.1
113.7
118.3

104.0
254.6
111.7
117.7

102.3
261.1
110.1
117.7

101.4
268.0
109.5
116.7

101.4

101.3

101.4

0.8
-0.1

1.0
0.1

2.3
-1.6

2.6
-1.4

0.

-0.9

2.6
-0.5
-0.8

341
345
346
370

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

Millions ....' i 100.42 102.91 103.75 104.19 104.70 104.42 105.14 1 0 4 . 5 4
do. . . . 1
96.94
97.80
94.37
96.54
97.66
9 6 . 8 9 97.15
96.99
Thousands. .
6,084
6,047
8,154
5,963
6,390
7,808 7 , 2 6 5
8,006
do. . . .
2,252
2,223
3,542 3,246
3,671
2,318
2,593
3,710
do. ...
2,236
2,213
2 , 2 3 5 2,271
2,534 2,670 2,596
2,600
do. ...
1,526
1,559
1,700
1,528
1,531
1,666
1,485
1,813

Total civilian labor force
Total civilian employment
Number of persons unemployed
Unemployed males, 20 years and over
Unemployed females, 20 years and over
Unemployed persons, 1 6-1 9 years of age

Labor Force Participation Rates:
451 . Males, 20 years and over 2
452 Females, 20 years and over2
453. Both sexes, 16-19 years of age2

Percent
do. . . .
do. . . .

79.8
49.6
58.0

79.8
50.6
58.1

'5 8 . 2

79.5
51.2
57.6

79.6
51.4
56.9

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

432.1
459.8
-27.7
331.0
303.6

497.6
509.0
-11.4
354.6
330.0

524.7
540.4
-15.7
368.7
342.9

538.4
561.3
-22.9
375.3
350.6

27.4

24.6

25.8

24.6

0.7
-0.2
12.2
13.1

5.4
22 .1

-0.6
-0.5
-1.8
Jl.l
-2.8

79.5
51.5
56.3

79.9
51.5
57.9

79.4
51.3
56.5

0.4
0.
1.6

11.9

1.6
-0.3

NA
579.0
NA
NA
353.1
NA

79.6
51.0

0.4
0.1
5.0

-0.5
-0.2
-1.4

-0.1

0.2
-0.6

0.5
-0.9
22.2
36.6
14.5

9.2
0.1
0.2
-0.7

441
442
37
444
445
446
451
452
453

D. Government Activities
01, Receipts and Expenditures
501 . Federal Government receipts
502. Federal Government expenditures
§00. Federal Government surplus or deficit3
51 1 . State and local government receipts
512. State and local government expenditures
51 0. State and local govt. surplus or deficit2

—

2.6
3.9
-7.2

1.8
2.2
-1.2

NA
3.2
NA
NA
0.7
NA

501
502
500
511
512
510

NA
NA
3.3

517
525
548
564

NA
NA
NA
NA
NA
NA

602
604
606
612
614
616

D2. Defense Indicators
517
625.
548
564.

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

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

10,360 11,132 11,325 13,246
5,157
5,356
5,159
6,149
3,467
3,284
3,623
3,875
99.0
108.3
114.6
119.6

NA 13,639 14,206
NA
7,572
NA
4,463 4,948
5,279
123.6

NA
NA
3,163

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

11,955 15,136 16,783 17,705
2,483
2,896
3,368
3,430
2 , 5 0 0 3 , 0 0 9 3,221
3,391
14,333 17,195 19,083 21,064
3,278
4,676 5,968
6,782
1,725
1,853
1,887
1,965

NA 18,468 17,678
NA
3,285
3,083
NA
3,571
3,620
NA 19,308 2 0 , 5 2 8
NA
5,185
7,191
NA
1,710
1,999

NA
NA
NA
NA
NA
NA

4.2
NA
6.7

MA
NA
-40.1

17.0
19.2

7.0
4.4

15.2

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

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




,

-4.3
-6.1

1.4
6.3
38.7
16.9

NA
NA
NA
NA
NA
NA

5.5
1.8
5.3
10.4
13.6

4.1

Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data1
Unit
of
measure

Series title

Percent change

Average

1979

2dQ
1979

;

3dQ

4th Q

IstQ

2dQ

1979

1979

1980

1980

1978

1979

30,204
37,922
-7,718
8,147
3,650
46,177
48,543
-2,366

35,514
43,953
-8,440
10,743
5,518
55,260
57,560
-2,301

45,514
52,881
-7,367
16,492
8,365
71,627
70,408
1,220

41,805
46,919
-5,114
14,263
7,225
65,667
62,935
2,732

42,815
50,885
-8,070
15,250
7,980
67,763
67,873
-110

47,198
54,258
-7,060
18,050
8,731
74,773
72,267
2,506

50,237
59,462
-9,225
18,407
9,524
78,305
78,555

1340.5
1899.5
1327.4
1305.1
929.5
6,180
4,285

1399.2
2127.6
1385.1
1458.4
972.6
6,401
4,449

1431.6
2368.8
1421.9
1624.3
994.8
6,494
4,512

1430.6
2292.1
1418.4
1572.2
996.6
6,512
4,536

1422.3
2329.8
1404.1
1601.7
993.0
6,460
4,510

1433.3
2396.5
1426.2
1640.0
993.4
6,494
4,501

1440.3
2456.9
1439.0
1683.1
996.2
6,509
4,502

3dQ
to
4th Q

4th Q
to
IstQ

IstQ
to
2dQ

1979

1st 0
1977

w

1980

1980

|
.
i

<£

II. OTHER IMPORTANT ECONOMIC
MEASURES-Con.
E2. Goods and Services Movements Except
Transfers Under Military Grants
Mil dol
Merchandise exports
do
Merchandise imports
2
do
Merchandise trade balance
Income on US investments abroad
do
..do
Income on foreign investment in the U.S. . ' . * ' . ' .
do
Exports of goods and services
'.1 . . .
do
Imports of goods and services
do
Balance on goods and services2

618
620
622
651
652
668
669
667

'

-250

54,708
65,583
-10,875
20,548
10,425
85,325
86,016
-691

NA
NA
NA
NA
NA
NA
NA
NA

6.4
8.9
9.6
10.3
-2,165 -1,650
2.0
11.6
9.1
9.5
4.7
9.0
8.7
9.5
-441
-2,756

NA
NA
NA
NA
NA
NA
NA
NA

618
620
622
651
652
668
669
667

A. National Income and Product
A1. GNPand Personal Income
50
200
213
224
225
217.
227.

GNPin 1972 dollars
A r bil dol . ..
GNP in current dollars
do
do . . . .
Final sales 1972 dollars
do
Disposable personal income current dollars
do
Disposable personal income 1972 dollars
A.r., d o l l a r s . . . . . :
Per capita GNP in 1972 dollars
do
Per capita disposable pers. income, 1972 dol. ..

1444.7
2520.8
1444.4
1737.4
998.5
6,514
4,502

1410.8
2523.4
1408.5
1754.0
984.2
6,348
4,428

0.5
2.5
0.9
2.6
0.3
0.2
0.

0.3
2.6
0.4
3.2
0.2
0.1
0.

-2.3

0.1
-2.5

1.0
-1.4
-2.5
-1.6

50
200
213
224
225
217
227

A2. Personal Consumption Expenditures
231.
233
238
239
230
232
236
237

861.7
9 0 0 . 8 9 2 4 . 5 921.8
915.0
925.9 935.4
936.5
913.6
138.2
147.1
150.2
146.7
146.7
145.4
144.8
146.9
128.3
332.7
343.3 349.1
348.1
3 4 4 . 1 3 4 9 . 2 355.1
354.1
349.1
4 2 8 . 3 4 2 3 . 5 426.1 4 2 9 . 9
390.8
410.8
433.6 437.0 436.3
1210.0 1350.8 1509.8 1454.2 1475.9 1528.6 1580.4 1629.5 1628.2
213.0
178.8
200.3
213.8
2 0 8 . 7 213.4
216.2
220.2
197.0
481.3
530.6
596.9
571.1
581.2
604.7 630.7 652.0 654.4
549.8
619.8
699.8 669.3
686.0
710.6
733.5 757.3
776.8

A.r.,bil.dol
do

Total, 1972 dollars
Durable goods 1972 dollars
Nondurable goods 1972 dollars
Services 1972 dollars
Total current dollars
Durable goods current dollars
Nondurable goods current dollars
Services current dollars

do
do
do
. .do
do

do

1.0
-0.1

1.7
0.9
3.4
1.3
4.3
3.2

0.1
-0.9
-0.3

0.8
3.1
1.9
3.4
3.2

-2.4

-11.8
-1.4
-0.2
-0.1

-10.5
0.4
2.6

231
233
238
239
230
232
236
237

A3. Gross Private Domestic Investment
241
243
30
240
242
245

200.1
186.9

.
.

... .do
. ..do

14.1

303.3
281.3

do
do
do

214.3
200.2

13.1

do

Total 1972 dollars
Total fixed investment 1972 dollars
Change in business inventories 1972 dol 2
Total current dollars
Total fixed investment current dollars
Chg in bus inventories current dol 2

351.5
329.1

215.2
205.5
9.7
387.2
369.0

217.2
204.9
12.3

373.8
354.6

221.7
203.5
18.1
395.4
361.9
33.4

214.2
207.1
7.1
392.3
377.8

207.7
206.3
1.4
387.2
381.7
5.6

203.2
202.9
0.3
387.7
383.0
4.7

187.3
185.0
2.3
366.9
355.2

-3.0
-0.4
-5.7
-1.3

11.7

-8.9

1.0

21.9

22.3

18.2

19.1

268.5
100.6
167.9
396.2
144.4
251.8

273.2

274.3
99.4

174.9
476.4
166.6
309.8

274.7
101.1
173.6
460.1
163.6
296.5

272.4
98.1
174.3
466.6
161.7
304 .9 .

273.1

98.6

174.6
435.6
152.6
283.0

175.6
477.8
162.9
314.9

277.1
101.1
176.0
501.2
178.4
322.8

280.0
104.3
175.7
517.2
186.2
331.0

280.6
106.6
174.0
527.0
192.5
334.5

1.5
3.8
0.2
4.9
9.5
2.5

98.4
88.2
10.3

108.9

119.9
102.3

128.7

1.7
2.0
0.
4.9
8.5

14.5

-2.2
-1.6
-1.1

0.1
0.3
-0.9

-7.8
-8.8

2.0
-5.4
-7.3

7.0

241
243
30
240
242
245

A4. Government Purchases
of Goods and Services
261
263
267.
260
262
266

256
257
255
252
253
250

Exports of goods and services, 1972 dollars . . .
Imports of goods and services 1972 dollars
Net exports of goods and serv 1972 dol 2
Exports of goods and services current dol
1 mports of goods and services, current dol
Net exports of goods and serv current dol 2

do
do
do
do

Total 1972 dollars
Federal Government 1972 dollars
State and local governments, 1972 dollars
Total current dollars
Federal Government current dollars
State and local governments, current dollars . . .

do
do

97.4

1.0
3.2
-0.2

3.2
4 .4
2.5

0.2
2.2
-1.0

1.9
3.4
1.1

261
263
267
260
262
266

A5. Foreign Trade

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

'

175.9
185.8
-9.9

97.9
11.0

207.2
217.5
-10.3

117.0
100.0

116.0
102.9

122.2
102.1

124.3
104.1

131.7
106.7

17.6

17.0

13.2

20.1

20.1

25.0

99.4
29.3

257.5
262.1

238.5
234.4
4.0

243.7
251.9

267.3
269.5

280.4
292.4
-11.9

308.1
321.7
-13.6

307.3
306.0
1.3

-4.6

-8.1

-2.3

-9.6

6.0
2.5
4.9
9.9
10.0
-1.7

-2.3
-6.8

4.3
-0.3
-4.9
14.9

256
257
255
252
253
250

A6. National Income and Its Components
220
280
282
286
284
288

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

do

do

. .

.do
do
do
do

1525.8 1724.3 1924.8 1869.0 1897.9 1941.9 1990.4 2 0 3 5 . 4
NA
1156.9 1304.5 1459.2 1411.2 1439.7 1472.8 1513.2 1555.2 1566.1
100.2
116.8
130.8
129.0
134.5
130.0
119.2
129.3 130.3
178.2
150.0
167.7
176.4
178.9
176.6
175.0
NA
180.8
24.7
94.0

25.9

26.9

27.3

26.8

26.6

27.0

27.0

27.3

109.5

129.7

122.6

125.6

131.5

139.2

148.1

156.8

276.1
230.7

324.6
253.0

363.9
275.9

362.2
266.0

374.3
274.6

367.3
281.9

351.9
281.0

346.6
279.2

65.0

72.0
-0.3

73.8
13.2

79. 2
15.8

85.9
12.7

70.3
14.0

59.7
10.0

64.4

2.5
2.7
3.2
-2.4

1.5
5.9

2.3
2.8
-3.3
-0.8

0.
6.4

NA
0.7
-8.3

NA
1.1
5.9

220
280
282
286
284
288

A7. Saving
290
295
292
298
293

Gross saving {private and govt }
Business saving
Personal saving
Government surplus or deficit2
Personal saving rate2

do
do
do
do
Percent

-19.5
5.0

4.9

4.5

5.0

5.4

4.3

3.5

1.7
3.7

NA
NA
82.9

NA
4.7

-4.2
-0.3

-15.1
-4.0
-0.8

-1.5
-0.6

7.9
-8.3

0.2

NOTE: Series are seasonally adjusted except tor those indicated by <§>, which appear to contain no seasonal movement. Series indicated by an asterisk {*} are included in the major composite indexes. Dollar values are in
current dollars unless otherwise specified. For complete series titles (including composition of the composite indexes) and sources, see 'Titles and Sources of Series" at the back of BCD. NA '-• not available, a = anticipated.
EOP = end of period. A.r. = annual rate. S/A = seasonally adjusted (used for special emphasis). IVA = inventory valuation adjustment. CCA = capital consumption adjustment. NIA = national income accounts.
1
For a few series, data shown here have been rounded to fewer digits than those shown elsewhere in BCD. Annual figures published by the source agencies are used if available.
7
Differences rather than percent changes are shown for this series.
3
The three-part timing code indicates the timing classification of the series a| peaks, at troughs, and at all turns: L = leading; C = roughly coincident; Lg = lagging; U = unclassified.
4
Inverted series. Since this series tends to move counter to movements in general business activity, signs of the changes are reversed.
s
End-of-period series. The annual figures (and quarterly figures for monthly peries) are the last figures for the period.
6
This series is a weighted 4-term moving average (with weights 1, 2. 2,1} placed at the terminal month of tine span.




NA
NA
28.7

NA
1.0

290
295
292
298
293

CYCLICAL INDICATORS
IA

I

COMPOSITE INDEXES AND THEIR COMPONENTS

Chart Al. Composite Indexes
(Now.) (Oct.)
P T

(JulyXKlay)
P

T

F T

(Dec,) (Nov.)
P T

(Nov.) (fe)
P

T

910. Index of twelve leading indicators'(series lt 3, 8, 12, 19, 20, 29, 32, 36, 92, 104, 10$L—^a

__

920. Index of four rougHy coincident indicators (series 41, 47, 51, 57)

930. Index of six lagging indicator? (series 62, 70, 72, 91, 95, 109)

1948 49 50 9i 9£ 53 S4 SS SS 57 58 Si 60 61 62 63 64 65 6S

7S 77 7B 79 1980

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

10




JULY 1980

ItCH

CYCLICAL INDICATORS
A

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart Al. Composite Indexes—Continued
(Nov.) (Oct.)

P

(July)(May)

T

P

T

(Aug.) (Apr.)

P

T

(Dec.) (Nov.)

(Apr.) (Feb.)

P

P

T

T

911 Marginal employment adjustments (series 1, 2, 3, 5)
--

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

d

100-

no-

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

940. Ratio, coincident index to lagging index "

"

2fT["

no-

1948 49 50 SI 52 53 54 55 56 57 58 99 60 61 62 63 64 65 66 67 §8 69 70 71 72 73 74 7S 76 77 78 79 1980
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.

JULY 1980



11.

CYCLICAL
A|

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A2. Leading Index Components
(July) (May)
P T

P

(flew.) (Mar.)
P
T

(Dec.) (Wow.)
P
T

T

1. Average workweek, production workers,

3, Layoff rate, manufacturing (per 100 employees-inverted scale)

8. New orders for consumer goo* and materials, 1972 dollars (tol. dol.)
L

32. Vendor performance, percent of companies reporting skmjldwte (percent)

Cu

20. Contracts and orders for plant and equipment,
1972 dollars (bit. dol.)

1948

4i

50

51

53

53

54

55

56

57

§8

S9 60

61

62

@3

64

65

66

67

68

69

70

71

72

73

74

7S 76

77

7S 79

Currant data for these series are shown on pages 61, 64, 65, and 66.

12




JULY

1980

BCII

COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A2. Leading Index Components—Continued
(Nov.) (Oct.)

P

(Juljf)(May)

P

T

I

(Aug.) (Apr.)

P

T

(Apr.) (Feb.)

P

(Dec.) (Nov.)

T

P

T

(Wov.) (Mar.)

P

T

29, flew building jepits, private housing unte Ondex: 1967=100).

36. Net change in inventories on hand and on order, 1972 dollars, smoothed1 (ann. rate, bil. dot.)

92. Change in sensitive prices, smoothed1 (percent)

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

L,L,L

19. Stock prices, 500 common stocks
(index: 194143=10)

106. Money supply-M2-in 1972 dollars (bil. dol.)

1948 49 50 51 52 53 54 55 56 57 58 59 60

61 62 63

64 65 66 67 68

69 70

71 72 7$

75 76 77 78 79 1980

1

This series is a weighted 4-term moving average (with weights 1,2,2,1} placed on the terminal month of the span.
Current data for these series are shown on pages 67, 68, 69, and 71.

JULY 1980



13

CYCLICAL
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A3. Coincident Index Components
(Nov.) (Oct.)
P
T

(July)(B3ay)

(Aug.)(Apr.)
P T

P I

(Dee,) (Nov.)
P
T

(Apr.)(Feb.)
F T

(NOT.) (Mar.)
P
T

41. Employees on nonagrJcuttural payrolls (millions)

cZc

51. Personal income less transfer jMtyments,

production, total (index: 1967=100)

Manufacturing and trade sales, 1972_dollars (bil. doL)

12

1©48 49 B6 51

S2 S3 §4

SS

56

57 S8 59 60

61 ©2 63

64 SB 66

67 68

71 72 73 74 75 76 77 78 79 1§80

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

14




JULY

1980

BCII

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued

Chart A4. Lagging Index Components
(Nov.) (Oct.)
P T

(July)(May)
P I

(Aug.) (Apr.)
P T

(Apr.) (Feb.)
P T

(Dec.) (Wow.)
P
T

(Mow.) (Mar.)
P
T

91. Average duration of unemployment (weeks—inverted scale)

70. Manufacturing and trade inventories, 1972 dollars
Lg,Lg,Lg

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

109. Average prime rate charged by banks (percent)
Lg,Lg,Lg

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

95. Ratio, consumer installment debt to personal income (percent)

1948 49

§0

51

§2

53

54

SS 56

57

58

S§

SO 61

Sa 63

64

0S

66

76 J7

78 79 1980

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

JULY

1980




15

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS

Chart Bl. Employment and Unemployment
(Aug.) (Apr)

P

(Dee.) (Nov.)

(Apr.) (Feb.)

T

P

T

P

(Nov.)

(Mir.)

P

T

T

| Marginal Employment Adjustments |
1. Average wotkweek, production Workers, manufacturing (hours)
41-

38 J

21. Average weekly overtime hours, production workers, manufacturing (hours)

2. Accession rate, manufacturing (per 100 employees)

A

^J\JU/\^

7

5. Average weekly initial claims, State unemployment insurance (thbusan^s-inverted scale)

nrr

3. Layoff rate, manufacturing (per 100 employees-inverted stijte) |LL,L|

3-

4. Quit rate, manufacturing (per 100 employees)
2-

1956

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80 1981

Current data for these series are shown on page 61.

16




JULY 1980

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart Bl. Employment and Unemployment—Continued
(Aug.) (Apr.)

P

(Dec.) (Nov.)

(Apr.) (Feb.)

T

P

P

T

(Nov.)

(Mar.)

P

T

T

| Job Vacancies]
60. Ratio, help-wanted advertising to number
of persons unemployed (ratio)

0.60.2200-1
175-

46. Help-wanted advertising findac 1%7=100)

^

_\

s

125100«

ISO*

[Comprehensive Employment|

ISO-

48. Employee-hours in nonagricuttural establishments |i
!
(ann. rate, bil. hou5)

159-

140"

95-

70 -

272625242322-

,f

40. Employees in goojds-{yodudng industries-^minm^,
manutactunng, construction (millions)

A/N
1956 57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

21-

75

76

77

78

79

80 1981

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

ltd*

JULY 1980



17

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Continued

Chart Bl. Employment and Unemployment—Continued
(Aue-)(Apr.)
P T

(Dee.) (Wow.)

(Apr.) (Feb.)
P
T

(Now.)
P

T

| Comprehensive Employment-Con.|

90. Ratio, civilian employment to toy population of writing age (percent)

[Comprehensive Unemployment]
37. Number unemployed, total (miiiofts—inverted scale)

43. Unemployment rate, total (percent-invetted scale)

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

91. Average duration of unemployment (weeks—inverted scab)
. v^^/lL-

£

J8-

44. Unemployment rate, persons unemployed 15 weeks and over (percent—inverted scale)

wy

ss

st

60

@i

§g

66

67

68

69

70

71

72

73

74

78

76

77

78

79

Current data for these series aro shown on page 62.

18




JULY 1980

ItCII

CYCLICAL
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

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

(Apr.) (Feb.)
P
T

(Dec.) (Now.)
P
T

(Now.)

(Mar.)
T

| Comprehensive Output and Income |
50. GNP in 1972 dollars, Q (ann. rate, bil. dd)~

T

52. Personal income in 1972 dollars (ann, rate, bit. dol.)
OCX

51. Personal income less transfer payments in 1972 dofe
(ann. rate, bil. dol.)

53. Wages and salaries in mining, manufacturing, and
construction in 1972 dollars

1956 57

58

59

60

61

62

63

64

66

67

68

69

70

71

72

73

Current data for these series are shown on page 63.

BCI»

JULY 1980



19

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B2. Production and Income—Continued
(Apr.) (Feb.)
P
T

Ate) (Apr.)
P T

(Dee.) (Nov.)
P
T

I Industrial Production]
47. Industrial produdiontjotal.,fnteJ967=1

74. Industrial production, nondurabfejnanufadures
(Wee 1967=100)

73. Industrial production, durable manufactures
(index: 1967=100)

I Capacity Utilization |
83. Rate of capacity utilization, manufacturing (BEA), Q (percent)

82. Rate of capacity utilization, manufacturing (FRB), Q (percent) [-j^Ty]

A_A

^

90-

•K

>v.

c3

X^:

7(H

84. Rate of capacity utilization, materials, Q (percent)

1956

§7

58

39

60

61

62

63

64

63

66

67

68

70

71

72

73

74

75

76

77

78

79

80 1981

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

20




JULY 1980

KCIt

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B3. Consumption, Trade, Orders, and Deliveries
(Apr.) (Feb.)
T

(Aug.) (Apr.)
P T

(Dec.) (Nov.)
P
T

(Nov.)
P

(Mar.)
T

[Orders and Deliveries|

7. New orders, durable goods industries, 1972 dollars
(bil. dol.) ^—-*— " - —

6, New orders, durable goods industries,
currant dollars (bil. dot.)
8. New orders for consumer go&dajiad
in 1972 dollars (bil. dol.)

25. Change in unfilled orders, durable goods industries
(bil. dol.; MCD moving avg.~4-term)

220'

96. Manufacturers' unfilled orders! durable goods industries

<by. dd.)

3Z Vendor pefformance, percent of companies
reporting slower deliveries (percent)

I9S6 97

98

59

60

61

62

63

64

65

66

Current data for these series are shown on page 64.

BCII

 JULY 1980


21

CYCLICAL
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Continued

Chart B3. Consumption, Trade, Orders, and Deliveries—Continued
(Aug.) (Apr.)
P
T

(Dec.) (Nov.)

(Apr.) (Fell.)
F T

(Nov.)

(Mar.)

T

I Consumption and Trade]

56. Manufacturing and trade sates in current dollars-*-v'
(bil-dol.)

57. MamifachiriiK

75. Industrial production, consumer goods
(index: 1967=100)
C.L.C

54. Sates of retail stores in current dollars (Ml dot)-*

'.*,
59. Sales of retail stores in 1972 dollars bit dol.)

55, Personal consumption expenditures, autamoWte, Q
(ann. rate, bil dol.)

58. Index of consumer sentiment (1st Q 1966=100)

73

74

75

7®

77

78

79

80 1981

Current data for these series are shown on page 65.

22




JULY 1980

BCII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B4. Fixed Capital Investment
(Aug.) (Apr.)
P
T

(Dec.) (Nov.)
P
T

(Mow.)

(Mar.)
T

I Formation of Business Enterprises]
12. NetMsinessJomrajion (index: 1967=100)

|L.M

13. New business incorporations (thousands)

LU

[Business Investment Commitments|
20. Contracts and orders for plant and equipment
in 1972 dollars (bit. doL) , X. 1777

10. Contracts and orders for plant and equipment
in current dollars (bit. dcil}

21. Manufacturers' new orders, capital goods industries,
nondefense, in 1972 dollars (bil. dol.) X

24. Manufacturers' new
noodefehse, in current

.

m
^

i

(mil. sq. ft of floor area; MCD moving avg.-S-term)1

195© 57

Si

62

70

71

1

This is a copyrighted series used by permission; it may not be reproduced without written permission from McGraw-Hill Information Systems Company, F.W. Dodge Division.
Current data for these series are shown on pages 65 and 66.

BCII

 JULY 1980


23

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Continued

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

P

(Apr.) (Feb.)

F

1

(Dec.) (Nov.)

(Nov.)

1

F

[Business InvestmentjCommitments—Con.|

11. New capital appropriations, manufacturing, Q (bil, dol.)

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

[Business Investment Expenditures!

69. Machinety and equipment sates and business
construction expenditures (ami rate, bit. dol.)

76. Industrial production, business equipment
(index: 1967=: 100)

S?

Si

59

§0

61

62

63

§4

^^

77

7S

79

§© 1981

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

24




JULY

1980

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B4. Fixed Capital Investment—Continued
(Aug.) (Apr.)
P
T

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)
P
T

(Nov.)
P

(Mar.)
T

I Busihess Investment'8 Expenditures—Con.|
Ndnresidential fixed jjiv^tnient in 1972 dolteis^J|J^arijv rate, fail- j
86. Total. 0

10® «

88. Producers' durable equipment. 0

I Residential Construction Commitments and Investment!
28. New private housing units started,

fun

,

2.01.8-J

1.0-

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

100-

89. Residential fixed investment, trial, in 197?
(ann. rate, fail, dol.)

70-1)

50-

1956

57

§8

59

60

61

62

63

64

6§

66

S7

Current data for these series are shown on page 67.

KCII

 JULY 1980


25

INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B5. Inventories and Inventory Investment
(Aug.) (Apr.)

P I

(Apr.) (Feb.)

F

(Bee.) (Nov.)

T

P

(Nov.)

(Mar.)

P

T

T

I Inventory Investment |
30. Change in business inventories, 1972 (tolas, Q (ana rate, M. dol)

ILL L|

Net change in inventories on hand and on order. 1972 defers
(ana rate, bil. dol.; moving avg.—4-term1)

31. Change in book value, manufacturing and trade inventories
(ana rate, bil. dol.; MCD moving avg.-64erm)

^
^
^
^
^

+4<

38, Change in stocks of materials and supplies on hand and on ondef,
manufacturing (bit dol; MCD moving avg.—4-ferm)

74

75

1

This series Is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data for these series are *hown on page 68.

26




JULY 1980

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B5. Inventories and Inventory Investment—Continued
(Dec.) (Nov.)
P
T

(Nov.)

(Mar.)
T

nvetttories on HancNand on Order

71. Book value, manufacturing and trade inventories,
current dollars (bii. dd)

70. Manufacturing and trade inventories, 1972 dollars (bil. dd)

61 Book value of manufacturers' inventories
of finished goods (bil. dol)

77, Ratio, deflated inventories to sates, manufacturing and trade
(rafo)

I

78. Stocks of materials and supplies on hand and on order
manufacturing (bil. dol.)

195©

57

58

59

60

61

62

S3

$4

65

66

69

70

71

72

73

74

7S

Current data for these series are shown on page 68.

JULY 1980




27

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Continued

Chart B6. Prices, Costs, and Profits
(Aug.) (Apr.)
F T

(Sac.) (Wow.)
P
T

(Apr.) (Fab.)
F T

(Now.)
F

(Mar.)
T

I Sensitive Commodity Prices
9Z Ctiange in sensitive prices (percent; moving avg.-toenn1)

]

23. Industrial materials prices (index: 1967=100)

19. Stock prices, 500 common stocks (index: 194143=10)

16. Corporate profits after taxes, current dollars, Q
(ann. rale, bil. dd)

[Profits and Profit Margins]

18, Corporate profits after taxes, 1972 dollars, Q
{gnn. rate, bil. dol.)

profits after taxes with IVfl and CCA.
Q (ann. rate, bil. do),)

79. Corporate profits after taxes with fVA and CCA,
current dollars, Q (ami. rate, bitdoL) (TTT

S7

88

64

§5

66

67

68

69

71

72

74

75

76

1

This series Is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data for these series are shown on page 69.

28




JULY 1980

ItCII

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

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

P

(Dec.) (Nov.)

(Apr.) (Feb.)

T

P

P

T

(Nov.)

(Mar.)

P

T

T

| Prof its and Profit Margins—Con.]
22. Ratio, corporate profits (after taxes) to total corporate domestic
income, QJmart)

8L Ratio, corporate pmfrts (after taxesX.with Jnveatory valuation aod
capital consumption adjustments to total corporate domestic income,
Q (percent)

•

ILrnanufaduring corporations, Q (cents)

$ (index: 1967=100)

35. Net cash flow, corporate, in 1972 dollars, Q
(ann, rate, bil. doL)
\

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

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

JULY 1980




29

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

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

(Nov.)
P

(Dee.) (Now.)

(Apr.) (Pet)
F T

P

T

(Mar.)
T

I Unit: Labor Costs and Labor Share I

63. Unit labor cost, private business sector, Q
(index: 1967-100)

68. labor cost (current dollars) per unit of gross domestic product
(1972 dollars), nonfinantial corporations, Q (dollars)

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

_,
64. Compensation of employees as a percent of national income, Q (percent)

70-

7

m

m

i©

31

6t

S3

71

72

75

7©

Current data for these series are shown on page 70.

30




JULY 1980

ItCII

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

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

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)
P
T

(Nov.)
P

(Mar.)
T

85. Change in money supply Ml-B
lUU-l
(percent; MCD moving avg.—6-term) J
. M
t ;
- •"*••*'*
r,
!!K'-' **+r*%~jr r*t" jr * ?''

^ ^^
p ^|
"• '•-'-—1CtC-'f~1~

,•

i

"——*"*"* -"*^ " ^-^——•«!

*«—r —*-

-. --^*

**<>f

—w^a-W*-,*.*^-*^,

Mflf

102. Change in money supply M2
_ (percent; MCD moving avg.-6-tenn) L,C,U

104. Change in total liquid assets (percent; moving ayg.--4-tefml)

105. Money supp*y-Ml-B»in 1972 dollars (bi, do!.)

106. Money supply-M2-in 1972 dollars (bil. dol.)

1
This series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
Current data for these series are shown on page 71.

JULY

1980




31

B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS-Continued

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

P

T

(Dae.) (Nov.)
P
T

(Apr.) (Feb.)

P

I

(Nov.)
P

(Kar
T

[Credit Flows|

33. Change in mortgage debt (ann rate, bit. do!,)

LlL

112. Change in bank loans to businesses (ana rate, nl. dol.; <
MCD moving avg.—6-term)
~ —-;-

- .*--=-.-.

- -J*j*+i\-. -ji^y^^---, H-yf
3^ J 'W^, T^M^
\7;ji r.i

113. Change in consumer installment debt (arm, rate, btl. dd)

LLL

110. Total private borrowing, Q (ann. rate, bil. dol.)

LI

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

32




JULY

1980

BCII

B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

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

P

(Apr.) (Feb.)

T

P

T

I Credfr Difficulties]
•!

(Dec.) (Nov.)
P
T

(Nov.)
P

(to.)
T

14. Current liabilities of business failures (mil. doLinverted scale; MCD moving avg.-6-term)

39. Delinquency rate, 30 days and over; consumer installment loans
(percent-inverted scale)

93. Free reserves (biL dot,—inverted scale)

94. Member bank borrowing from
the Federal Resene (Ml. dd.)

Current data for these series are shown on page 72.

BCII

JULY 1980



33

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

Chart B7. Money and Credit—Continued
(Nov.)

(Aug.KAp:.)

P

T

P

I

I

(Kar.)

P

T

I Interest Rates I

119. Federal funds rate (percent)

\

114. TnMiy bill rate

-,,

116, Corporate bond yidds (percent)

115. Treasury bond yfekfs'(percent)
Clel

.
94 c

W

B8

Si

6©

SI

62

63

§4

6S

78

79

80 1981

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

34



JULY

1980

CYCLICAL INDICATORS
B

I

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued

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

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)
P
T

(Wow.)
P

(Mar.)
T

[Interest Rates—Con.
19-

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

109. Average prime rate charged by banks (percent)

[Outstanding Debt;
66, Consumer installment debt (btl. dol.)

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

consumer installment debt to personal income (percent)

12101956

57

58

59

30

61

62

63

@4

1981

Current data for these series are shown on page 73.

 JULY 1980


35

DIFFUSION INDEXES AND RATES OF CHANGE

Chart Cl. Diffusion Indexes
(Aug.) (Apr.)

P

T

(Apr.) (Feb.)

P

(fc)

(Dee.) (Nov.)

P

T

T

P

T

[Percent rising
950. Twelve leading Indicator components ((HTTP, span—*,

»)e

_-.

j

coinckiait indicator components (6-mo. span—^», 1-mo. span—)

., _s

„—jU-Uiii—.-4 iiin.-fij 4U-—«—il-Ai

952. Six lagging indicator OKnfwnente J,^-^n^^l-»^^ -j-_~)

961. Average workweek, productton workers, manufacturing-20 industries (9-mo. span-«, 1-nxi. span—)

_. _j_ _—^- ^ . .^K_- ^

s

—_l__*.-^^», '—*

-•

Ft

1

--..- — —aas.™--. .;

-t_—,

1

-J-—i—>

;;

:

*

:.— — —Lij- -

962^ Initial claims, Jtate_unOTplo]/m^

Current data for these series are shown on page 74.

36




JULY 1980

ItCII

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart Cl. Diffusion Indexes—Continued
(Aug.) (Apr.)
P
T

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)
P
T

(Nov.)
P

(Mar.)
T

964. New orders, durable goods industries—35 industries (9-mo. span—, i-mo. span—)

965. Newly approved capital appropriations, deflated—17 industries (4-Q moving avg.—~, 1-Q span

71

966. Industrial produdion-24 industries (6-mo. span—, 1-moi span—)

967. Industrial materials prices-43 industrial materials (9-mo. span-*—, l*ma span—)

968. Stock prices, 500 common stocks-53-82 industries (9-mo. span^-, 1-mo. span—)

960. Net profits, manufacturing—about 700 companies1 (4-Q span)

X

v
1956 57

30*

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

8@ 1981

1

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.

 JULY 1980


37

CYCLICAL INDICATORS
C I

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart Cl. Diffusion Indexes—Continued
(Bee) (Now.)
P
T

(Nov.)

(Dec.) (Now.)
P
T

(Mar.)

P

T

(Nov.)

Percent rising

970. Business expenditures for new plant and
equipment-18 industries (1-Q span)
974. Humber of employees, |;'manufacturing and trade (4-Q span)1

975.^ Level ot inventories, manufacturing and trade (4-Q span)1

(a) Actual

971. New orders, manufacturing (4-Q span)1

976. Selling prices, manufaduring (4-Q span)1

wn<i

rtH

977. Selling prices, wholesale trade (4-Q span)1

972. Net profits, manufacturing and trade (4-Q span)

mSil-

SfH

b« ••'

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

§73. Net sates, manufacturing and trade (4-0 span)1

100"

90-

1969

70

71

1

73

73

74

7§

76

77

78

79 1980

1969

70

71

72

Thts Is a copyrighted series used by permission; it may not be reproduced without written permission from Dun & Bradstreet, inc.
surveys of about 1,400 business executives.
Current data for these series are shown on page 76.




38

73

74

75

76

77

78

79 1980

Dun & Brads'ireet diffusion Indexes are based on

JULY

1980

KCII

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE—Continued

Chart C3. Rates of Change
(Aug.) (Apr.)

P

(Apr.) (Feb.)

T

P

(Nov.)
P

(Dec.) (Nov.)

T

P

T

.

(Mar.)
T

Percent changes at annual rate
910c. Composite index of twelve leading indicators
(series 1, 3, 8, 12, 19, 20, 29, 32, 36, 92, 104,
<*>20*

+10=

-2tH

920c. Composite index of four roughly coincident indicators

(series 41, 47, 51, 57)

'

l

*

*—

930c. Composite index of six tagging indicators
(series 62, 70 72, 91, 95, 109)
—hi

50c. GNP in constant (1972) dollars (1-Q span)

47c. Index of industrial production

48c. Employee-hours in nonagricultural establishments

i 11 i iil J
51c. Personal income less transfer
payments in 1972 dollars

1956 57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80 1981

NOTE: Data for these percent changes are shown occasionally in appendix C. The "Alphabetical Index—Series Finding Guide" indicates the latest issue In which the data for each series
were published.


JULY 1980


KCII

39

A

I

NATIONAL INCOME AND PRODUCT

Chart Al. GNP and Personal Income
(Aug.) (Apr.)

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)

P I

P

T

(Wow.)

(Mar.)

P

T

200. GNP in current dollars, Q (ann, rate, bil. dot)

223. Personal income in current dollars
(ann. rate, b| dpi,)

224. Disposable personal income in current
dollars, Q (ann. rate, bil. dot)

. Disposable personal income in 1972
Hollars 0 (ann. rato. tal .doU
217. Per capita GNP in 1972 ckiats (ann. rate, thotis. doll

fof capita dfeposabte personal tone in
1972 dollars, Q (ann. rate, thous. dol.)
57

Si

Si

60

©1

i
t

ii

84

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


40


JULY 1980

NATIONAL INCOME AND PRODUCT-Continued

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

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)
P
T

(Nov.)

(Mar.)
I

Annual rate, billion dollars (current)

m

S3

Si

@©

Si

§2

63

64

Current data for these series are shown on pages 80 and 81.


JULY 1980


ItCIt

41

OTHER IMPORTANT ECONOMIC MEASURES
IA

I

NATIONAL INCOME AND PRODUCT-Continued

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

(Apr.) (Feb.)
P
T

(Nov.)

(Dee.) (Nov.)
T

(Mar.)
T

Annual rate, billion dollars (current)

Gross private domestk; investment-

245. Change in business inventories, Q

Annual rate, billion dollars (1972)

14J*

N

243, Total fixed investment, Q

189 •

+39T

+20-

-20"
1956

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80 1981

Current data for these series are shown on page 81.

42




JULY

1980

KCII

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

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)
P
T

(Nov.)
P
' " If

(Mar.)
T
T

Annual rate/billion dollars (current)

Annual rate, billion dollars (1972)

267. State and Joca! governments, Q

X

1956

57

58

59

60

61

62

63

64

69

66

67

68

69

70

71

72

73

74

75

76

77

78

79

1981

Current data for these series are shown on page 81.

AW
 JULY 1980


43

NATIONAL INCOME AND PRODUCT-Continued

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

(tee,) (Key.
P
T

(Apr.) (Feb.)
P I

P

T

Annual rate, billion dollars (current)

252, Exports of goods and services, Q

253. Imports of goods and services, 0

250. Net exports of goods and services, Q

| Annual rate, billion dollars (1972)]

256, Exports of goods and services, Q

257. Imports of goods and services, Q
43-

/ m

255. Net exports of goods and services, Q

1956

S7

m

S9

©0

i
l

62

©3

64

6S

67

68

71

72

73

74

7$

7®

77

78

Current data for these series are shown on page 82,

44




JULY 1980

BCII

NATIONAL INCOME AND PRODUCT—Continued
Chart A6. National Income and Its Components
(Aug.) (Apr.)
P
T

(Apr.) (Feb.)
P
T

(Nov.)
P

(Dec.) (Nov.)
P
T

(Mar.)
T

Annual rate, billion dollars (current)

280. Compensation of employees, Q

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

288. Net interest, Q

282. Proprietors' income with inventory valuation
~~ WcapffaTcoh^mpfKki

RenETmcome of pefsons'wrth capital
consumption adjustment, Q

1956

57

58

Si

60

SI

62

63

§4

65

$6

67

68

69

70

71

72

73

74

75

76

7J

79

80 1983,

Current data for these series are shown on page 82.

JULY

1980




45

OTHER IMPORTANT ECONOMIC
NATIONAL INCOME AND PRODUCT-Continued
Chart A7. Saving
(Aug.) (Apr.)
P
T

(Apr.) (Feb.)
P I

(Dec.) (Nov.)
F
T

(Nov.)
P

(Mar.)
T

Anmtal rate, billion dollars (current)

290. Gross saving (private and government), Q

298. Government surplus or deficit. 0

97

98

99

60

61

62

63

64

09

66

67

68

69

70

71

72

73

74

75

76

77

78

79

i®

19S1

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

46



JULY 1980

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
A

NATIONAL INCOME AND PRODUCT—Continued

Chart A8. Shares of GNP and National Income
(Aug.) (Apr.)

P

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)

T
,_

P

T

(Wov.)

(Mar.)

P

T

Percent

[Percent of GNP 1

235. Personal consumption expenditures, Q

268. State and localf government purchases
of goods and ^ervicei Q
265. Federal Government purchases of goods and services, Q

! \

243. Presidential fixed investment, Q
249. Residential fixed investment, Q
li ^247. Change in business inventories, Q
and services, Q

251. Net exports •

I PerQent of National Income]
64. Compensation of employees, Q

7S-

65-

283. Proprietors' income with inventory valuation
and capital consumption adjustments, Q
\f~~--

'i :

""" •>--" V:

- :" "'

;;—:--=^~--.~-

^-:.::.:;
T . :.:..:::

i§*

T$f.r. Corporate profits with inventory valuation and

;j_.

capital consumption adjustments, Q

289. Net interest, Q

285. Rental income of person$ with capital consumption adjostment

1956

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80 1981

Current data for these series are shown on page 83.

BCII

JULY 1980



47

B I

PRICES, WAGES, AND PRODUCTIVITY

Chart Bl. Price Movements
(Bee.) (Nov.)
P
I

(Now.)
p

(Des.) (Now.)
P
T

Index: 1972=1001

(Nov.)
P

310c Implicit price deflator, „£
GNP (1-Q span)

310, Implicit price deflatorr.GMEr4.

Mfl'
»

311e. Fixed-weighted price ;i
product (1-Q span)

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

L50<=]
ws4

Producer prices—

16-month spans |
All commodities

Index: 1967= 100|

i
J

Producer prices—
330. All cormnodtties

l

389^
2S(oK
»
?4Q4
?20^SO-

J3L ikude.nmleriab.

332. Intermediate materials

333, Capital equipment

334, Finished consumer goods
334c, Finished consumer goods

71

72

73

^4

7S

76

7^

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


48


JULY

1980

IICII

B

PRICES, WAGES, AND PRODUCTIVITY-Continued

Chart Bl. Price Movements—Continued
(Aug.) (Apr.)
P T

(Dec) (Nov.)

(Apr.) (Feb.)

P

T

P

T

(Nov.)

' P

(Mar.)

T

320c. All items (6-month span)

Chart B2. Wages and Productivity

345. Average hourly compensation, all employees^
nonfarm business sector, Q (current dollars)

340. Average hourly earnings of production workers,
private nonfarmci*<»aB.i__ ijt^l>--^--w _ dollars)1
economy (current d - - --ads.-.
i
r

X

346. Real average hourly compensation, all employees,
nonfarmj)uiiness sector, Q
N.

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.


JULY 1980


IECII

49

IMPORTANT ECONOMIC MEASURES
B

PRICES, WAGES, AND PRODUCTIVITY—Continued

Chart B2. Wages and Productivity—Continued
(Aug.) (Apr.)
T

(Now.)
P

(Dec) (Nov.)
P
T

(Apr.) (Feb.)
P
T

Change in average hourly earnings of production
witters, private nonfami economy1 —

(Mar.)
T

6-month spam (ana rate)

340c. Current-dollar earnings

Change in average hourly compensation, all employees,
nonfarm business sector, Q—

346c. Real compensation
1-quarier spans (ann, rate)

Negotiated wage and benefit decisions, all industries—
348. First year average changes, Q (ana rate)^-

$

349. Average changes over life of
contract, Q (ann, rate)
| Productivity]
370. Output per hour, aH persons,
private business sector, Q

par hour, all persons, norrfarm business sector, Q

370c Change in output per hour, private bosjr>ess sector, Q

1956 57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80 1981

2
'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 to the annuallzed 6-month changes. See the current data table for actual 1-month percent changes.
Current data for these series are shown on pages 87 and 88.




50

JULY 1980

OTHER IMPORTANT ECONOMIC MEASURES
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
Chart Cl. Civilian Labor Force and Major Components
(Aug.) (Apr.)

(Dec.) (Nov.)
P
T

(Apr.) (Feb.)

P I

P

T

(Nov.)

(Mar.)
T

441 Civilian labor force, total (millions)

442. Total employed (millions)

Labor force participation rates (percent)—
451. Males 20 years and over

453. Both sexes 16-19 years of age

452. Females 20 years and over

Number unemployed (millions)—
37. Total unemployed

444, Males 20 years and over
445. Females 20 years

446. Both sexes 16-19 years of age

6-

447. Number unemployed, full-time

9-

workers (millions)

part-time for economic

3-

1956

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

7§

76

77

7S

79

80

1981

Current data for these series are shown on page 89.

BCII

JULY 1980



51

£) I

GOVERNMENT ACTIVITIES

Chart Dl. Receipts and Expenditures
(Aug.) (Apr.)
IP T

(fee.) (Nov.)

(Apr.) (Feb.)
P
T

Annual rate, billion dollars (current)]

502. Federal Government expenditures, Q

500. Federal Government surplus or deficit, Q

511. State and local government receipts, Q

512. State and local government expenditures, Q
ICfl

510. State and local government surplus or deficit Q

31
1SB0

97

S8

59

60

61

§2

63

64

6S

66

67

68

69

70

73

74

79

7©

77

78

79

80

+30

1981

Current data for these series are shown on page 90.

52




JULY 1980

H J
1
KCII

GOVERNMENT ACTIVITIES—Continued

Chart D2. Defense Indicators
(Aug.) (Apr.)

P

(Apr.) (Feb.)

T

P

T

(Dec.) (Nov.)

P

T

(Nov.)

(Mar.)

P

T

[Advance Measures of Defense Activity!
517, Defense Department gross obligations incurred
(fail, do!,; J/ICDjnoviri

525. Defense Department military prime contract awards
(bit. do!.; MCD moving avg.-6-term)

543. Defense Department gross unpaid obligations outstanding (bil. dol.)

548. Manufacturers' new orders, defense products
(bil. dol.; MCD moving avg.-6-term)

Current data for these series are shown on page 90.

 JULY 1980


53

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

(Apr.) (Feb.)
P
T

(Osc.) (Nov.)
P
T

(Nov.)

(Mar.)

[Intermediate and Final Measures of Defense Activity]
557. Output of defense and space equipment (Jndac 1967=100)

559. Manufacturers' inventories, defense products (b!L ;dol.)

561. Manufacturers' unfilled orders, defense products (bil. dpi.)

580, Defense Department net outlays, military functions and military

Manufacturers'shipments, defense products
(bit. do!.; MOD moving avg.-4-term)

57

SS

SB m

ii

@2

§:

Current data for these series are shown on page 91.

54




JULY

1980

!!€!»

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

(Dec.) (Nov.)

(Apr.) (Feb.)
P
T
"••If

P

T

(Now.)

(Mar.)

P

T

|Intermediate and Finll Measured of Defense Activity—Gon7|
570. Employment in defense products industries (millions)

Defense Department personnel (millions)—
577. Military, active duty

578. Civilian, direct hire employment

[National Defense Purjcnasesl
564. Federal Government purchases of goods and services for national
defense, Q (ann. rate, oil. dol.)

<50<

565. National defense purchases as a percent of GNP, Q (percent)

19S6

57

SS

39

60

61

62

S

60

70

Current data for these series are shown on page 91.

KCII

JULY

1980




55

U.S. INTERNATIONAL TRANSACTIONS

Chart El. Merchandise Trade
(Aug.) (Apr,)

P

T

(Apr,) (Feb.)

P

(Dee.) (Nov.)

T

P

(Nov.)

T

602. Exports, excluding military aid shipments
(bil, dd; MCD moving avg.-5-term)

604. Exports of agncutural products,
total (bil. dol.)
606, Exports of nonelectrical machinery (bit dol.)

\

612. General imports (bil, dd; MCD moving avg.-4-term)

614. Imports of petroleum and petroleum products (bil. dol,)

616. Imports of automobiles and parts (bil. dol.)

Current data for these series are shown on page 92.

56



JULY 1980

ItCII

U.S. INTERNATIONAL TRANSACTIONS—Continued

Chart E2. Goods and Services Movements
r.)
P

T

(Apr.) (Feb.)
P
T

(Dec.) (Nov.)
P

T

Annual rate, billion dollars

Excess of receipts
Excess of payments

Goods and services—

667, Balance on goods and services, Q

Merchandise, adjusted—
622. Merchandise trade balance,
618. Exports, Q-

Investment income—
651. Income on U.S. investments abroad, Q
investments in the U.S., Q

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

KCII

JULY 1980



IMPORTANT ECONOMIC MEASURES
F I

INTERNATIONAL COMPARISONS

Chart Fl. Industrial Production
(Aug.) (Apr.)
F T

(Apr.) (Feb.)
P T

(Dec.) (Nov.)

P

T

(Nov.)

(Mar.)

P

I

[index: 1967==ioo|
Industrial production—

721. OECD European countries

Current data for these series are shown on page 94,

58




JULY

1980

ICO

OTHER IMPORTANT ECONOMIC MEASURES
F I

INTERNATIONAL COMPARISONS-Continued

Chart F2. Consumer Prices
(Dec)
P

(Nov.)

(Mar.)

P

Chart F3. Stock Prices

T

T

(Dec.) (Nov.)
P
T

6-month spans

Percent changes at annual rate
Consumer prices—

7©

71

72

73

(Nov.)

(Mar.)

P

T

Stock prices19. United States

74

75

7S

77

7i

?i

77

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

ItCII

JULY

1980




59

CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS

Q COMPOSITE INDEXES
|

Year
and
month

910. Index of
12 lead ing indicators (series
1,3,8, 12,19,
20, 29, 32, 36,
92, 104, 106)

(1967-100)

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

(1967-100)

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

(1967=100)

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

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

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

916. Profitability (series
19, 26, 80) '

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

(1967-100)

(1967-100)

(1967=100)

(1967-100)

940. Ratio,
coincident
index to
lagging index 1

(1967-100)

(1967-100)

1978

January ,
February
March ..

139.1
140.3
140.3

134.0
135.0
136.9

134.1
135.9
137.2

97.6
97.2
98.3

115.4
115.9
115.0

104.8
105.9
106.3

90.9
89.4
90.4

148.5
148.0
147.4

99.9
99.3
99.8

April
May ....
June

141.5
141.8
142.5

139.3
139.5
140.1

137.8
140.0
142.0

99.0
98.0
97.8

114.9
115.0
116.1

106.9
107.2
106.9

92.1
93.8
94.1

147.5
147,8
148.5

101.1

July ....
August
September

141.2
142.0
142.9

140.5
141.4
141.4

143.5
144.5
146.4

97.4
97.3
98.5

115.5
115.4
116.0

105.2
105.8
105.8

94.2
95.4
95.4

148.9
149.1
149.9

97.9
97.9
96,6

143.0
144.3
145.5

148.1
152.7
155.2

98.7
98.8

E>99.1

E>117.2
116.1
115.7

106.1
106.2
106.7

94.9
94.1
93.5

150.6
IH>151.1
150.2

157.4
158.5
158.4

98.5
98.4
98.0

113.9
113.9
115.5

107.4
108.3
H>108.8

93.2
92.2
92.2

148.6
145.6
144.5

92. Q

89.1
89.6

October
November
December

E>143.6
142.8
143.0

99.6
98.7

96.6
94.5
93.8

1979

January .
February . .
March . .

142.6
142.3
143.2

144.8
144.9
i)l46.6

April
May . . , .
Juns . . .

140,3
141,4
141.6

144.1
145.6
145.0

161.8
162.5
163.6

94.6
97.3
96,7

113.6
113.3
113.9

107.8
107.3
106.6

92.3
91.7
91.8

146.1
146.9
148.4

July ....
August
September

H41.2
H40.3
140.2

H45.4
H45.0
H44.9

164.8
166.4
170.5

r96.4
r96.0
r96.4

113.6
113.2
114.3

106.1
105.7
104.6

91.7
92.0
91.8

148.6
148.3
146.0

r87.1
r85.0

October
November
December

r!37.9
H35.7
H35.6

H45.1
r!45.1
H45.3

175.9
179.0
177.9

r96.6
r96.1

113.0
112.3
113.0

103.3
102.3
rl 02 . 3

90.8
90.3
90.2

143.3
139.5
137.7

r82.5
rSl.l
rBl .7

January
February .
March

135.5
H35.0
H31.9

H46.0
145,2
r!43.2

178.5
180.9
r!90.3

r96.3

r!02.7
r!02.3
rl01.7

89.9
89.8
87.6

137.0
138.5
H38.2

rBl.S

r94.5

rll3.0
rill. 7
r!09,2

April ....
May
June ....

2

126.7
123.8
126.9

H40.6
137.9
M35.5

[H)r 196.0

r90.3
r88.3
p90,0

H06.2
H05.7
p!09.0

HOO.O
r98.1
p97.6

87.0

p87.5

r!36.0
H34.9
p!35.9

r71.7
r75.3
p83.4

96.3

91.4
92.6

88. 6
8B.2

1980

3

183.1
M62.5

96.3

(NA)

80.3
75.2

July
August
September
October
November
December
NOTE: Series arc seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (g). Current high value:; am indicated by(H); for
series that move counter to movements in general business activity, current low values are indicated by (H). Series numbers are for identification only and do not reflect surius relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "G", estimated; "a", anticipated ;anc "NA", not available.
Graphs of these series are shown on pages 10 and 11.
Series 916 reached its high value (97.2) in August 1977; series 940 reached its high value (106.6) in March 1977.
2
I;xeludes series 12 for which data are not yet available.
3
Hxcludes series 12 and 36 for which data are not yet available.
^Excludes series 57 for which data are not yet available.
3
Uxcludes series 70 and 95 for which data are not yet available.

60



JULY 1980

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS

MAJOR ECONOMIC
PROCESS

Q EMPLOYMENT AND UNEMPLOYMENT
|

Minor Economic
Process
L,C, L

L,L,L

Timing Class

1 , Average
workweek of
production
workers,
manufacturing

Year
and
month

L, L, L

UUL

5. Average
weekly initial
claims, State
unemployment
insurance1

3. Layoff rate,
manufacturing

(2)

1978

January . .
February
March

(Hours)

(2)

ployees)

(Thous.)

t2)

L, Lg, U

L, Lg, U

60. Ratio, helpwanted advertising to persons
unemployed

ployees)

(1967=100)

(Per 100 em-

ployees)

46. Index of
help-wanted
advertising
in newspapers

(Ratio)

4. Quit rate,
manufacturing

(Per 100 em-

(Per 100 em-

(Hours)

L, Lg,U

UC.L

2. Accession
21. Average
weekly overtime rate, manufachours, produc- turing
tion workers,
manufacturing

Comprehensive
Employment

Job Vacancies

Marginal Employment Adjustments

(2)

(2)

u,c,c

48. Employeehours in nonagricultural
establishments
(Ann. rate,
bil. hours)
Revised2

4 1
3 9
4 0

338
364
335

rl 0

4n s

r3 4
3 7
3 6

1 0
1 0

1 9
rl 9
2 0

0.652
0.680
0.682

138
139
141

159 30
160.83
162 59

[uVdfi Q

rl R

an &

r3 5

r4 2
4 o
4 0

334
330
341

1 0
1 0
rO 9

2 1
r2 0
2 1

0.718
0,700
0 741

146
144
147

164 21
164.02
165 04

4 0
r4 1

rO 9
rO 9
0)0 8

r2 1
2 1
2 1

0 712
0 753
0 758

149
150
152

165 27
165 40
165 66

0 9
n Q

2 2
2 2
2 2

H)0 828
0 815
0 821

161
161

166 30
167 90
168 20

v° 9

0 812
0 800

T cn

r39 7
40 0

April
May
June

rA(\

A

July
August
September

dn R
dn d
dn ^

October
November
December

dn R
dn fi
dn A

/in b
nil. £

"\ R
q c

vd ?

362
345
328

c

4 3

IFD323

•3

7

rd ^

3

7

r^ R
o. c
•3

(ON vd .d
|H/ r4 H

^nd
0-34

rl n

1 fiR

1979

January .
February
March , ,
April
May
June

...

3

7

v*d 9

0/1 A

/tn c

•5

7

vd 1

00/1

/in b
40. £

rpXo 7
ITJ/O. /

A n

0/17

r4 .rt
U
4n
n
4

434
350
375

r39.3
/in 9
4U. c
/in i
4U. i

.

July
August
September

v/i n i
r40. 1
40.1

r40.1

October
November
December

o Q
r^ . 9
.-O /I

rJ.4
vO

0

3 .0
J
o

-5

3

9
.£

r3.3

r40.1
R{\
40. 1
1

3 . £.
9
3 f \
. 0

40.2

3 .9
£

„/[

3

Q

Q
rJ. y
v»*3 y
TJ. Q
4 .1
i
vQ

395
390
387

O n
n Q
n Q

f£T> ? ?
O I

i n

2 1
o n

o

o n

•)

H

T

H i

vi /i

1 Q

v«9 n

1 55
154
153

1 C7 en

0 781
0 7co
n 7Qn

155
155
159

170 37

ftTil K7
ITT/ 1 b/

1 RR

i?n Rn
170 73

169 45
170 19

170 9F>

170 49

2

n

o n

n ai?
n 778

1

Q

0 778

T f^Q

1 71 d7

0.714
0.713
0.670

154
151
145

1)172. 24
172.09
171.57

0.500
0.409
pO.428

122
112

170.49
169.55
p!68.45

H
1

Q
ro. y

/in7

1

3
9

r3.9

404
375
440

1.3
1.3
1.5

H.9

569
635

r2.9

rl.5

3.5

1.4
pi. 4

vO

0 77fi
n 777
n 7R?

1 Q

/ion

i/i/i n
r4. U

168 43
168 86
170 32

1 ^ifi

1 9
o

OQC

1 RR

n 7Qn

1980
40.3
40.1
39.8

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

r39.8
r39.3
p39 i

3.2
r3.0
r3.1
r3.0
r2.5

p2 4

r3.9

3.6
3.0
r3.0
p3.3

p617

p2.6

rl.9

1.9

pl!5

....

....

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated by ED; for
series that move counter to movements in general business activity, current low values are indicated byjj). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "N A", not available.
Graphs of these series are shown on pages 12, 16 and 17.
1
Data exclude Puerto Rico which is included in figures published by the source agency.
2
See "New Features and Changes for This Issue/' page iii.

JULY 1980



61

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS

|
B EMPLOYMENT AND UNEMPLOYMENT -Con.

Minor Economic
Process
Timing Class

Year
and
month

Comprehensive Unemployment

Comprehensive Employment-Con.

U.C.C

C,C,C

42. Persons
engaged in nonagricultural
activities, labor
force survey

41. Employees
on nonagricultural pay rolls,
establishment
survey
(Thous.)

(Thous.)

Revised2

1978

U, Lg, U

L, Lg, U

L, Lg, U

1, Lg, U

Lg, Lg, Lg

Lg, Lg, Lg

40. Employees
in goodsproducing industries (mining, mfg., construction)

90. Ratio,
civilian employment to total
population of
working age

37. Number of
persons unemployed, civilian
labor force

43. Unemployment rate,
total

45. Average
weekly insured unemployment rate
State programs 1

91. Average
duration of
unemployment

44. Unemployment rate,
persons unemployed 16
weeks and over

(Thous.)

(Percent)

(Thous.)

(Percent)

(Percent)

(Weeks)

(Percent)

U C, U

Revised

2

January
February
March

89,425
89,653
89,813

84,582
84,892
85,396

24,871
24,909
25,085

58.03
58.03
58.09

6,305
6,088
6,153

6.4
6.1
6.2

3.5
3.6
3.5

13.0
12.6
12.4

1.6
1.6
1.5

April
June

90,468
90,818
91,141

86,104
86,368
86,746

25,460
25,481
25,599

58,42
58.56
58.76

6,056
6,126
5,902

6,1
6.1
5.9

3.2
3.2
3.2

12.4
12.0
12.1

1.5
1.4
1.3

July
August
September

91,046
91,457
91,598

86,924
87,231
87,419

25,657
25,719
25,801

58.60
58.76
58.78

6,228
5,929
5,971

6.2
5.9
5.9

3.3
3.3
3.2

11.9
11,5

11. S

1.3
1.2
1.3

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

92,024
92,488
92,456

87,790
88,242
88,567

25,965
26,141
26,267

58.95
59 08
59 06

0)5,788
5 882
5,984

5.7

3.0
3.0
3.0

January
February
March

92,897
93,189
93 303

88,858
89,109
89,455

26,363
26,377
26,537

59 19
59 33
59 31

5 904
5 883
5 882

5 8
5 7
5 7

April
May
June

93 039
93 249
93 409

89,386
89,708
89,909

26 473
26 522
26 557

59 05
59 1 1
cq i q

5 944
5 903

C

July
August
September

93 917
en fifiQ
94 140

90,054
90 222
90,283

26 582
26 528
26 554

59 37

c qflo

October . . . .
November
December ... .

94 180
94 223
94 553

Qn ddi
Qn ^R?

OC

CCA

OC

C(\A

qn fi7Q

oc con

en rm

|u\oc 71 e

May

5 8
5 9

11.8

1.3

11 1

1 2

10.6

1.2

3,0

11 2
11 3

3 0

11 A

1 ?
1 ?
1 ^

o q
fi^i? ft
in/^.d

ll n
in Q
in R

1 9
1 9
1 1

9 q

fiSMn i
" in 7
in 7

fwM1 .n
in/
u
i i
i i

in R
in 6
in R

i 9
1 1

in K
10.5
10.7
11.0

1 .3

1979

cq i q
fCjNcq 40

C Q?A

e -i o/L

Q

5 8
c 7

rn\c 7
0

tl/ * '

5 Q

c qqn

C

cq 97

£ 1 on

59 27
cq QQ

6 044

c q
5 g
c q

c. np,7

0

3 o

2q

2 q
2 q
9 q

3 1
•3

1

3

0

1 9

1980

January
February
March
April
May
June . . .

QA

CO/I

[|_I\Q/1 £*>£
[H/y*t-,o£b
ytf ,^yb
Q/t

5QQ

93,912
93,609
93 346

CQ

6 f)

A9C

CQ OC

6

6

*307

y i , i 44

OC C9"3
CO ,t)£O
OC A 1C.
4DS4/O

en uu
by. nn

6,438

6.2

3.3

90,951

26

58 63

7 9fiR

7 n

CQ

3

8 1 C./1
nnc
8 ,UUo

7 . fi
/
0

fQ\Ql

In/" 1 » 1oo
1 ftfi
Q -I

-l/l/l

90,602
p90 088

121

25 746
p25 367

0/1

/IT

CQ i 9

6

n

7.7

1

3 .1
7

4. J
0

A

/>

p4.6

11 *3
1 1 . J
1 A E

10,5
~l
. 1

n

1 .2
1,3

I f

.6

1 .6
1 .7

July
August
September
October
November
December
NOTE: Series ore seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (g). Current high values are indicated by[H); for
series that move counter to movements in general business activity, current low values are indicated by [H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; a id "N A", not available.
Graphs of these series are shown on pages 14, 15, 17, and 18.
I

0ata exclude Puerto Rico which is included in figures published by the source agency.
See "New Features and Changes for This Issue/1 page iii.

2

62



JULY 1980

ltd*

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS —Con.

MAJOR ECONOMIC
PROCESS

Qj PRODUCTION AND INCOME

Minor Economic
Process

Industrial Production

Comprehensive Output and Income

C,C, C

Timing Class

50. Gross national product
in 1972 dollars

Year
and
month

C,C,C

Personal income
223. Current
dollars

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

52. Constant
(1972) dollars
(Ann. rate,
bil.dol.}

C, C,C

51. Personal
income less
transfer payments in 1972
dollars
(Ann. rate,
bil.dol.)

c,c,c

C.C.C

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

c,c,c

C, I I
,

73. Index of
industrial
production
durable manufactures

(1967=100)

74. Index of
industrial
production
nondurable
manufactures

(1967=100)

47. Index of
industrial
production
total

(1967-100)

c,c,c

49. Value of
goods output
in 1972 dollars

(Ann. rate,
bil.dol.)

1978

January
February
March

1 ,367.8

1 ,618.5
1,631 3
1 ,654 4

1,117.0
1 118 1
1,127 7

967 4
969 4
978 9

233.3
236 0
240.2

140 0
140 3
142 1

132 1
132 3
135 0

152 4
152 9
153 8

621 4

April
May
June

1,395.2

1,676 5
1,687.3
1 ,704 2

1 ,135 1
1,133 9
1,137 6

987 5
986 7
991 1

244 0
243 2
244 2

144 4
144.8
146 1

137 6
137 9
139 0

155 5
155 8
157 0

637 2

July
August
September

1,407,3

1,730 0
1,741 3
1,756.1

1 ,149 5
1 ,151 7
1,154.6

998 5
1 000 3
1,004.1

245 3
244 5
245.1

147 1
148 0
148.6

141 1
141 8
142.9

157 2
158 4
159.3

641 8

October
November
December

1,426.6

1,781.0
1,801 4
1 ,826.8

1,163.3
1 172 0
1,181 6

1,013.0
1 021 4
1 030 5

246.3
248 7
250 7

149.7
150 6
151 8

144.6
145 5
146 8

159.5
160 4
161 7

657 3

January
February
March

1,43(L6

1,834.3
1 ,851.4
1,872 1

1,172.8
1 ,172 5
1 177 4

1,021.9
1 022 6
1 027 0

249.4
250 3
|H)251 6

151.5
152 0
[H)153 o

146.8
147 2
EE>148 6

160.7
162 0
163 0

658 6

April
May
June

1 ,422.3

1,880 7
1 ,891 6
1 905 1

1 174 0
1 172 7
1 1 72 4

1 022 7
1 021 5
1 021 8

248 7
248 2
?4fi Q

150 8
152 4
152 6

144 6
147 6
147 6

161 7
162 8
163 0

647 3

July
August
September

1 933 2
1 946 5
1 960 1

1 180 9
1 179 7
1 177 2

1 023 0
1 021 4
1 019 5

246 1
243 1
242 6

1R? fi
151 6

147 o

•j c.n i

1,433 3

144 2

1 C£ "3

I/ICQ

ifid f\

October
November
December

1 981 2
2 005 5
2 028 3

1 181 4
1 188 1
(H)l 191 0

1 023 5
1 030 6
]H)1 033 2

241 9
241 0
241 6

152 2

•J45 7

1 440 3

152 1
152 2

145 o
144 5

164 0
164 5
164 7

2 046 5
7 rmR ?
9 n?n n

1 190 5

i rnn ^

o on Q

|H)l 444 7

1

1 Q9 1

/\Q/l Q
1 , 0^4.8

17/11

239.1

1 ,017.5

144.7
144.1

236.5

152.6
152.3
r!51.7

EXI66.1

1

r!43.3

H64.4

«T AO

Q

y*1 3Q

v*1 AA 7
9
ni n-i

y*1 "3/1

1979

m? d

651 *3

655 1

1980

January
February
March
April
May
June

pi 410 8

r2 071 5
r2 077 7
(u\n? 085 7

rl 167 7
rl 164 6
nl Ifi? 7

rl Oil 0

ri nnfi i
ni nnd n

cjy , y

y,001

Q

r997 fi
n ooo ' c

7

0
r\ w.iL
nl Qfl

n
p 1 JU.O

165.1

i>659.7

1 C1 Q

1 0 1 . 0
1 rn f

r 1 bo. o
pl55.1

p637.9

July
August
September
October
November
December

....

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (g). Current high values are indicated byE); for
series that move counter to movements in general business activity, current low values are indicated by[H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA". not available.
Graphs of these series are shown on pages 14, 19, 20, and 40.

JULY 1980




63

CYCLICAL INDICATORS
B I

CYCLICAL INDICATORS BY ECONOMIC PROCESS —Con.

MAJOR ECONOMIC
PROCESS

H

Minor Economic
Process

RM CONSUMPTION, TRADE, ORDERS, AND DELIVEHIHS

Capacity Utilization

i,c,u

Timing Gloss

83. Rate of
capacity
utilization,
manufacturing
(BEA)

Year
ono

PRODUCTION AND
INCOME-Con.

1

month

(Percent)

82, Rate of
capacity
utilization,
manufacturing
(FHB)
(Percent)

Orders and Deliveries
l,C, U

84. Rate of
capacity
utilization,
materials

(Percent)

1,1, L

L, L, L

L, lg, U

7. Constant
(1972) dollars

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

25. Change in
unfilled orders,
durable goods
industries

96. Manufacturers' unfilled
orders, durable
goods industries

{Bil.dol.)

(Bil.dol.)

(Bil.dol.)

{Bil.dol.)

I, L, L

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

L, L, L

L, L, I,

32. Vendor
performance,
companies reporting slower
deliveries®
(Percent
report! 119)

1978

82.'6

82.'e

62,03
65.05
67.04

38.31
39.81
40.78

35.04
36.20
36.47

2.23
2.73
4.06

186.93
189.66
193.72

55
64
67

83.*9

85.'6

69.20
68.88
68.54

41.71
41.24
40.70

37.98
37.02
36.84

3.45
4.00
2.79

197.17
201.16
203.95

64
64
66

85^2

86!i

67.39
71.29
72.7]

39.76
41.64
42.25

36.50
37.61
37.34

1.94
3.15
3.95

205.89
209.04
212.99

56
65
66

86^4

January
February
March

i>88!2

76.42
77.21
76.54

44.10
44.14
43.36

38.06
38.06
38.86

6.32
5.71
3.80

2^9.31
225.02
228.82

68
66
68

78.68
80.43
|H>81.65

44.16
44.68
[H)45.04

[H>38.94
38.43
38.63

5.91

[H}7.10
5.89

234.72
241.82
247.71

69
77
[H>78

*S4

April
May
June

*84

July
August
September

*83

October
November
December

*84

1979

January ,
February
March

D86!?

...

88!6

H>84
85."9

87.*3

75.93
77.04
76.03

41.36
41.75
40.98

36.74
36.88
36.43

4.73
1.52
3.23

252.43
253.96
257.19

76
76
70

85.4

87.'2

74.58
74.76
77.65

39.82
39.81
40.91

35.95
35.44
35.93

0.71
0.40
3.45

257.90
258.30
261.74

60
55
51

84*6

86. '3

76.52
75.90
77.20

39.71
39.15
39.43

35.60
34.34
r34.19

0.98
2.15
3.01

262.72
264.87
267.88

50
47
49

r83!8

April
May
June

85*. 4

81.47
81.02
77.55

40.61
r39.93
38.33

r36.10
r36.00
r33.60

3.52
1.86
1.62

271.40
273.26
274.88

48
42
45

p78!i

p79^5

r72.42
r67.33
P65.42

r35.69
r33.23
p31.91

r30.43
r29.03
p29.23

(H)r275.10
r272.9S
P270.16

40
32
28

*83

July
August
September

....

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

*82

'si

1980

January ,
February
March
April
May
June

p80
....
(NA)

KI.21
r-2.12
p-2.82

July
August
September
October
November
December
NQTR: Series art! seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated by[H); for
series that move counter to movements in general business activity, current low values are indicated by (H). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources a re shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated, and "NA", not available.
Graphs of these series are shown on pages 12, 20, and 2t.

64



JULY 1980

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS-Con.

MAJOR ECONOMIC
PROCESS

H

^^ CONSUMPTION, TRADE, ORDERS, AND DELIVERIES-Con.

Minor Economic
Process

Formation of Business Enterprises

Consumption and trade

c,c,c

Timing Class

c, c,c

Manufacturing and trade sales
Year
and
month

56. Current
dollars
(Mil.dol.)

57. Constant
(1972} dollars
(Mil.dol.)

C.L.C

75. Index of industrial producgoods

C.L.U

(1967=100)

(Mil.dol.)

L,C,C

U, L, U

Sales of retail stores
54. Current
dollars

FIXED CAPITAL
INVESTMENT

59. Constant
(1972) dollars

U UL

L.L.L

55. Personal
consumption
expenditures,
automobiles

58. Index of
consumer
sentiment ©

(Ann. rate,
bil.dol.)

(IstQ
1966=100)

(Mil.dol.)

1

12. Index of
net business
formation

(1967=100)

1,1, L

13. Number of
new business
incorporations

(Number)

Revised2
1978

January
February
March

232,748
238,854
241,915

148,346
151,393
153,449

143.2
145.2
147.5

62,220
63,040
64,100

42,881
43,149
43,665

62^3

83.7
84.3
78.8

133.5
133.1
130.5

36,414
39,434
37,847

April
May
June

250,279
251,562
252,883

156,423
156,450
156,468

149.5
149.0
149.3

65,305
65,861
66,392

44,095
44,143
44,232

70.*2

81.6
82.9
80.0

131.9
132.1
132.7

39,585
39,059
39,860

July
August
September

253,690
259,732
260,457

155,750
158,585
157,533

149.8
150.6
150.8

66,794
67,469
68,006

44,322
44,563
44,623

68^9

82.4
78.4
80.4

133.3
132.5
133.3

40,152
41 ,007
41,553

266,934
269,692
272,424

159,972
160,370
161,050

151.2
151.3
151.5

69,164
69,871
70,832

45,117
45,312
45,669

70.*6

79.3
75.0
66.1

134.8
133.4
133.8

41,437
41,423
42,179

January
February
March

274,091
274,844
283,741

160,460
159,177
fH)164,058

150.6
151.5
0)152.9

71,293
71,266
72,045

45,381
44 S 850
44,944

D74.'6

72.1
73.9
68.4

131.3
132.1
132.5

42,410
42,302
42,761

April
May
June

276,406
286,413
283,772

157,285
161,807
158,316

149.1
152.0
151.8

71,606
72,292
72,093

44,229
44,405
43,932

68^2

66.0
68.1
65.8

130.9
130.5
130.9

43,034
43,895
43,044

July
August
September

289,994
293,167
296,776

159,751
160,273
160,068

150.8
148.2
149.7

73,121
74,871
76,666

44,316
45,130
1)45,771

67!9

60.4
64.5
66.7

131 .8
130.3
132.5

44,655
42,911
44,687

October
November
December

298,619
299,153
302,386

159,757
158,205
158,718

149.7
148.9
148.5

75,583
76,421
77,150

44,803
44,954
44,881

66.'8

62.1
63.3
61.0

131 .9
131.4
1)133.9

D46,478
44,811
43,579

1)312,730
310,571
305,657

161,600
160,189
154,500

148.2
148.5
r!47.8

H>79,464
77,993
76,534

45,695
44,365
42,972

7K5

67.0
66.9
56.5

r!33.7
r!33.8
129.0

44,447
44,583
r42,615

295,277
p292,247

r!50,625
p!46,967

H44.9
r!41,9
p!40.6

r75,011
r74,265
p75,345

r41 ,859
r41 ,350
p41,835

52.8
51.7
58.8

e!25.6
(NA)

(NA)

p52.*5

October
November
December

....

1979

,

1980

January
February
March

....

April
May
June

(NA)

(NA)

July
AuQUSt

September

....

October
November
December

....

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated by®; for
vements
series that move counter to movemei in general business activity,current low values are indicated by[H). Series numbers are for identification only^and do not reflect series relationships or
_ _i
_i
order. Complete titles and sources are shown at ii__ i ,i, ~f..i u~,,i- Tk~ "," tm-iinn+nr. revised;• "n" nrolIminaru • "o" octimatod • "a" anticipated;* anri "N A" not availab EL
the back of the book. The "r" indicates rn.,;oni-J p", preliminary; "e". estimated; "a", antirinfltpri and "NA", not available.
Graphs of these series are shown on pages 12, 14, 22, and 23.
l

Series 58 reached its high value (89.1) in 2d quarter 1977.
See "New Features and Changes for This Issue," page iii of the June 1980 B£J).

2

II

JULY 1980




65

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS —Con.

MAJOR ECONOMIC
PROCESS

H FIXED CAPITAL INVESTMENT-Con.
H

Minor Economic
Process

Business Investment Commitments

L, L,L

Timing Class

L, L, L

Contracts and orders for plant
and equipment
Year
and
month

10. Current
dollars
(Bil.dol.)

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

L, L,L

L, L, L

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

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

L, C, U

U, Lg, U

C, Lg, Lg

9. Construction contracts for commercial and industrial buildings, floor
space1

11. Newly
approved capital
appropriations,
1,000 manufacturing corporations

97. Backlog of
capital appropriations, manufacturing

(Bil.dol.)

(Bil.dol.)

Square feet

(Millions)

Square meters 2

(Millions)

Revised 3
1978
January
February
March

20.79
21.89
20.13

13.26
13.90
12.84

16.07
16.99
16.84

10.30
10.84
10.79

83.03
67.86
71.94

7.71
6.30
6.68

17JO

April
May
June

19.00
21.18
19.83

12.06
13.31
12.42

17.24
17.68
17.66

10.98
11.20
11.13

76.71
88.41
83.27

7.13
8.21
7.74

15J2

July
August
September

22.08
22.92
23.18

13.62
13.99
14.07

18.05
18.57
19.69

11.27
11.48
12.09

74.82
79.21
86.38

6.95
7.36
8.02

16J7

October
November
December

25.94
24.87
22.34

15.56
14.93
13.24

21.12
20.92
18.76

12.86
12.74
11.28

84.55
91.08
81.48

7.85
8.46
7.57

18i75

26.16
25.48
0)28.10

15.40
15.17
0)16.99

21.23
22.48
23.60

12.72
13.56
0)14.60

88.51
0)105.49
102.77

8.22
0)9.80
9.55

22^58

25.36
22.67
r24.66

14.76
13.14
14.50

20.60
21.13
21.70

12.24
12.34
12.78

93.59
87.09
84.08

8.69
8.09
7.81

2K03

24.49
23.87
24.49

13.87
13.40
13.67

21.23
21.08
21.58

12.20
12.00
12.21

88.48
83.85
92.17

8.22
7.79
8.56

22 '.55

24.21
25.69
27.42

13.55
14.65
15.31

21.07
21.75
22.28

12.01
12.73
12.81

93.15
84.13
80.79

8.65
7.82
7.51

23.48

27.35
24.56
26.27

15.01
13.47
14.07

0)23.86
21.48
22.59

13.34
12.02
12.35

104.43
85.46
82.84

9.70
7.94
7.70

0)p3o".48

24.20
r21.18
p22.07

12.98
11.54
pll.99

22.16
r!9.59
p!9.10

12.02
rlO.79
plO.60

72.90
62.72
71.19

6.77
5.83
6.61

(NA)

59 '.73

59 '.98

6o!83

63!43

1979
January
February
March
April
May
June

.

. . .

July
August
September
October
November
December

. ..

68.68

70J5

73i58

77.10

1980
January
February
March
April
May
June

0)p85J2

(NA)

July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated by0); for
series that move counter to movements in general business activity, current low values are indicated by 0). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
1
Graphs of these series are shown on pages 12, 23, and 24.
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. 2Converted to metric units by the Bureau
of Economic Analysis. 3See "New Features and Changes for This Issue," page iii.




66

JULY 1980

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS

1 1 FIXED CAPITAL INVESTMENT-Con.
1

Minor Economic
Process

Residential Construction
Commitments and Investment

Business Investment Expenditures

C, Lg, Lg

C, Lg, Lg

61. Business
expenditures
for new plant
and equipment,
total

69. Machinery
and equipment
sales and business
construction
expenditures

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

Timing Class

Year
and
month

C, Lg, U

C, Lg, C

Lg, Lg, Lg

C, Lg, C

76. Index of
Nonresidential fixed investment in 1972 dollars
industrial production, business
86. Total
87. Structures
equipment
88. Producers'
durable equip.
(1967=100)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

L, L,L

28. New
private housing
units started,
total

(Ann. rate,
thous.)

L, L, L

29. Index of
new private
housing units
authorized by
local building
permits
(1967=100)

L, L, L

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

Revised1
1978
January
February
March

144.'25

205.29
209.48
213.55

152.0
153.6
156.5

133.'l

40.2

93^6

1,779
1,762
2,028

140.5
140.2
145.3

April
May
June

150.'76

222.93
221.05
228.54

158.0
158.4
160.1

140.3

43^9

96 .'4

0)2,182
2,018
2,092

157.4
142.6
1)160.2

Deo.'g

July
August
September

155.' 41

230.65
236.47
245.60

161 .7
163.4
163.8

141 .'6

45. 'l

96 .'5

2,090
1,983
2,014

144.3
136.6
141.4

60.2

October
November
December

163!%

245.93
249.54
252.58

164.8
165.0
166.8

145^5

46.5

98.9

2,001
2,111
2,052

143.9
145.0
146.8

60.0

January
February
March

165^94

256.93
256.86
268.78

168.1
169.0
170.8

147.2

45^8

loi's

1,727
1,469
1,800

119.1
120.4
136.7

57'7

April
May
June

173^48

261.20
268.02
265.92

168.7
171 .4
171.5

146*.9

47.9

99]6

1,750
1,801
1,910

125.0
133.1
132.4

5 6 . '7

July
August
September

179. ' 3 3

274.41
278.61
280.10

171.4
171.5
173.6

150.7

48.7

Dioiig

1,764
1,788
1,874

126.3
131.0
136.9

56.5

October
November
DccembGr

186.'95

285.29
279.46
287.54

172.0
172.5
174.1

150 .*5

50.1

100.4

1,710
1,522
1,548

119.4
104.0
100.7

55.'8

Dl 9 1 ^ 3 6

297.92
[H>303.20
300.05

175.0
175.8
H>rl75.9

0)151.2

H>56!3

loo'g

1,419
1,330
1,041

102.7
94.3
78.2

51. * 7

April
May
June

a!91.00

291.99
p292.92
(NA)

r!74.3
H72.3
P168.3

p!43.9

p48.6

p95,3

rl,030
r913
pi, 191

63.7
66.6
87.1

p41 ' 1*

July
August
September

a!95.*54

59.4

1979

1980
January
February
March

October
November
December

. ...

aigg.'ii

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated by[H>; for
series that move counter to movements in general business activity, current low values are indicated by JJ). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 13, 24, and 25.
1

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


JULY 1980


67

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con.

MAJOR ECONOMIC
PROCESS

^9 INVENTORIES AND INVENTORY INVESTMENT

Minor Economic
Process

Inventory Investment
1,1.1

Timing Class

30. Change in
business inventories in 1972
dollars

Year
and
month

L, L, L

i, 1,1

36. Change in inventories on
hand and on order in 1972
dollars
Monthly
data

Inventor eson Hand and on Order

Smoothed
data1

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.}

16.*5

21.07
13.75
D35.22

16,33
18.36
20.35

15.*6

28.69
18.05
14.51

July
August
September

12.'2

October
November
December

L.L.L

31. Change
in book value
of mfg. and
trade inventories, total
(Ann. rate,
bil.doi.)
Revised2

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

Lg, Lg, Lg

Lg, Lg, Lg

Lg, Lg, Lg

Manufacturing and trade
inventories
71. Current
dollars

65. Mfrs/
invantoriesof
finished
70. Constant goods, book
(1972} dollars value
(Bil.dol.)

L, Lg, Lg

Lg, Lg, Lg

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

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

(Bil.dol.}

(Bil.dol.}
Revised2

42.9
36.3
61.1

0.48
1.41
1.81

341.01
344.04
349.13

238.18
238.92
241.23

59.76
59.78
60.24

1.61
1.58
1.57

144.38
145.80
147,60

24.62
0)26.60
23.87

61.2
32.0
32.1

1.84
2.00
2.32

354.23
356.90
359.58

242.94
243.93
244.65

60.71
61.03
61.45

1.55
1.56
1.56

149.44
151.45
153.76

14.94
18.77
14.06

18.12
15.95
16.00

37.0
42.9
38.8

1.95
1.64
2.94

362.66
366.23
369.47

245.54
246.77
247.13

61.85
62.65
62.74

1.58
1.56
1.57

155.71
157.35
160.29

12,'Q'

14.46
18.32
19.09

15.84
15.69
16.45

42.0
54.3
37.8

2.19
3.19
2.84

372,97
377.50
380.64

247.88
249.09
249.59

62.75
63.64
63.88

1.55
1.55
1.55

162.48
165.67
168.52

28.12
14.56
13.64

19.57
21.22
19.68

56.8
47.2
39.8

[H>5.09
3.70
2.98

385.38
389.31
392.63

250.98
251.38
252.24

64.70
65.51
65.88

1 .56

12.'3

1.58
1.54

173,60
177.30
180.29

E&18J

28.62
-1.31
20.72

18.86
16.29
14.83

68.1
43.7
57.3

4.33
0.52
2.59

398.31
401.94
406.72

253.80
254.71
256.18

67.08
67.22
68.08

1.61
1.57
1.62

184.62
185.14
187.73

24.47

15.32
15.25

44.9
15.2

1.24
2.21
1.74

413.58
417.32
418.59

258.92
B>259.42
257.63

68.62
68.95
69.87

1.62
1.62
1.61

188.97
191.18
192.93

(Bil.dol.)

(Bil.dol.}

1978

January . .
February
March ...

......

April
May
June ....

...

1979

January
February
March
April
May
Jung

...

(H>82.3

July
August ....
September

7J

October
November
December ,

i.'i

-4.33
-8.72
-13.45

-2.88
-9.54
-10.12

53.4
37.8
10.2

2.24
2.52
1.51

423.04
426.19
427.04

258.18
258.13
257.32

69.75
69.94
70.53

1.62
1.63
1.62

195.16
197.69
199.20

6. '3

-9.97
r-16,31
rO.86

-9.77
r-11.98
r-10.86

57.3
42.1
48.0

2.48
2.54
1.21

431.82
435.32
439.32

257.47
256.82
256.88

71.78
72.76
73.94

1.59
1.60
1.66

201.67
204.22
H)205.43

rl.48
p-33.32

r-6.56
p-7.49

74.4

-0.36
-2.85

B)445.53
p445.10

T258.72
p257.38

75.76
fj>76.21

rl.72

p-5.1

fHl)p].75

205.07
202.22

(NA)

(NA)

2.46

-21.16

8.90

1980

January ...
February .
March
April
May
June

...

$2.3

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

July
August
September .
October
November
December .
NOTE: Series are seasonally adjusted except those series that appear to containno seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated byp); for
series that move counter to movements in general business activity, current low values are indicated by [H). Series numbers are for identification only and do not tefluct series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated;;snd "NA", not available.
Graphs of these series are shown on pages 13, 15, 26, and 27.
1
Scries is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span..
2
See "New Features and Changes for This Issue," page iii of the June 1980 BCD.




JULY

1980

ItCII

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con.

MAJOR ECONOMIC
PROCESS

MB PRICES, COSTS, AND PROFITS

Minor Economic
Process

Stock
Prices

Sensitive Commodity Prices

1, L, L

Tinning Class

U, L, L

92. Change in sensitive prices
Year
and
month

Monthly
data 2

Smoothed
data3

(Percent)

23. Index of
industrial
materials
prices®

L,L,L

19. Index of
stock prices,
500 common
stocks ®

(Percent)

(1967-100)

(1941-43-10)

Profits and Profit Margins

L, L, L

L, L, L

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

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

l,C,L

L,C,L

Corporate profits after taxes
with IVA and CCA 1
79. Current
dollars
(Ann. rate,
bil.dol.)

80. Constant
(1972) dollars 2
(Ann. rate,
bil.dol.)

L, 1,1

22. Ratio,
profits (after
taxes) to total
corporate
domestic income
(Percent)

1978

January
February
March

0.74
0.27
0.94

1.47
1.36
0.90

219.7
219.9
219.8

90.25
88.98
88.82

106.'?

7K2

7CL4

4A4

April
May
June

1.36
0.82
1,82

0.75
0.95
1.19

220.3
217.8
222.1

92.71
97.41
97.66

122^4

79.*9

84^7

55\7

l6!?

July
August
September

2.45
0.03
1.37

1.51
1.56
1.36

224.7
232.6
239.1

97,19
103.92
103.86

124^6

79.'?

87^7

5f>!7

10.'?

October
November
December

1.32
1.60
1.22

1.09
1.17
1.40

249.4
254.8
251.8

100.58
94.71
96.11

132^3

83^2

H>89!7

56^9

li.'o

1.77
2.92
3.04

1.45
1.75
2.27

258.3
273.5
288.5

99.71
98.23
100.11

142^6

87^3

87.*6

54^4

n'.'i

-0.35
2.85
2.93

2.22
1.86
1.83

294.5
293.8
293.9

102.07
99.73
101.73

139^3

83^7

87^9

53^4

ii!6

July
August
September

1.63
1.09
3.47

2.14
2.18
1.97

297.3
298.1
297.3

102.71
107.36
108.60

148^3

86^9

86^8

51 !5

ii!2

October
November
December

2.63
1.92
2.33

2.23
2.54
2.48

307.7
304.0
309.6

104.47
103.66
107.78

146 .'9

84.7

80.3

46.9

11.0

2.43

316.2
K322.5
316.9

110.87
13)115.34
104.69

E>lj58!6

72^6

41 '.4

301.9
278.5
267.5

102.97
107.69
114.55

(NA)

(NA)

9^9

1979

January
February
March
April
May
June

1980

January
February
March

....

3.43

r2.99
r-1.17

April
May
June ....

-0.63
-0.13
0.09

July
August
September

E)r2.74
r2.33
1,07

r-0.12
-0.43

"276.0

5

(NA)

ED 88^8

(NA)

H>iii5

(NA)

118.80

October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by (g). Current high values are indicated by(H>;for
series that move counter to movements in general business activity, current low values are indicated by [R). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.

Graphsof these series are shown on pages 13, 28, and 29.
*IVA, inventory valuation adjustment; CCA, capital consumption adjustment. 2Series
reaching highs before 1978: series 92 (monthly), February 1977 (4.95); series 80, 3d quarter 1977 (60.3). 3See footnote 1 on
page 68. "Average for July 1, 8, 15, and 22. 5Average for July 2, 9, 16, and 23.
JULY 1980



69

CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS
Minor Economic
Process

Iftl PRICES, COSTS, AND PROFITS-Con.
Profits and Profit Margins-Con.

U, 1,1

15. Prof its (after
taxes) per dollar
of sales, all
manufacturing
corporations

(Percent)

Year
and
month

L.L.L

81. Ratio,
profits (after
taxes) with IVA
and CCA to
corp. domestic
income1 2

Timing Class

(Cents)

Unit Labor Costs and Labor Share

Cash Flows

L, L,l

L, L, L

UL, L

26. Ratio, price
Net cash flow, corporate
to unit labor
cost, nonfarm
business sector 2 34. Current
35. Constant
(1972) dollars
dollars
(1967-100)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

Lg, Lg, Lg

63. Index of
unit labor cost,
private business
sector

(1967-100)

Lg, l-g, Lg

68. Labor cost
per unit of real
gross domestic
product; nonfinancial
corporations
(Dollars)

Lg, Lg, Lg

Lg, Lg, Lg

62. Index of
labor cost per
unit of output
manufacturing

64. Compensation of employees as a percent
of national
income 2

(1967=100)

(Percent)

1978

January
February
March

6\2

5^6

94^7

i7s!i

114^4

189^4

1.002

161.5
163.9
164,4

76^7

April .
May
Juno .

7J

5^4

95^8

195^5

123!5

192!l

1.009

163.1
163.2
163.3

7s!e

July
August
September

y.z

S.S

96^6

19/!3

122!s

195^2

1.024

163.6
163.1
163.9

7<M

October
November
December

Y.2

5^7

96."6

205^7

125!s

199^6

1.042

164.9
166.6
167.8

7s!o

e.e

®S.*9

94'.7

216!6

129^8

205^9

1.075

170.6
171.8
172.0

7S.*5

e.'e

s'e

94^4

217.*3

127.*4

2li*7

1.104

175.2
173.3
174.0

75!9

July
August
September

e!6

sis

94*. 2

228 '.3

13CL5

21716

1.127

175.0
176.4
176.7

75!a

October
November
December

5*.5

s'.i

94'. b

227.7

127.5

221.1

1.152

178.4
179.5
181,9

76.0

4*6

ps.'e

93^6

H>238."8

1979

January
February
March
April
May . .
June

.

, ......

1980

January
February
March .
April , .
May .,
June

(NA)

(NA)

p93J

(NA)

H>131.'3

(NA)

227*.5

ff^p235;8

E>1.182

(NA)

182.8
185.5
rlB7.4
r!90.2
r!93.5
|H)pl96.6

76'.4

(NA)

July
August
September
October
November
December
NOTE: Series arc; seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by @. Current high values are indicated by(H); for
series that move counter to movements in general business activity, current low values are indicated by 0). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.

Graphs of these series are shown on pages 15, 29, and 30, 1IVA, inventory valuation adjustment; CCA, capital consumption adjustment. "Series
reaching highs before 1978: series 81, 3d quarter 1977 (8.1); series 26, 3d quarter 1975 (98.1); series 64, 4th quarter 1976
(76.8).

70



JULY 1980

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS—Con.

MAJOR ECONOMIC
PROCESS

B MONEY A N D C R E D I T
l

Minor Economic
Process

Velocity of Money

Money

U L, L

Timing Class

85. Change in
money supply
(Ml-B)

Year
and
month

u c,u
102. Change
in money
supply(M2) 1

104. Change in total liquid assets

Monthly
data
(Percent)

(Percent)

L, L, L

L, L, L

Smoothed
data 2

(Percent)

(Percent)

105. Money
supply(Ml-B)
in 1972
dollars

L. L, L

106. Money
supply (M2)
in 1972
dollars

(Bil.dol.)

(Bil.dol.)

C,C,C

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

C, lg,C

Credit Flows

1,1,1

33. Net change
108. Ratio,
personal income in mortgage debt
to money supply held by financial
institutions and
(M2)
life insurance
companies
(Ann. rate,
(Ratio)
bil.dot.)

1978
1.11
0.00
0.48

0.66
0.41
0.64

0.83
0.82
1.08

0.99
0.93
0.89

[H)224.3
223.0
222.3

E>869.1
867.6
866.3

5.974

1.243
1.247
1.257

82.43
85.03
89.80

1.12
0.88
0.70

0.65
0.66
0.62

1.06

• 0.95

1 .11

223.2
223.4
223.0

865.6
864.5
862.3

6.11*6

0.79

1.04
1.04

1.265
1.265
1.270

85.40
93.48
89.80

July
August
September

0.40
0.43
1.11

0.57
0.78
0.93

0.81
1.03
1.18

0.94
0.89
0.94

222.4
222.0
222.5

861.5
863.0
863.5

6.158

1.282
1.280
1.279

89.15
101.17
92.98

October
November
December

0.20
0.79
0.73

0.77
0.74
0.57

0.66
1.24
1.11

0.98
0.99
1.02

221.1
221.4
221.6

862.8
863.6
862.9

6.258

1.287
1.293
1.303

94.51
94.62
91 .61

0.03
0.19
0.89

0.43
0.45
0.91

0.61
0.79
1.20

1.00
0.91
0.85

219.6
217.6
217.3

858.6
852.9
852.0

6.341

1.303
1.310
1.312

101.09
82.72
88.44

1.13
1.02
1.37

0.95
1.08

218.7
216.2
216.7

852.6
848.7
849.6

6.281

1.27

1.02
0.58
1.13

1.305
1.305
1.300

75.26
92.33
95.14

0.94
0.66
0.61

0.85
0.91
0.74

0.74
0.85

1.11
1.02
0.99

216.4
215.7
214.5

847.7
846.9
843.3

6.310

1.308
1.305
1.304

97.85
84.74
87.46

0.18
0.34
0.57

0,48
0.42
0.60

0.49
0.28
0.69

0.95
0.81
0.60

212.8
211.3
210.0

839.1
.834.1
828.9

6.390

1.312
1.323
1.330

E>107.34
74.36
51.95

0.44

rO.59

r822.4
r817.7
r809.5

6.460

1.334
1.329
1.333

85.57
67.22
69.08

r800.4
rSOO.O
p803.5

(H)p6.5CI5

Drl.337
rl.330
pi. 316

H8.24
e23.63
(NA)

January
February
March
April
May
June

. .

1979

January
February
March
April
May
June

H)1.57
-0.11

July
August
September
October
November
December

.

. .

HXl-38

H>1.14

1980

January
February
March

rO.82
r-0.03

0.80

0.66
0.96

0.52
0.66

rO.41

rO.66

rO.76

208.0
r206.9
203.9

April
May
June

-1,18
r-0.10
pi. 22

r-0.21
rO.81
pi. 42

rO.49
rO.72
el. 01

rO.73
rO.66
eO.68

199.7
r!97.8
p!98.2

3

July
August
September

0.85

October
November
December
NOTE: Series are seasonally adjusted except those series that appear to containno seasonal movement. Unadjusted series are indicated by (u). Current high values are indicated by®; for
series that move counter to movements in general business activity,current low values are indicated by[H}. Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 13, 31, and 32.
"Series 102 reached its high value ( . 4 in June 1975.2See footnote 1 on page 68. 3Average for weeks ended July 2, 9, and 16.
16)

JULY 1980



71

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS —Con.

MAJOR ECONOMIC
PROCESS

M MONEY AND CREDIT-Con.

Minor Economic
Process
Timing Class

Year
and
month

Credit Flows-Con.

L,L,L

L.L.L

112. Net change
in bank loans
to businesses

(Ann. rate,
bil.dol.)

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

Credit Difficulties

I, L, I

110. Total
private
borrowing

L, L, I

L,L,L

14. Current
liabilities
of business
failures© 1

(Ann. rate,
mil. dol.)

(Mil. dol.}

Interest Rates

Bank Reserves

1, U, U

39. Delinquency 93. Free
rate, 30 days
reserves @
and over, consumer installment loans
(Percent)

(Mil. dol.)

L, La, U

94. Member
bankbOTOwing from the
Federal
Reserve®
(Mil. dol.)

L, Lg, Lg

C, Lg, Lg

119. Federal
funds rate®

114. Treasury
bill rate®

(Percent)

(Percent)

1978

January
February
March

17.21
19.97

29.24
34.34
48.91

309,956

168.31
205.01
324.41

2.42
2.48
2.51

-176
-272
-38

405
344

April ,
May
June ,

18.10
26.24
21.96

49.27
51.36
50.48

336,240

202.99
160,40
178.84

2.44
2 28
2 44

-475
-975
-974

July
August
September

13.61
11.78
13,92

41.59
43.58
44 16

345,916

231 .82
206 40
127 02

2 42
2 37
2 42

October
November
December

10.90
8 77
-0 94

40.51
45 98
52 79

394 412

475 34
178 93
196 54

2 35
2 34
9 d^

January
February
March

39 31

36 80
£? 76
43 50

^dP,

April
May
June

39 62
01 on
Oq oo

4Q ?fi
on c-i

July
August
September

dn ^R
qn c/i

°Q 1?

9.76

481

6.70
6.78
6.79

6.45
6.46
6 32

1 ,227
1 ,111

6 89
7 36
7 go

6 31
6 43
6 71

-1 ,146
-885
-993

1 ,286
1 147
1 068

7 81
8 04
8 45

7 Q7
7 04
7 84

-1 049
-417
7/iq

1 261

8 96

8 13

722
a?d

Q 7fi

7Q

1 o ni

8
Q

1 0

CO?

QQA

in jy;

7AA

0.7*5

7/19

QQQ

i n Ub
IU. n£
i n HQ

539

1979

11 07
5 76

AQ

October
November ....
December

if.

3 .79
1C

pi

4

OA

fifin

QCO

lip

in

00 QQ

"I A

9 °.3

242.76
pnn AP*

2
2
2

070 i 7

91 9 Pfl

[LJ\/IP/I C7P
lrl/4£4,o/£

9

AA

2

9P7

/JO

- 1 ,4yu
1 /i nn

4c

9

1 Q/l

1 o4 . 01 1
J
138.02

T 7C

non

on/i

/1 C
2 .45

jyb . / b

1Q

1

/] c
/17

i R£ pn

9QC QOO
£30, o6c

OQ7

QQQ

-57

one 7 c

oe po

cr

fu\p i p
yn/£- ' £
o 01

1 07 TC

7f|

pq QE
fET^RI 1%

182 22
1 7? no

1

in .m1
IU U

777
1 3Q6

iU , £4
1 n o/i
in OQ
iu, ^y

1 1 7Q
1 ,,uy/
i HO.7

i n d7
i ny4
IU. QA
n/iQ

1

9
9
0

QK
97
AK

9 . *iy
KQ
9 .30
/1 Q

9 ,UD
AC

9 . oe
^b
AG
9 ,4b

in is
1 U, 1 Q

2 . C/I
64

1 ^A/l

2,022
1,906
1 ,473

1 0 77
1 J. / /

11 .47

1Q

11 07
1 1 .O/

-999

2 , En
bU

"3QQ

-1 ,750
-1 ,751
-1 ,079

^Q

1 ,241
1,655
D2,824

13.82
14.13
17.19

TO

1 "3 7Q
I J. 78

12.07

1980

January
February
March

[H>55.48
35.83
-1 .52

16.46
27.54
17.24

April
May
June

2.47
-38.96
pO.72

-23.82
-41.21
(NA)

July
August
. .
September ....

2

18. 98

f MA \
(NA)

p364 9 028
.. .

2.37
2.32
2.53
/ M/> \

(NA)

(NA)

-1 ,465
[R)r-2,680

P

9

QCO

Q QQ
rp-ooo
v>n

-

-\TA

2

35

P2,443
pi ,028
_ o Jo
p*c o c
2

298

fjj\T 7 gT
[H/I / , 0 i

12.04
1^.81
[H)15.53

10.98
9.47

14.00
9.15
7.00

3

*to IA

9 08

October
November
December
NOTF: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Current high values are indicated by|H); for
series that move counter to movements in general business activity, current low values are indicated by [R). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 32, 33, and 34.
1
Scries 14 reached its high value (96.99) in September 1977. 2Average for weeks ended July 2, 9, and 16. 3Average for weeks
ended July 2, 9, 16, and 23. "Average for weeks ended July 3, 10, 17, and 24.

72



JULY 1980

ItO

CYCLICAL INDICATORS
B

CYCLICAL INDICATORS BY ECONOMIC PROCESS -Con.

MAJOR ECONOMIC
PROCESS

^H MONEY AMD CREDIT-Con.

Minor Economic
Process

Interest Rates-Con.

Outstanding Debt

lg, Lg, Lg

C, Lg, Lg

U, Lg, Lg

Lg, Lg, Lg

116. Corporate
bond yields®

11 5. Treasury
bondyields®

117. Municipal
bond yields @

118. Secondary
market yields
on FHA
mortgages®

Timing Class

Year
and
month
(Percent)

(Percent)

(Percent)

(Percent)

Lg, Lg, Lg

Lg, Lg, Lg

67. Bank rates
on short-term
Dusiness loans

109. Average
prime rate
charged by
banks®

®

(Percent)

(Percent)

Lg, Lg, Lg

66. Consumer
ins'tallment
debt

(Mil.dol.)

Lg, Lg, Lg

72. Commercial
and industrial
oans outstanding, weekly
reporting large
commercial
banks
(Mil.dol.)

Lg, Lg, Lg

95. Ratio,
consumer installment debt
to personal
ncome
(Percent)

1978

7 51

5 71

9 18

7.60
7.63

5.62

(NA)

5 61

9 35

7.74
7.87

5 80
6.03

9 44
9 74

7 94

6 22

(NA)

8.78

8 10
7 88
7 82

6 28
6 12
6 09

9 96
9 81
9 81

9 14

8 07

6 13

9.30
9.30

8.16
8.36

6.19
6.50

9 98
10.04
10.23

January
February . . . . '.
March

9 47
9 52
9 55

8 43
8 43
& dR

fc d7
fi ^T

10 7d

April
May
June

9.69
9.82
9.51

8 44
8 55
8 32

6 29
6 25
6 13

10 61
10 49

July
August
September

9.47

9 57
9.87

8 35
8 42
8 68

6 13
6 20
6 52

10 46
10 58
11 37

11 17
11 52
11.30

9 44
9 80
9 58

7 08
7 30
7 22

{ NA^

11 .65
13.23
[H)14.08

10 03
11 55
H>11 87

7 35
8J6
fu\g ]7

January
February
March

8.70
8.70
8.70

April
May
June

8.88
9.00
9.15

July
August
September

9.27

8 83

October
November
December

7 93
8 00

225 714
228,576
232 652

118 248
119,682
121 346

8 96

8 00
8 27
8 63

236 758
241 038
245 245

122 854
125 041
ipc 071

M pq
U oq

9 00
9 01
9 41

248 711

ipo nn^

M

oo

9 92

U

CQ

8.00

8.90

pep -34-3

256 023

q q/i

pen qqn

10.94
11.55

11.44

263,231
267,630

ipo qo7
.1 on 147

i ^T n^£
131,786
131,708

13 95
14.01
1A

ftC

Id

1 9

l A Aq

1 A . CC
14 bb
14.61
14.65

1979

October

November
December

C

^0

n

1 n o/i

P7O o y /
£ / u s AQ7

QQ/I
i J4syo£i-

•l o/l

1 4. 76

U .ol

O77 QOC
£ / 1 ,oob

i 07 7/m
i QQ 9*>n
IOO,££U

11 75
11 75
11 65

poi qqn

141 *i??

Id QQ

285 296

144 188
146 124

i R ns

11 54
cn
12 90

pqn PQ7
pqp 7/L-5
?Q7 IRQ

i R? ndfl
IRR fifii

U

Oq

T C

CC

PQQ 17£
om 7pp

1 Rd. PI T

icon

303 1 31

m

15 25
15 63

304 503
306 798
[H)308 235

159 21 5
162 201
162 074

U qp

306,250
302,816

0)162,280
159,033
p!59,093

H4.78
p!4.57

in PK
(NA)

12 41
1? °d

fC

11 7R
1 1 7^

1007

12 34

I O

Ql

m

n

1581

PQ7

OAO

QCfl

idQ Rfn

1 £R 0,71

cqp

Q-l

14.84

1C

IT

1 R DP
1 c n/i

fuNi c T c
1C T 1
1 b. 1 1
IK n^
H qc

1980

January
February
March

13.36
11.61
11.12

April
May
June

Ml. 41

July
August
September
October
November
December

10.83

8.63
7.59
7.63

9.82
9.40
X

9.75

2

7.95

12 60
(NA)
H)14 63

13.45
11.99
11.85

15 67

1831

D17.75

[H)19.77
16.57
12.63
3

11 48

(NA)

14 88
1 d RQ

(NA)

MfiO 67^

....

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Current high values are indicated byH); for
series that move counter to movements in general business activity, current low values are indicated byH). Series numbers are for identification only and do not reflect series relationships or
order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 15, 34, and 35.
Average for weeks ended July 4, 11, and 18. 2Average for weeks ended July 3, 10, .and 17. 3Average for July 1 through 25.
"Average for weeks ended July 2, 9, and 16.

JULY 1980



73

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE

m DIFFUSION INDEXES
050. Twelve lead ing
indicator components
(series 1,3, 8, 12, 19,
20,29,32,36,92,104,

Year
and
month

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

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

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

106)

1 -month
span

6-month
span

1-month
span

6-month
span

1-month
span

6-month
span

1 -month
span

9-month
span

962. Initial claims for
State unemployment
insurance, week including the 12th
(51 areas)

1- mo nth
span

9-month
span

1
Revised1 Revised

963. Number of employees on private
nonagriculturol payrolls
(172 industries)

1 -month
span

6- mo nth
span

Revised1 Revised 1

1978

January
February
March

45.8
62.5
41.7

58.3
54.2
58,3

100.0

April
May
June

66,7
54.2
62.5

54. 2

100,0

50.0
58.3

50.0
75.0

July
August
September

45.8
50.0
62.5

62.5
83.3
66.7

100.0

October
November
December

54.2
37.5
66.7

January
Februory
March
April
May
June

25.0
75.0

100.0
100,0
100.0

2.5

91.7

100.0
100,0
100.0

75.0
90.0
85.0

100.0
100.0

77.5
65.0
40.0

33.3
47.1
54.9

76.5
56.9
47.1

68.6
68.6
71.8

82.3
82.8
79.9

82 ,,4
11, .8
58.8

52.9
60.8
60.8

69.8
61.9
64.2

74.7
75.3
74.7

100.0
100.0
100.0

66.7

100.0

100.0
91.7

83.3
83.3

62.5

52.5
70.0
95.0

62.5

100.0
100.0
100.0

83.3
83.3
83,3

100.0
100.0
100.0

47.5
45,0
60.0

82.5
47,5
22.5

49 ,,0
42 .,2
94 .1

51.0
76.5
15.7

61.0
67.7
67,2

73.3
77.6
80.5

66.7
66.7
50.0

100.0
100.0
100.0

100,0
100.0
100.0

66.7

100.0

100.0
100.0

83.3

83.3

35.0
67.5
57.5

62.5
70.0
12.5

25,5
29,4
86.3

51.0
66,7
29.4

68.0
75.3
74.7

82.0
79.1
78.2

58.3
41.7
66.7

33.3
41.7
41.7

25.0
75.0

100.0

75.0
87.5
50,0

83.3
75.0
75.0

100.0
100.0
100.0

52.5
37.5
67.5

15.0
10.0
15.0

11.8
72.5
68.6

46.1
27.5
23.5

66.9
66.3
62.2

74.7
71.8
64.0

25.0
45.8
41.7

41.7
33.3
29.2

12,5
75.0
75.0

75.0
50.0
25.0

91.7
75.0
83.3

100.0
100.0

92.5
32,5

17.5
30.0
17.5

66.7
66.7

56.9
49.0
31.4

49.7
58.1
57.8

60.5
53,8
51,5

July
August
September

r45.8
r29.2
r54.2

r37.5

100.0

100.0

50.0
50.0

50.0
75.0

66.7
83.3
75.0

100.0

33.3

83.3
75.0

75.0
45.0
72.5

32.5
25.0
90.0

35.3
56.9
86.3

21.6
23.5
49.0

57.0
54.4
52.9

58.1
55.5

October
November
December

r!6.7
r20.8
r50.0

r50.0

50.0
50.0

75,0
75.0
25.0

83.3
41.7

50.0
58.3
50.0

37.5
57.5
65.0

45.0
32.5
27.5

8.8
53.9
68.6

35,3
33.3
p5.9

65.1
55.2
53.5

59.3
63.1
56.4

25.0
25.0
"0.0

58.3
66.7
41.7

66.7
66.7

75.0
10.0

12.5
p7.5

(NA)

60.2
54.9
45.9

42.7
37.5

75.0

5.0

1979

r45.8
54.2
16.7

100.0

83.3

50.0

0.0

7.8

55. 2

1980

January
February
March

r41.7
r37.5
33.3

...

April
May
Jung

1

12.5
2
18.2
3
70.0

2
9

0.0
18.2
20.0

75.0
25.0

0.0
0.0
0.0
"0.0

66.7
33.3
= 50.0

5

50.0

0.0
55.0
17.5

p25.0

25.5
60.8
46.1
p3.9
(NA)

p30.8

28.2
29.7

p20.9

July

August
September
October
November
December
NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are centered within the spans: 1-month indexes are placed on
the 2d month, 6-month indexes on the 4th month, and 9-month indexes on the 6th month of the span. Diffusion indexes 961, 962, and 963 are computed from seasonally adjusted components; indexes 950,951, and 952 are computed from the components of the composite indexes. The "r" indicates revised; "p", preliminary; and "NA", not available.
Graphs of these series are shown on page 36.
x
Sec "New Features and Changes for This Issue," page iii.
^Excludes series 12 for which data are not yet available.
3
Excludes series 12 and 36 for which data are not yet available.
"Excludes series 57 for which data are not yet available.
s
Excludes series 70 and 95 for which data are not yet available.

74




JULY 1980

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Con.

BB DIFFUSION INDEXES-Con.
964. Value of manufacturers' new orders,
durable goods industries (35 industries)

Year
and
month

965. Newly approved
capital appropriations,
deflated, The
Conference Board
(17 industries)

966. Index of industrial
production (24
industries)

967. Index of industrial
materials prices ©
(13 industrial materials)

37.1
60.0
45.7

85.7
91.4
80.0

74.3
42.9
57.1

85.7
80.0
94.3

48.6
80.0
65.7

88.6
80.0
88.6

77.1
45.7
62.9

91.4
97.1
91.4

62.9
45.7
62.9

82.9
80.0
61.4

25.7
62.9
51.4

65.7
62.9
60.0

42.9
57.1
60.0

54.3
45.7
75.7

39

October .
November
December .

51.4
45.7
54.3

62.9
62.9
42.9

48

72.9
40.0
31.4

r22.9
p25.7

70.8
83.3
70.8

45

July
August
September

87.5
87.5
85.4

53

April
May
June

87.5
54.2
83.3

50

January
February
March ....

69.2
34.6
46.2

59

October . . .
November
December .

83.3
79.2
91.7

27

July
August ....
September

39.6
47.9
85.4

4-Q moving

62

April
May
June

1 -month
span

*48

January . ,
February
March

6-month
span

'50

9-month
span

1-month
span

*49

1 -quarter
span

1 -month
span

avg.

9-month
span

968. Index of stock
prices, 500 common
stocks * ®

1-month
span

9-month
span

960. Net profits,
manufacturing 2 ®
(about 700 companies)

1-quarter
span

4-quarter
span

1978
3

66.7
66.7
58.3

30.6
50.0

"49.1
"62.1
"69.8

*78

50.0
61.5
80.8

69.2
80.8
84.6

90.7
90.7
59.3

"82.8
"86.2
'87.7

*78

87.5
87.5
91.7

65.4
69.2
76.9

88.5
92.3
88.5

28.8
98.3
37.3

"70.2
"67.5
"68.4

'so

87.5
77.1
81.3

88.5
80.8
42.3

88.5
88.5
92.3

69.0

39.1
47.3
67.3

*74

"52

66.7
79.2
87.5

'47

54.2
52.1
66.7

58.3
58.3
50.0

61.5
76.9
76.9

96.2
96.2
88.5

94.8
35,5
85.5

18.2
32.7
57.4

56.3
54.2
45.8

69.2
42.3
53.8

80.8
84.6

90.7
88.9
75.0

*74

*46

16.7
64.6
66.7

70.8
52.1
54.2

46.2
30.8
53.8

63.0
68.5
68.5

*75

p48

45.8
45.8
52.1
58.3
50.0
58.3

66.7
54.2

=6 2 . 5

41.7.

77.1
33.3

r22.9
r!6.7

r33.3

p8.3

3
3

8.1

8.6
0.0

1979

(NA)

61.5
76.9

5

91.7

80.0
16.4
90.0

5

66.7
66.7
58.3

64.8
92.6
53.7

66.7
58.3
58.3

38.0
95.4

69.8
37.7
39.6

74.1
52.8

...
'71

39.6
47.2

5
5

5
5
S

3.7

(NA)

1980

January
February
March ....

r!7.1
r34.3
p38.6

April
May
June

(NA)

50.0
73.1
61.5

12.5

11.5
15.4

8.3
p!2.5

0.0
6

July
August . . .
September
October
November .
December .

P 59

5

58.3
50.0
53.8

S
6

3.8
26.4
92.5
89.6

53.8

...

NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are centered within the spans: 1-month indexes are placed on
the 2d month, 6-month indexes on the 4th month, and 9-month indexes on the 6th month of the span; 1-quarter indexes are placed on the 1st month of the 2d quarter, 3-quarter indexes on
the 1st month of the 3d quarter, and 4-quarter indexes on the 2d month of the 3d quarter. Seasonally adjusted components are used except in index 968, which requires no adjustment and
Index 969, which is adjusted as an index (1-quarter span only). Unadjusted series are indicated b y ® . The 'Vindicates revised; "p", preliminary; and "NA", not available.
Graphs of these series are shown on page 37.
1
Based on 62 industries through March 1978, on 59 industries through September 1978, on 58 industries through January 1979,
on 55 industries through June 1979, on 54 industries through January 1980, and on 53 industries thereafter. Data, for component
industries are not shown in table C2 but are available from the source agency.
2
This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun and Bradstreet,
Inc.
3
Based on 12 components (excluding print cloth).
''Based on 58 components for January 1978 through May 1978 and on 57 components through September 1978.
'Based on 12 components (excluding rosin).
6
Average for July 1, 8, 15, and 22.

JULY 1980



75

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE-Con.

DIFFUSION INDEXES-Con.

Year
and
quarter

971. New orders, manufacturing1®

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

0-Qspan)

b. Later
anticipations

c. Early
anticipations

Actual

Actual

Anticipated

Anticipated

(1-Qspan)

(1-Qspan)

973. Islet sales, manufacturing
andtiade 1 ®

972. Net profits, manufacturing
and trade 1 ®

(4-Q span)

(4-Q span)

Actual

1441 span)

{4-Q span)

(4-Q span)

Anticipated

<4-Q span)

86
90

1977

66.7
75.0
88.9
44.4

61.1
72.2
69.4
58.3

66.7
66.7
66.7
72.2

80
83
82
82

80
86
88
84

71
74
74
76

78
80
84
82

80
81
84
85

61.1
88.9
61.1
66.7

77.8
69.4
63.9
72.2

61.1
66.7
61.1
69.4

83
86
86
86

82
83

73
76
78
78

79
82
84
83

84
86

66.7
77,8
83.3
77.8

66.7
72.2
66.7
72.2

55.6
72.2
69.4
77.8

85
81
73
78

80
84
80
72

78
74
70
72

78
82
80
70

87
84
82
B2

85
88
84
78

52.8
(NA)

First quarter ...
Second quarter
Third q u a r t e r . . .
Fourth quarter

50.0
58.3

47.2
75.0
66.7

74

66
75
57

62

66
73
59

73

72

1978

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

87
92

1979

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

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

(NA)

(NA)

80
63

(NA)

DIFFUSION INDEXES-Con.

Year
and
quarter

974. Number of employees,
manufacturing and trade 1 ®

975. Level of inventories,
manufacturing and trade 1 ®

976. Selling prices, manufacturing 1 @

977. Selling prices, wholesale
trade 1 ®

978. Selling prices, retail
trede 1 ®

Actual

Actual

Actual

Actual

Actual

Anticipated

(4-Q span)

(4-Qspan)

Anticipated

Anticipated

Anticipated

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

(4-Q span)

Anticipated

(4-Q span)

(4-Q span)

1977

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

60
59
61
62

59
60
61
59

74
72
74
75

65
68
72
70

86
86
87
87

78
81
86
82

87
86
88
90

80
86
86
84

90
86
92

84

62
64
64
63

59
60
62
62

76
76
76
78

67
70
73
74

87
88
90
91

82
84
87
87

89
92
93
94

84
90
87
90

91
94
94
93

90
88
92
92

62
60
60
58

60
60
58
56

80
76
73
75

70
74
71
68

92
93
92
94

88
88
86

96
95
95
96

88
90
92
90

94
95
94
96

90
92
92
90

58
(NA)

54
56
48

67
(NA)

62
70
53

90
(NA)

87
90
83

92
(NA)

90
92
87

92
(NA)

90
93
84

1978

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1979

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

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

NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are placed on the terminal month of the span. Series are seasonally adjusted except those, indicated by ® , that appear to contain no seasonal movement. The "r" indicates revised; "p", preliminary; and "NA", not available.
Graphs of these series are shown on page 38.

*This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun and Bradstreet,
Inc. Dun and Bradstreet diffusion indexes are based on surveys of about 1,400 business executives.

76




JULY 1980

BCII

CYCLICAL INDICATORS
C

DIFFUSION INDEXES AND RATES OF CHANGE—Con.

^^ SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change
Diffusion index components

1979

November

1980

December

January

February

March

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

o

All manufacturing industries

Percent rising of 20 components

40.1

+

(58)

40.2

+

40.1

(75)

(65)

40.3

(10)

o

June P

40.9
40.7

39.8

39.8

39.3

39.1

(55)

38.7
38.5

41.2
40.8

May

3

(0)

39.1
39.0

April

(18)

(25)

37.5
37.6

37.4
37.1

Durable goods industries:
Lumber and wood products
Furniture and fixtures

+
+

Stone clay and glass products
Primary metal industries
Fabricated metal products
Machinery except electrical

o

38.9
38.9

+
o

39.0
38.9

+
+

39.4
39.2

41.4
40.8

+

41.5
40.7

+

41.4
40.8

40.7
41.5

+
o

40.9
41.5

o
+

40.9
41.6

40.8
41.5

40.7
41.3

40.4
40.5

+
-t-

40.5
40.9

0
o

40.5
40.9

40.3
40.8

40.0
40.4

o

o

37.3
38.5

+

+

40.4
39.0

40.6
40.6

40.3
39.2

+
+

40.8
41,5

39.9
41.0

39.7
40.7

+

39.9
40.5

39.5
39.6

39.1
39.5

40.3
38.3

Electrical equipment and supplies
Transportation equipment

+

Instruments and related products
Miscellaneous manufacturing industries

+
o

41.0
38.9

o
+

41.0
39.0

+
+

41.4
39.2

40.9
39.1

40.4
38.6

+

40.7
38.5

Food and kindred products
Tobacco manufactures

o

39.9
37.8

o
+

39.9
38.5

o

39.8
38.5

39.7
37.9

39.3
37.7

+
+

39.6
38.2

Textile mill products
Apparel and other textile products

+

41.0
35.3

o
+

41.0
35.6

+
+

41.5
36.0

41.1
35.9

40.8
35.3

-f

40.3
35.8

39.7
35.3

39.1
35.2

Paper and allied products
Printing and publishing.

+
+

42.7
37.5

+

42.8
37.4

+
+

43.0
37.8

42.9
37.4

42.6
37.2

o

42.5
37.2

41.7
37.1

41.6
36.9

+
+

42.0
44.4

41.8
43.4

+

42.0
36.9

+

41.9
40.7

41.8
39.7

+

41.5
41.1

41.5
42.7

41.1
42,6

+

40.0
36.6

40.0
37.0

+
+

40.7
37.2

o

40.0
37.2

39.9
36.9

+
+

40.1
37.3

+

40.6
38.0

Nondurable goods industries:

Chemicals and allied products
Petroleum and coal products

. . . .

Rubber and plastic products, n.e.c
Leather and leather products

o
+

964. VALUE OF MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES 1
(Millions of dollars)

_

All durable goods industries

Percent rising of 35 components

Transportation equipment
Other durable goods industries

+

77,202

+

81,467

-

81,021

-

(40)

(73)

(54)

(46)

Primary metals
. . .
Fabricated metal products
Machinery, except electrical
Electrical machinery

75,903

77,546

+

o
+

39,9
37.8

39.3
36.7

+

+
+

39.5
38.2

39.5
37,0

3

- r72,416

(34)

(17)

(31)

65,423

- r67,328

(39)

r8>373
r8,333

9,110
8,131

..

11,748
9,004

+

11,502
9,685

+

13,533
9,092

+

13,086
10,223

-

11,141
9,738

-

9,680
8,862

+

13,843
9,769

+
+

14,016
10,060

+
+

15,249
10,626

+

14,247
11,440

-

14,000
11,109

-

11,651
10,737

- r!2,701
- rlO,022

-

12,520
9,793

+
-

16,555
14,984

+
-

16,970
14,969

+

16,448
16,519

-

16,005
16,020

+
-

16,345
15,213

+ 17,510
- r!3,976

- r!4,320
- r!3,579

+

12,125
13,744

-

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: (+) - rising, {o) = unchanged, and (-) = falling. The "r" indicates revised;
"p", preliminary; and "NA", not available.
1
Data are seasonally adjusted by the source agency.
2
Revised. See "New Features and Changes for This Issue," page iii.
3
Data for most of the 35 diffusion index components are not available for publication; however, they are included in the totals
and directions of change for the six major industry groups shown here.

IECII

JULY




1980

77

CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE-Con.

K SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change 'Con,
l

1980

1979

Diffusion index components

November

December

January

Junep

Aprilr

Marchr

February

^
966. INDEX OF INDUSTRIAL PRODUCTION '
(1967=100)
, .,

All industrial production. ,
1

Percent rising of 24 components

152.1

. ..

(50)

Durable manufactures:
Primary and fabricated metals
Primary metals
Fabricated metal products
Machinery and allied goods
Nonelectrical machinery
Electrical machinery
Transportation equipment. .
Instruments
Lumber, clay, and glass
Clay, glass, and stone products
Lumber and products. . .
Furniture and miscellaneous
Furniture and fixtures . . . .
Miscellaneous manufactures

Nondurable manufactures:
Textiles, apparel, and leather
Textile mill products
Apparel products
Leather and products

+

(58)

152.6

-

152.3

-

148.3

(33)

(33)

(77)

151,7

(12)

144.7

-

(8)

141.2
(12)

116.4
145.0

+

111.9
145.3

+
-

113.6
144.7

106.9
141.9

136.1

-

130.6

166.9
181.7
122.4
175.8

+
-

166.1
179.7
126.2
175.0

-

166.0
179.5
124.3
173.8

163.3
177.3
114.9
174.3

161.9
172.0
110.3
172.0

+

157.5
165.9
109.0
172.1

+

165.1
131.6

-

162.6
130.2

-

156.5
125.4

149.4
106.5

143.8
100.6

161.0
153.7

o
+

161.0
154.0

-

159.2
152.0

+
0

159.5
152.0

158.2
151.3

152.0
147.0

147.1
128.3

+

147,8
127.2

+

143.7
128.0

o

141.9
128.0

140.2
126.0

135.3

70.4

+

71.2

+

73.2

71.7

69.8

153.3
136.2

+
+

154.7
137.8

+
+

156.0
138.9

+

150.5
139.9

+
-

151.6
139.2

148.3
136.5

142.4
135.5

215.1
142.1
271.3

+
+

216.5
142.6

+
+

217.7
146.7

-

216.0
144.4

-

214.5
141.6

210.2
137,2

204.7

-

262.3

+

266.9

+

267.9

-

264.8

264.0

254.8

(NA)

148.3
113.0

+
+

148.9
116.6

+
+

150.0
118.7

+
+

150.2
120.0

+
+

150.3
123.1

149.0
121.9

149.3

(NA)
(NA)

+

141.9
126.0

+
+

145.0
127.2

+

141.0
128.5

+

136.0
130.3

+
+

137.2
131.6

+
+

132.0
141.2

+
-

136.8
141.0

+
+

137.6
145.3

-

136.6
142.0

-

132.7
136.8

+
+

+

+

+
+
+

+
+

Foods and tobacco
Foods
Tobacco products

Mining;
Coal .
Oil and qas extraction
Metal, stone, and earth minerals
Metal mining
Stone and earth minerals. . .

152.2

117.2
146.9

Paper and printing
Paper and products
Printing and publishing
Chemicals, petroleum, and rubber
Chemicals and products . . . . . . . .
Petroleum products
Rubber and plastics products.

+

-

115.4
146.1

+

162,8
179,5
128.2
173.3

+
+
+

162.9
181.2
125.9
175.0

+
+

162.8
136.1

+
-

164.4
131.7

162.9
155.3

-

147.9
128.8

+

71.9

+

+
+

143.4
133.3

98.0

90.4

(NA)
(NA)

(NA)

-

(NA)
(NA)
(NA)

(NA)
67.9

132.6

+

-

135.8
134.0

-

131.5

(NA)

(NA)

143.0
134.0

+

124.3
133.3

142.4

+
+

117.9
131.9

143.1
134.5
(NA)
(NA)

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

*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



JULY 1980

CYCLICAL INDICATORS
C I

DIFFUSION INDEXES AND RATES OF CHANGE—Con.

^9 SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change-Con.
Diffusion index components

1979

November

1980

December

January

February

March

April

May

July 1

June

967. INDEX OF INDUSTRIAL MATERIALS PRICES 2

Industrial materials price index (1967=100) . . . . Percent rising of 13 components

304.0

+

309.6

+ 316.2
(50)

(77)

(62)

+

322.5

-

316.9 (62)

(73)

301.9

-

(12)

278.5 -

(15)

267.5

+

276.0

(54)

(0)

Dollars

Copper scrap

(pound) . +
(kilogram). .

0.746
1.645

+

0.872
1.922

o

0.872
1.922

+ 0.971
2.141

-

0.732 1.614

0.674
1.486

+

0.688 1.517

Lead scrap

(pound). . +
(kilogram). .

0.399
0.880

-

0.373
0.822

-

0.346
0.763

o

0.346
0.763

+

0.364 0.802

0.313
0.690

-

0.220 - 0.216
0.485
0.476

+ 0.218
0.481

- 71.000 - 63.000
69.445
78.263

+ 68.000
74.956

Steel scrap

(U.S. ton). . + 92.000
(metric ton). .
101.412

98.000 - 91.800
101.191
108.025

+ 93.000
102.514

+ 96.750
106.648

+100.000
110.230

-

+ 7.910
17.438

+

8.368 18.448

Tin

(pound). . + 7.588
(kilogram). .
16.729

+

7.890
17.394

-

7.805
17.207

Zinc

(pound)
r(kilogram). .

0.369
0.813

+

0.375
0.827

0

0.375
0.827

+

0.380
0.838

+

0.390 ,
0.860

0.385 0.849

0.375 „
0.827

Burlap

(yard). . +
(meter). .

0.391
0.428

+ 0.417
0.456

-

0.404
0.442

-

0.385
0.421

+

0.389 0.425

0.362
0.396

-

Cotton

(pound). . +
(kilogram). ..

0.632
1.393

+

0.664
1.464

+

0.726
1.601

+ 0.810
1.786

-

0.788 1.737

0.787
1.735

Print cloth

(yard). . (meter). .

0.620
0.678

+

0.625
0.684

o

0.625
0.684

+ 0.651
0.712

+

0.682 +
0.746

Wool tops

(pound)
+
(kilogram). .

3.050
6.724

+ 3.140
6.922

+

3.150
6.944

+

3.200
7.055

+

Hides

(pound). . (kilogram). .

0.740
1.631

+

+

0.825
1.819

-

0.745
1.642

-

Rosin

(100 pounds)
+ 40.500
(100 kilograms), .
89.286

0.780
1.720

0.368
0.811

_

0.355
0.783

0.350 0.383

0.337
0.369

-

0.323
0.353

-

0.779 1.717

0.725
1.598

+ 0.771
1.700

0.695
0,760

-

0.691 0.756

0.690
0.755

-

0.676
0.739

3.500 7.716

3.460
7.628

-

3.250 7.165

3.200
7.055

o

3.200
7.055

0.592 0.858

0.490
1.080

-

0.405 0,893

0.380
0.838

+

0.462
1.019

+

+

+

0.833
1.836

-

0.750 1.653

- 0.170
0.375

+

0.181 0.399

0.665
1.466

+

Tallow

(pound). . (kilogram). .

0.187
0,412

- 0.185
0.408

0.679
1.497

0.743
1.638

- 0.180
0.397

- 46.500 - 45.000
99.207
102,514

o 45.000
99.207

0.711
1.567

-

0.682 1.504

-

0,180
0,397

-

0.168 - 0.152
0.335
0.370

48.000 o 48.000
105.821
105.821

+ 42.000
92.593

(pound). . (kilogram). .

8.063 - 7.810
17.218
17.776

0.750
1.653

7.728
17.037

- 40.000
88.184

+

+

-

- 40.200
88.625

Rubber

7.918
17.456

0.679
1.497

0.680
1.499

0,678
1.495

+ 0.164
0,362

NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: (+) = rising, (o) = unchanged, and (-} - falling. The "r" indicates revised;
"p", preliminary; and "NA", not available,
a
Average for July 1, 8, 15, and 22.
2
Data are not seasonally adjusted. Components are converted to metric units by the Bureau of Economic Analysis.

ItCII

JULY 1980




79

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT

GNP AND PERSONAL INCOME

Year
and
quarter

. Total

c. Percent
change at
annual rate

. Difference

(Ann. rate,
bil.dol.)

217. Per capita
GNP in 1972
dollars

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

c. Percent
change at
annual rate

b. Difference

i. Total

213. Final sales
in 197 2 dollars

(Ann. rate,
dollars)

50. Gross national product in 1972 dollars

200. Gross national product in current dollars

(Ann. rate,
bil.dol.)

1977

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

22.7
7.4

8.9
4.8
7,0
2.2

6,084
6,145
6,236
6,256

1,304.4
1,317,8
1,337.3
1,350.0

1,367.8
1,395.2
1,407.3
1,426.6

6.5
27,4
12.1
19.3

1.9
8.3
3.5
5.6

6,276
6,390
6,431
6,506

1,351.3
1,379.6
1,395.1
1,414,6

11.9
10.5

1,430.6
1,422.3
1,433.3
1,440.3

4.0
-8.3
11.0
7.0

1.1
-2.3
3.1
2.0

6,512
6,460
6,494
6,509

1,418.4
1,404.1
1,426.2
1,439.0

10.8
pO.4

1,444.7
pi,410.8

4.4
p-33.9

1.2
p-9.1

6,514
p6,348

1,444.4
pi,408.5

1,820.2
1,876.0
1,930.5
1,971.3

64.1
55.8
54.5
40.8

15,4
12.8
12,1
8.7

1,315.7
1,331.2
1,353.9
1,361.3

27.6

2,011.3
2,104.2
2,159.6
2,235.2

40.0
92.9
55.4
75,6

8.4
19.8
10.9
14.8

2,292.1
2,329.8
2,396.5
2,456.9

56.9
37.7
66.7
60.4

10.6

2,520.8
p2,523.4

63.9
p2.6

15.5

1978

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1979

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

6,7

1980

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

GNP AND PERSONAL INCOME~Con.
Year
and
quarter

PERSONAL CONSUMPTION EXPENDITURES
230. Total in current
dollars

Disposable personal income
224. Current dollars 225. Constant
(1972) dollars
(Ann. rate,
bil.dol.)'

(Ann. rate,
bil.dol.)

231. Total in 1972
dollars

232. Durable goods
in current dollars

233. Durable goods
in 1972 dollars

(Ana rate,
bil.dol.)

(Ana rate,
bil.dol.)

227. Per capita in
1972 dollars
(Ann. rate,
dollars)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

1977

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

1,250.1
1,286.0
1,323.2
1,361.2

908.0
921.5
936.3
951.8

4,200
4,255
4,313
4,375

1,169.1
1,190.5
1,220.6
1,259.7

849,2
853.1
863.7
880.9

174.3
175,7
178.9
186.4

135.8
136.6
138,2
142.4

1,395.0
1,437.3
1,476.5
1,524.8

956.6
966.1
976.2
991.5

4,390
4,426
4,462
4,522

1,287.2
1,331.2
1,369,3
1,415.4

882.7
894.8
905.3
920.3

185.3
200,3
203.6
212.1

139.3
147.8
147.5
152.1

1,572.2
1,601.7
1,640.0
1,683.1

996.6
993,0
993.4
996.2

4,536
4,510
4,501
4,502

1,454.2
1,475.9
1,528.6
1,580.4

921.8
915,0
925.9
935.4

213.8
208.7
213.4
216.2

150,2
144.8
146.9
146.7

1,737.4
pi,754.0

998.5
p984,2

4,502
p4,428

1,629.5
pi,628.2

936,5
P913.6

220.2
p197.0

145.4
pl28.3

1978

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1979

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

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

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by <§). Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimatod; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 40 and 41.




JULY 1980

ItCII

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Con.

Ml

Year
and
quarter

^R GROSS PRIVATE DOMESTIC INVESTMENT

PERSONAL CONSUMPTION EXPENDlTURES-Con.

236. Nondurable
goods in current
dollars

(Ann. rate,
bil.dol.)

238. Nondurable
goods in 1972
dollars

(Ann. rate,
bil.dol.)

237. Services in
current dollars

(Ann. rate,
bil.dol.)

239. Services in
1972 dollars

(Ann. rate,
bil.dol.)

240. Total in
current dollars

(Ann. rate,
bil.dol.)

241. Total in
1972 dollars

(Ann. rate,
bil.drfl.)

242. Fixed investment, total, in
current dollars

243. Fixed investment total, in
1972 dollars

(Ann. rate,
bil.dol.)

(Ann. rate,
bil. dol.)

1977

467.7
475.5
483.0
499.2

328.9
329.6
332.1
340.0

527.1
539.3
558.7
574.1

384.5
386.9
393.3
398.5

280.4
300.0
315.7
316.9

191.0
199.6
206.7
203.0

261.1
277.5
288.2
298.5

179.7
186.2
190.1
191.7

505.9
521.8
536.7
558.1

337.3
339,4
344.7
351.9

596.0
609.1
629.1
645.1

406.1
407.6
413.1
416.3

327.0
352.3
356.2
370.5

209.0
216.8
214.0
217.4

304.1
326.5
336.1
349,8

192.5
201.2
201.8
205,5

571.1
581.2
604.7
630.7

348.1
344.1
349.2
355.1

669.3
686.0
710.6
733.5

423.5
426.1
429.9
433.6

373.8
395.4
392.3
387.2

217,2
221.7
214.2
207.7

354.6
361.9
377.8
381.7

204,9
203,5
207.1
206.3

652.0
p654.4

First quarter
Second quarter
Third quarter
Fourth quarter

354.1
p349.1

757,3
p776.8

437.0
p436.3

387.7
p366.9

203.2
p!87.3

383.0
p355.2

202.9
p!85.0

1978

First quarter
Second quarter
Third quarter
Fourth quarter
1979

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

First quarter
Second quarter
Third quarter
Fourth quarter

D
Year
and
quarter

GROSS PRIVATE
DOMESTIC INVEST .-Con.

245. Change in
business inventories in current
dollars
(Ann. rate,
bil.dol.)

^M{ GOVERNMENT PURCHASES OF GOODS AND SERVICES

30. Change in
business inventories in 1972
dollars

260. Total in
current dollars

(Ann. rate,
bil.dol.}

(Ann. rate,
bir.dol.}

261. Total in
1972 dollars

(Ann. rate,
bil.dol.)

262. Federal
Government in
current dollars

263. Federal
Government in
1972 dollars

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

266. State and
local government
in current dollars

267. State and
local government
in 1972 dollars

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

1977

First quarter
Second quarter
Third quarter
Fourth quarter

19.3
22.5
27.5
18.5

11.3
13.4
16.6
11.3

380.0
391.6
400.5
412.8

264.5
267.6
270.3
271.5

138.2
142.6
145.6
151.2

100.3
101.8
101.8

241.8
249.0
254.9
261.6

166.0
167.3
168.5
169.8

22.8
25.8
20.0
20.6

16.5

419.4
428.3
440.9
453.8

270.7
271.3
274.7
276.0

150.9
148.2
152.3
159.0

99.9
96.6
98.5
99.3

268.5
280.1
288.6
294.8

170.9
174.7
176.2
176.6

19.1
33.4
14.5

12.3
18.1

460.1
466.6
477.8
501.2

274.7
272.4
273.1
277.1

163.6
161.7
162.9
178.4

101.1
101.1

296.5
304.9
314.9
322.8

173.6
174.3
175.6
176.0

517.2
p527.0

280.0
p280.6

186.2
p!92.5

104.3
P106.6

331.0
p334.5

175.7
p!74,0

98.4

1978

First quarter
Second quarter
Third quarter
Fourth quarter

15.6.
12.2
12.0

1979

First quarter
Second quarter
Third quarter
Fourth quarter

5.6

7,1
1.4

98.1
97.4

1980

First quarter . .
Second quarter
Third quarter
Fourth quarter

4.7
pll.7

0.3
P 2.3

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by <§). Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 41, 42, and 43.

BCII

JULY 1980




81

OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Con.

NATIONAL INCOME
AND ITS COMPONENTS

FOREIGN TRADE
Year
and
quarter

252. Current
dollars

255. Constant
(1972) dollars

250, Current
dollars
(Ann. rate,
bil.dol.)

Imports of goods
and services

Exports of goods
and services

Net exports of
goods and services

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

(Ann. rate,
bil.dol.)

(Ann, rate,
bil.dol.)

220. National income in current
dollars

257. Constant
(1972) dollars

253. Current
dollars

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

(Ann. rate,
bil.dol.)

280. Compensation of
employees

(Ann. rate,
bil.dol.}

1977

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

-9.2
-6.0
-6.3

97.3

179.8
184.7
186.4
192.3

85.4
88,5
87.3
9K4

1,456.9
1S505.3
1,551.1
1,589.8

1,110.1
1,141.5
1,170.7
1,205.5

95.4
96.9
98.5

1,244.0
1,288.2
1,321.1
1,364.8

96.5
99.4

-18.1

5,8

170.5
178.6
180.1
174.2

-22.2

5.3
12.3
13.3
12.9

184.4
205.7
213.8
224.9

100.7
109.2
111.9
113.8

206.6
213.3
220.6
229.4

101.0

1,621.0
1,703.9
1,752.5
1,820.0

-11.9

17.0
13.2
20.1
20.1

238.5
243.7
267.3
280.4

117.0
116.0
122.2
124.3

234.4
251.9
269.5
292.4

100.0
102.9
102.1
104.1

1,869.0
1,897.9
1,941.9
1,990.4

1,411.2
1,439.7
1,472.8
1,513.2

-13.6
pi.3

25.0
p29,3

308.1
p307.3

131.7
p!28,7

321.7
p306,0

106.7
p99.4

2,035.4
(NA)

1,555.2
pi,566.1

11.1
10.9
13.2

100.5

1978

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1979
First quarter ..
Second quarter
Third quarter..
Fourth quarter
1980
First quarter ,.
Second quarter
Third quarter..
Fourth quarter

-7.6
-6.8
-4.5
4.0
-8.1

-2.3

NATIONAL INCOME AND ITS CQMPONEIMTS-Con.
Year
and
quarter

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

284. Rental income
of persons with
capital consumption adjustment
(Ann. rate,
bil.dol.)

286. Corporate
profits with
inventory valuation
and capital consumption adjustments
(Ann. rate,
bil.dol.)

SAVING

288. Net interest

(Ann. rate,
bil.dol.)

290. Gross saving
(private and government)

(Ann. rate,
bil.dol.)

292. Personal
saving

295. Business
saving

(Ann. rate,
bikdol.)

(Ann. rate,
bil.dol.)

1977

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

96.9
97.6
98.6
107.6

23.6
24.6
25.2
25.5

137.1
148.9
160.8
153.0

89.3
92.7
95.8
98.2

253.3
276.0
291.6
283.6

213.9
226.8
243.2
238.8

52,5
65.9
71,9
69,5

109.1
115.0
117.4
125.7

25.2
24.4
26.8
27.1

141.2
169.4
175.2
184.8

101.5
106,8
111.9
117.6

289.7
329.2
332.7
346.9

234.4
253.1
259.6
264.7

74.6
71.2
70.9
71.5

129.0
129.3
130,3
134.5

27.3
26.8
26.6
27.0

178.9
176.6
180.8
176.4

122.6
125.6
131.5
139.2

362.2
374.3
367.3
351.9

266.0
274.6
281.9
281.0

79.2
85.9
70,3
59.7

130.0
pll9,2

27.0
p27.3

175.0
(NA)

148.1
p!56.8

346.6
(NA)

279.2
(NA)

64.4
p82,9

1978

First quarter ..
Second quarter
Third quarter..
Fourth quarter
1979

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

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

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 44, 45, and 46.

82



JULY 1980

OTHER IMPORTANT ECONOMIC MEASURES
IA

I

NATIONAL INCOME AND PRODUCT—Con.

W| SHARES OF GNP AND NATIONAL INCOME

iflj SAVING-Con.
298. Government
surplus or deficit,
total

Year
and
quarter

(Ann. rate,
bil.dol.)

293. Personal
saving rate
(percent of disposable personal
income)

Percent of Gross National Product
235. Personal consumption expenditures, total
(Percent)

(Percent)

248. Nonresidential
fixed investment

249. Residential
fixed investment

247. Change in
business inventories

(Percent)

(Percent)

(Percent)

(Percent)

251. Net exports of
goods and services

\

1977

-13.1
-16.6
-23.5
-24.8

4.2
5.1
5.4
5.1

64.2
63.5
63.2
63.9

-19.2
5.0
2.3
10.8

5.3
5.0
4.8
4.7

15.8
12.7
14.0
10.0

First quarter
Second quarter
Third quarter
Fourth quarter

5.0
5.4
4.3
3.5

10.0
10.1

4.5
4.9
4.9
5,1

1.1
1.2
1.4
0.9

-0.5
-0.3
-0.3
-0.9

64.0
63.3
63.4
63.3

10.1
10.4
10.5
10.6

5.0
5.1
5.1
5.1

1.1
1.2
0.9
0.9

-1.1
-0.4
-0.3
-0.2

63.4
63.3
63.8
64.3

10.6
10.7
10.9
10,8

4.9
4.8
4.8
4.7

0.8
1.4
0.6
0.2

-0.3
-0.1
-0.5

9.9
9.9

1978

First quarter . . .
Second quarter
Third quarter
Fourth quarter .
1979

First quarter
Second quarter
Third quarter . .
Fourth quarter

0.2

1980

First quarter
Second quarter
Third quarter
Fourth quarter

3.7

1.7
(NA)

p4.7

64.6

0.2

4,4

10.8

p64.5

plO.5

P3.5

pO.5

-0.5
pO.O

^J SHARES OF GNP AND NATIONAL INCOME-Con.
Percent of GNP-Con.

Year
and
quarter

265. Federal Govt.
purchases of goods
and services
(Percent)

Percent of National Income

268. State and
local govt, purchases of goods
and services
(Percent)

64. Compensation of
employees
(Percent)

283. Proprietors'
income with IVA
and CCA 1
(Percent)

285. Rental income
of persons with
CCA

1

(Percent)

287. Corporate
profits with IVA
and CCA 1

289. Net interest

(Percent)

(Percent)

1977

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

7.6
7.6
7.5
7.7

13.3
13.3
13.2
13.3

76.2
75.8
75,5
75.8

6.7
6.5
6.4
6.8

1.6
1.6
1.6
1.6

7.5
7.0
7.1
7.1

13.3
13.3
13.4
13.2

76.7
75.6
75.4
75.0

6.7
6.7
6.7
6.9

1.6
1.4
1.5
1.5

7.1
6.9
6.8
7.3

12.9
13.1
13.1
13.1

75.5
75.9
75.8
76.0

6.9
6.8
6.7
6.8

1.5
1.4
1.4
1.4

13.1

76,4
(NA)

9.4
9.9
10.4

9.6

6.1
6.2
6.2
6.2

1978

First quarter
Second quarter
Third quarter
Fourth quarter

8.7
9.9
10.0
10.2

6.3
6.3
6.4
6.5

1979

First quarter
Second quarter
Third quarter
Fourth quarter

9.6
9.3
9.3
8.9

6.6
6.6
6.8
7.0

1980

First quarter
Second quarter
Third quarter . . .
Fourth quarter

,

7.4
p7.6

p!3.3

6.4
(NA)

1.3
(NA)

8,6
(NA)

7.3
(NA)

NOTE: Series are seasonally adjusted except those series that appear to contain no seasonal movement. Unadjusted series are indicated by ©. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 46 and 47.
I

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

JULY 1980



83

OTHER IMPORTANT ECONOMIC MEASURES
B

I

PRICES, WAGES, AND PRODUCTIVITY

Q PRICE MOVEMENTS
|
Implicit prce deflator,
gross national product
Year
and
month

310. Index

(1972-100)

310c. Change
over 1-quarter
spans1

{Ann. rate,
percent)

Fixed weighted price index,
gross business product
311. Index

(1972-100)

Consumer prices, all items

Consumer prices, food

31 1c. Change 320. Index ® 320c. Change 320c. Change
over 1-quarter
over 1 -month over 6-month
spans1
spans1
spans1

(Ann. rate,
_percent)

(1967=100)

(Percent)

322. Index

(Ann. rate,
percent)

(1967-100)

322c. Change
oveir 1-month
spans1

322e. Change
ov@r(>manth
spans1

(Percent)

(Ann. rate,
percent)

1978
6.3

January
February
March

14?!6

April
May
Juno

i5o!s

July
August
September

153^4

October
November
December

is&\7

187,2
188.4
189.8

0.6
0.6
0.8

8.1
8.5
9.2

200.4
202.1
204.5

0.9
0.8
1.2

12,2
12.7
14.6

191.5
193.3
195.3

0.7
0.8
0.9

9.3
9.3
9.5

207.2
209.6
212,7

1.3
1.2
1.5

13,5
12.8
11.8

8.8

196.7
197.8
199.3

0.7
0.6
0.9

9.7
9.4
8.9

213.5
214.6
216.2

0.4
0.5
0.7

11.0
10.1
9.1

8,7

200.9
202.0
202.9

0.9
0.6
0,6

9.5
10.6
10.9

218.3
219.9
222.2

1,0
0.7
1.0

11.4
13.3
13.8

10.0

204.7
207.1
209.1

0.9
1.1
1.0

11.1
12.0
12.9

225.3
228.4
230.6

1.4
1.4
1.0

12.9
12.8
11.1

10.1

211.5
214.1
216.6

1.0
1.0
1.0

13.2
12.9
13.3

232.0
233.5
234.2

0.6
0.6
0.3

9.1
6.3
6.4

10.4

218.9
221.1
223.4

1.1
1,0
1.2

13.4
13.3
13.8

235.3
235.5
237.9

0.5
0.1
1.0

6.8
6.9
9.3

225.4
227.5
229.9

1.0
1.0
1.2

14.5
15.3
15.9

239.8
241,4
244.8

0.8
0.7
1.4

8.2
8.0
7.9

11.2

233.2
236.4
239.8

1.4
1.4
1.4

15.7
15.4
14.8

244.8
244.7
247.1

0.0
0.0
1,0

7.3
6.6
4.7

p9.4

242.5
244.9
247.6

0.9
0.9
1.0

248.4
249.2
250.5

0.5
0.3
0.5

6.6

14&\2
10.6

10.5

152!6
7.2
155^2

8.7

15&\5

1979
January
February
March

16o!2

April
May
June

163^8

July
August
September

167^2

October
November
December

1?6!6

9.3
162^3

9.3

166\3
8.5
17CK4

8.4

8.4

173.'9

1980
January
February
March

9.5

174!s

April
May

June

178!e
plO.4

p178]g

p182!7

July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjustedseriesareindicated by ©, Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 48 and 49.
Percent changes are centered within the spans: 1-quarter changes are placed on the 1st month of the 2d quai'ter, 1-month
changes are placed on the 2d month, and 6-month changes are placed on the 4th month.




JULY

1980

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Con.

Q PRICE MOVEMENTS-Con.
|
Producer prices, all commodities
Year
and
month

330. Index®

(1967=100)

330c. Change
over 1-month
spans1 @

.

(Percent)

Producer prices, crude materials

Producer prices, industrial commodities

330c. Change
over 6-month
spans1 ®

(Ann. rate,
percent) .

335. Index®

335c. Change
over 1 -month
spans1 ®

(1967=100)

(Percent)

335c. Change
over 6-month
spans1 @

(Ann. rate,
percent)

331. Index

(1967=100)

33ic. Change
over 1-month
spans1

331c. Change
over 6-month
spans1

(Percent)

{Ann. rate,
percent)

1978

January
February
March

200.1
202.1
203.7

1.0
1.0
0,8

10.7
11.4
11.8

201.6
202.9
204.1

0.8
0.6
0.6

7.2
8.3
8.9

221.6
224.2
229,0

1.2
1.2
2.1

24.6
19.1
21.4

April
May
June

206.5
208.0
209.6

1.4
0.7
0.8

10.9

8.6
8.7

206.1
207.4
208.7

1.0
0,6
0.6

8.6
8.6
8.4

234.5
235.6
241.3

2.4
0.5
2.4

19.9
17.0
16.1

July
August
September

210.7
210.6
212.4

0.5
0.0
0.9

8.3
7.5
7.7

210.1
211.4
212.5

0.7
0.6
0.5

8.5
8.5
8.3

242.6
242.5
246.8

0.5
0.0
1.8

16.6
17.4
13.7

October
November
December

214.9
215.7
217.5

1.2
0.4
0.8

9.8

214.7
216.0
217.2

1.0
0.6
0.6

9.6

13.2
13.9

10.8
12.5

253,2
255.3
257.3

2.6
0.8
0.8

17.2
23.1
23.4

January
February
March

220.8
224.1
226.7

1.5
1.5
1.2

14.5
15.7
15.3

220.0
222.5
225.4

1.3
1,1
1.3

13,8
15.0
16.1

262.6
269.1
274.2

2.1
2.5
1.9

16.4
16.1
17.1

April
May
June

230.0
232.0
233.5

1.5
0.9
0.6

15.1
13.1
14.0

229.0
231.6
234.0

1.6
1.1
1.0

16.5
16.9
17.4

273.2
275.1
278.4

July
August . .
September

236.9
238.3
242.0

1.5
0.6
1.6

14.0
13.5
14.4

237.5
240.6
244.2

1.5
1.3
1.5

18.2
17.1
17,0

October
November
December

245.6
247.2
249.7

1.5
0.7
1.0

r!9.2

15.8

2.0
0.6
1.0

20.4

T22.1

16.8

249.0
250.6
253.1

14.1
13.8
12.8

260.6
r265.9
268.2

r2.0
rO.9

270.7
271.2
273.0

0.9
0.2
0.7

1979

0.7
1.2

17.5
12.3
12.9

284.6
285.2
291.4

2.2
0.2
2.2

16.2
17.7
17.4

1.1
1.3
1.1

10.7
16,2

20.6

294.5
298.4
301.7

18.2
17.1
16.3

299.5
T307.5
300.7

-0.7
r2.7
-2.2

290.3
294.1
295.1

-3.5

-0.4

6.5

1980

January
February
March

254.9
r260.2
261.5
262.3
263.7
265.2

April
May
June .

r2.1
rO.5

0.3
0.5
0.6

2.1

3.0

-2.8
-2,9
-4.3

1.3
0.3

July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 48.
1
Percent changes are centered within the spans: 1-month changes are placed on the 2d month and 6-month changes are placed on
the 4th month.

JULY 1980



85

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Con.

^H PRICE MOVEMENTS~Con.
Producer prices, intermediate materials
Year
and
month

332. Index

(1967-100)

332c. Change
over 1 -month
spans1

(Percent)

Producer prices, finished consumer goods

Producer prices, capital equipment

332c. Change
over 6-month
spans1

(Ann. rate,
percent)

333. Index

(1967=100)

333c. Change
over 1 -month
spans1

(Percent)

333c. Change
over 6-month
spans1

(Ann. rate,
percent)

334. Index

(1967=100)

334c. Change
over 1-month
span:;1

334c. Change
over 6-month
spans1

(Percent)

(Ann. rate,
percent)

1978

January
February
March .

208.2
209.7
210.9

0.8
0.7
0.6

7.6
7.5
7.9

192.2
193.3
194.5

0.6
0.6
0.6

7.7
7.6
8.1

184.5
186.1
187.2

0.6
0.9
0.6

April
May
Juno

211,9
213.1
214.5

0.5
0.6
0.7

6.7
6.9
7.1

195.6
197.0
198.6

0.6
0.7
0.8

8.4
8.4
8.4

189.5
190.8
192.2

1.2
0.7
0.7

10.2

July
Auqust . .
September

215.1
216.8
218.3

0.3
0.8
0.7

8.6
9.3
9.3

200.1
201.3
202.5

0.8
0.6
0.6

7.7
8.4
8.0

193.7
194.3
195.7

0.8
0.3
0.7

8.6
8.3
9.5

October
November
December

220.8
222.8
224.3

1.1
0.9
0.7

11.3
11.8
12.6

203.0
205.1
206.4

0.2
1.0
0.6

8.6
9.1
9.2

197.5
198.6
201.1

0.9
0.6
1.3

10.6
12.5
13.4

January
February
March

226.9
229.2
231.6

1.2
1,0
1.0

13.3
13.4
14.2

208.5
210.3
211.6

1.0
0.9
0.6

11.1

9.9
9.9

203.7
206.1
208.4

1.3
1.2
1.1

12.7
12.7
11.1

April
May
June

235.0
237.3
239.7

1.5
1.0
1.0

15.3
16.2
17.2

214.0
215.0
216.4

1.1
0.5
0.7

9.5
7.4
7.6

209.7
210.8
212.0

0,6
0,5
0.6

11.2
12.2
13.7

July
August . .
September

243.6
247.1
250.7

1.6
1.4
1.5

17.7
17.6
17.8

218.2
217.9
219.5

0.8

7.0
7.5
7.9

214.8
218.3
222.2

1.3
1.6
1,8

14.9
16.9
17.6

October .
November
December

255.0
257.3
260,2

1.7
0.9
1.1

20.4

r21.7

0.9
0.7
0.9

9.6
rll.4
11.3

224.8
227.9
229.9

1.2
1,4
0.9

rl8.5

18.9

221.4
222.9
224.8

January
February
March

267.3
r272.6
273,4

2.7
r2.0
rO.3

15.3
14.1
13.4

228.4
r230,0
231.6

1.6
rO.7
rO.7

13.5
12.1
12.2

233.6
r237.6
241.2

April
May
June . .

273,8
274.9
277.1

0.1
0.4
0.8

235.9
236.0
238.1

1.9
0.0
0.9

9.3
9.2
9.8
9.0
9.3

1979

.

-0.1

0.7

18.3
17.8

1980

July
August . .
September

241.2
242.1
243.8

1.6
rl.7
rl.5

15.1
12.8
12.5

0.0
0.4
0.7

....

October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare indicated by ©. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; 'V, estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 48,
x
Percont changes are centered within the spans:
the 4th month.




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

JULY 1980

ItO

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Con.

BJ WAGES AND PRODUCTIVITY
Average hourly compensation, all employees,
nonfarm business sector

Average hourly earnings, production workers, private nonfarm economy, adjusted1
Year
and
month
340. Index

(1967-100)
Revised3

340c. Change
over 1-month
spans2
(Percent)
(3)

1978

340c. Change
over 6-month
spans2
(Ann. rate,
percent)

n

341, Index

34 1c. Change
over 1 -month
spans2

(1967=100)

(Percent)

(3)

(3)

205.9
206.6
208.1

1.1
0.3
0.7

8.8
8.7
8.9

109,7
109.4
109.4

April
May
June

210.1
211.1
212.4

1.0
0.5
0.6

8.0
8.2
8.3

109.7
109.3
109.0

-0.4
-0.3

July
August
September

214.1
214.9
216.6

0.8
0.4

r7.8
r8.0
r8.3

r!09.2
108.9
108,9

r-0.3
0.0

r!08.7
r!08.6
108.6

October
November
December

0.5
-0.3

0.3

r-1.0
r-0.8

345. Index

(1967=100)

345c. Change
over 1-quarter
spans2
(Ann. rate,
percent)

345c. Change
over4-quarter
spans2
(Ann. rate,
percent)

Revised3

Revised5

Revised3

11.4

220 '.5

8^4

-0.1

rO.2

7.3

224^4

8^9

-1.0

r-1.8
r-1.3
r-0.8

8.4

228^9

r-0.2

-1.4

-0.1
rO.O

r-1.9
r-2.8

-0.2

-3.0
-4.1
-5.0

239! 5

r-5.2
r-5.1
r-4.6

244!2

r-5.4
r-4.1
r-3.9

249 '.2

rO.6

0.8

8.2
8.7
8.2

January
February
March

222.7,
224.1
225.3

0.8
0.6
0.5

8.2
7.7
7.4

108,4
r!07.9
107.3

April
May
June

226.9
227.6
229.1

0.7
0.3
0.7

r7.4
r7.4
r8.1

107.0
106.3
H05.9

July
August
September

230.8
232.2
234.2

rO.7

r7.1
r8.7
r9.2

r!05.5
105.1
104.9

r-0.4
r-0.4

October
November
December

234.9
237.2
239.4

0.3
1.0
0.9

r8.4

-0.8

r9.7

104.1
104.1
103.8

240.4
242.5
245.3

0.4
0.9

r9.9
r9.5
p9.6

r!02.7
102.3
102.0

r-1.1
r-0.4

rl01.4
H01.3
pl01.4

r-0.6
r-0.1

0.7

0.9
0.4

0.0

218.1
219.3
221,0

. .

341c. Change
over 6-month
spans2
(Ann. rate,
percent)
(3)

January
February
March

rO.8

Current dollar compensation

Real earnings

Current dollar earnings

sie

8.6

233." 7

8.8

1979

0.6
0.9

9.1

r-0.5
r-0.6
-0.3
-0.7

r-0.4

-0.2

0.0
-0.3

-5.3
-5.3

10.2

8.9
8.1
8,9
8.5
9^6
9.0

254! 6

P 9!?

r-5.4

1980

January
February
March
April . . . .
May .
June

246,2
248.2
p250.7

rl.2

0,4
rO.8
pl.O

-0.3

-5.1

r-5.1
p-4.5

10.5

261 !l

pll.0
p268!6

pO.l

July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by (u). Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 49 and 50.
1
Adjusted for overtime (in manufacturing only) and interindustry employment shifts.
2
Percent 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.
3
See "New Features and Changes for This Issue," page iii.

JULY 1980



87

OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Con.

Qj WAGES AND PRODUCTIVITY-Con.
Average hourly compensation, all employees,
nonfarm business sector-Con.
Year
and
month

Real compensation
346. Index

(1967-100)
Revised

2

346c. Change
over 1 -quarter
spans1
(Ann. rate,
percent)
Revised

2

346c. Change
over4-quarter
spans1
(Ann. rate,
percent)

Negotiated wage and benefit
decisions, all industries ®
348. First year 349. Average
average changes changes over
life of
contract
(Ann. rate,
percent)

(Ann. rate,
percent)

370. Index

370c. Change
over 1 -quarter
spans1

(1967=100)
Revised

Revised*

2

1978

January
February
March

ne.'e

April
May
June

ne!6

July
August
September

115.*8

October
November
December

ns.'e

3.4

-2.0

-0.7

-0.8

6!i
6!6

-i!i

-i.'y

13.2

8.2

6.8

6,0

7.2

ns\5

5.9

ng'.i

(Ann. rate,
percent)
Revised

2

-1.5

5.2

3?0c. Change
over 4-quarter
spans'

(Ann. rate,
percent)
Revised

(1967-100)
Revised 2

2

6!i

116!2

6!?

ne!?

6^3

1.9

117.*4

-6!;

117.*6

-i'.6

116.*6

-i.*7

115.'4

-i.'o

115.'6

p-i!a

nsiz

2.1

119.'?

6.1

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

Output per hour, all persons, private
business sector

ngis

0.3

1979

January
February
March

ns.'s

April ... ,
May .
June

ni.'i

July .
August
September

112i9

October
November
December

ni!?

2.8

-0.9

5.3

-2^6

10.5

-4.2

7.8

-iis

9.0

-2.0

6.1

-1.4

117.*8

8.5

-4.0

-3.1

118.*3

-3.*4

-4.3

m!9

6.0

p-4J

n?!?

-0.3

1980

January
February
March
April .
May
June

plOSLS

-5.5

p8.6

p6.4

p-2.4

ii6!i

(MA)

(NA)

lu'.i
piie!?

-0.3

ni!g

p-3.1

pus!?

July
August
September
October
November ....
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by @, Series numbers are lor identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e". estimEitod; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 49 and 50.
l
Percent changes are centered within the spans: 1-quarter changes are placed on the 1st month of the 2d quarter and 4-quarter
changes are placed on the middle month of the 3d quarter.
2
See "New Features and Changes for This Issue," page iii.




JULY

1980

KCII

OTHER IMPORTANT ECONOMIC MEASURES
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

Q CIVILIAN LABOR FORCE AND MAJOR COMPONENTS
Civilian labor force
Year
and
month

441. Total

442. Em-

ployed

(Thous.)

(Thous.}

Labor force participat on rates
451. Males
20 years
and over

452. Females 453. Both
20 years
sexes, 16-19
and over
years of age

(Percent)

(Percent)

(Percent)

448. Num-

Number unemployed
37. Total

(Thous.)

444. Males
445. Females 446. Both
20 years and 20 years and sexes, 16-19
over
over
years of age

(Thous.}

(Thous.)

(Thous.)

447. Fulltime
workers

(Thous.)

ber employed
part-time
for economic
reasons

(Thous.)

1978

99,118
99,009
99,281

92,813
92,921
93,128

79.8
79.7
79.8

48.9
48.8
49.0

57.1
56.8
56.8

6,305
6,088
6,153

2,437
2,361
2,379

2,314
2,126
2,171

1,554
1,601
1,603

4,948
4,812
4,799

3,071
3,227
3,204

April
May
June

99,819
100,242
100,458

93,763
94,116
94,556

79.8
79.9
79.8

49.4
49.5
49.6

57.3
58.3
58.3

6,056
6,126
5,902

2,274
2,278
2,171

2,219
2,295
2,275

1,563
1,553
1,456

4,644
4,802
4,581

3,281
3,226
3,329

July
August
September

100,656
100,731
100,944

94,428
94,802
94,973

79.7
79.7
79.6

49.8
49.6
50.0

58.6
59.1
58.3

6,228
5,929
5,971

2,190
2,177
2,180

2,425
2,219
2,241

1,613
1,533
1,550

4,887
4,612
4,647

3,266
3,256
3,248

October
November
December . .

101,189
101,610
101,815

95 401
95,728
95,831

79.6
79.9
80.0

50.0
50.1
50.1

58.6
58.5
58.5

5,788
5,882
5,984

2,139
2,110
2,198

2,107
2,215
2,212

1,542
1,557
1,574

4,475
4,491
4,609

3,231
3,163
3,082

January
February
March

102,061
102,379
102,505

96,157
96,496
96,623

80.0
80.1
79.9

50.1
50.3
50.4

58.9
58.8
58.6

5,904
5,883
5,882

2,167
2,138
2,164

2,195
2,202
2,212

1,542
1,543
1,506

4,514
4,565
4,539

3,203
3,176
3,211

April
May
June

102,198
102,398
102,476

96,254
96,495
96,652

79.8
79.7
79.7

50.2
50.4
50.3

58.2
57.9
57.7

5,944
5,903
5,824

2,190
2,130
2,169

2,199
2,208
2,196

1,555
1,565
1,459

4,637
4,533
4,515

3,279
3,283
3,284

July
....
August
September ,

103,093
103,128
103,494

97,184
97,004
97,504

79.9
79.8
79.9

50.8
51.0
50.9

57.9
56.3
58.2

5,909
6,124
5,990

2,254
2,286
2,282

2,160
2,304
2,164

1,495
1,534
1,544

4,617
4,727
4,715

3,274
3,298
3,167

October
November
December

103,595
103,652
103,999

97,474
97,608
97,912

79.7
79.5
79.5

50.9
50.9
51.1

57.9
58.1
58.6

6,121
6,044
6,087

2,317
2,335
2,303

2,250
2,197
2,257

1,554
1,512
1,527

4,796
4,770
4,791

3,315
3,392
3,519

January
February
March

104,229
104,260
104,094

97,804
97,953
97,656

79.4
79.6
79.4

51.4
51.3
51.0

58.2
57.4
57,3

6,425
6,307
6,438

2,577
2,507
2,696

2,304
2,254
2,255

1,545
1,547
1,487

5,046
4,942
5,168

3,513
3,406
3,418

April
May
June

104,419
105,142
104,542

97,154
96,988
96,537

79.5
79.9
79.4

51.5
51.5
51.3

56.3
57.9
56.5

7,265
8,154
8,006

3,246
3,671
3,710

2,534
2,670
2 ? 596

1,485
1,813
1,700

5,875
6,740
6,621

3,816
4,349
3,999

January
February
March

1979

1980

July
August
SeptemberOctober
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 51.

JULY




1980

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES

Q RECEIPTS AND EXPENDITURES
|
Federal Government 1
Year
and
month

0 DEFENSE INDICATORS

State and local governments'

Advance measures of defense activity

500. Surplus
or deficit

501. Receipts

502. Expenditures

510. Surplus
or deficit

511. Receipts

512. Expenditures

(Ann. rate,
bil. dol.)

(Ann, rate,
bil. dol.}

(Ann. rate,
bil, dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

(Ann. rate,
bil. dol.)

517. Defense
Department
gross obligations incurred

(Mil. dol.)

543. Defense
525. Defense
Department
Department
gross unpaid
military prime
contract awards obligations
outstanding
(Mil. dol,}

548. Value of
manufacturers'
new orders,
defense products

(Mil. dol.}

(Mil. dol.)

1978

-49^4

397.' 8

447. * 3

3CL2

319.'6

288.' 8

10,537
10,659
10,155

4,853
4,741
4,909

57,304
58,401
58,986

2,735
2,529
4,393

April
May
June

-24.' 6

424*8

449,' 4

29*6

330*5

301 '6

10,242
10,793
10,094

4,970
6,204
7,081

59,348
60,723
60,549

3,761
3,946
3,237

July
August
September

-20*4

442 !l

462! 6

22*7

331*8

309 '.1

10,327
10,278
10,256

3,928
4,924
4,855

61,833
62,028
62,730

2,157
3,214
3,279

October
November
December

-16^3

463.' 5

479*7

27*i

342*6

315*5

10,214
10,484
10,282

4,343
6,509
4,568

63,006
63,440
64,470

3,867
4,381
4,101

-11*7

475*6

486*8

27*6

343*9

316*3

10,787
10,250
11,741

5,706
4,773
5,763

65,120
48,267
67,128

2,684
3,871
3,102

-7*6

485.' 8

492.' 9

19^7

345. *9

326*1*

9,297
10,935
10,926

4,936
4,720
5,117

68,883
68,468
68,976

3,181
3,640
2,464

July
August
September

-ii.'a

504.' 8

516.'i

25*3

359.' 8

334 .'5

12,657
11,052
11,965

6,135
5,282
6,364

70,252
81,542
71,886

2,332
3,029
4,237

October
November
December

-15^7

524.'7

540*4

25.'s

368.*7

342 .'9

11,679
10 9 730
11,565

4,318
5,670
5,489

64,325
68,634
68,525

3,048
4,033
3,787

-22.9

538.4

561.3

24.6

375.3

350.6

12,563
12,419
14,757

5,515
7,152
5,781

70,088
68,497
72,961

3,352
r3,680
4,594

(NA)

p579*6

(NA)

(NA)

P353J

13,639
14,206

7,572

(NA)

73,766
74,848

4,948
rS,279
p3,163

January
February
March

. ..

1979

January
February
March

. .

April
May
June

1980

January
February
March
April
May
June

....

(NA)

(NA)

(NA)

July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by ®. Saries numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p"( preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 52 and 53.
1

Based on national income and product accounts.

90



JULY 1980

OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Con.

^J DEFENSE INDICATORS— Con.
National defense
purchases

Intermediate and final measures of defense activity
Year
and
month

557. Output of 559. Manufacturers' invendefense and
space equipment tories, defense
products

(1967 = 100)

(Mil. dol.)

561. Manufacturers' unfilled
orders, defense
products

580. Defense
Department
net outlays

588. Manufacturers' shipments, defense
products

(Mil. dol.}

(Mil. dol.)

(Mil. dol.}

570. EmployDefense Department
ment in defense
personnel
products
industries
577. Military, 578. Civilian,
active duty © direct hire
employment ®
(Thous.)

(Thous.}

(Thous.)

564. Federal
purchases of
goods and
services

565. Federal
purchases as
a percent of
GMP

(Ann. rate,
bil. dol.}

(Percent)

Revised1
1978

January
February
March

82.6
80.8
83.9

6,441
6,606
6,626

34,633
34,511
36,108

8,493
8,271
8,375

2,532
2,652
2,795

1,120
1,125
1,138

2,065
2,062
2,058

982
982
982

97^6

4^9

April
May
June

84.9
84.9
85.6

6,736
6,828
6,804

37,150
38,382
38,914

9,056
8,217
9,072

2,719
2,714
2,705

,143
,162
,173

2,054
2,046
2,057

982
988
1,000

98^2

4^7

July
August
September

87.5
87.9
89.0

6,901
6,896
6,905

38,467
38,993
39,499

8,394
9,638
8,592

2,604
2,688
2,773

,184
,193
,195

2,062
2,062
2,062

1,002
994
980

99^6

4.*6

October
November
December

89.3
90.3
91.4

7,013
7,004
7,170

40,660
42,293
43,563

9,026
8,762
9,407

2,706
2,748
2,832

1,207
1,219
1,236

2,058
2,050
2,041

981
981
978

101^2

4^5

January
February
March

92.4
92.4
92.9

7,397
7,485
7,586

43,409
44,515
44,588

9,645
9,452
9,525

2,838
2,765
3,029

1,242
,262
,278

2,040
2,030
2,026

972
971
968

103!4

4^5

April
May
June

92.9
92.5
92.3

7,573
7,806
7,953

44,854
45,670
45,138

9,299
9,781
9,425

2,915
2,824
2,996

,283
,289
,299

2,022
2,018
2,024

968
972
979

ioe!o

4^5

July
August
September

92.8
92.0
94.0

8,048
8,178
8,553

44,656
44,697
46,000

10,499
10,103
9,982

2,814
2,988
2,934

1,310
1,312
1,324

2,027
2,024
2,027

982
974
960

10916

4^5

October
November
December

94.0
95.0
95.9

8,871
9,275
9,462

46,010
46,893
47,492

9,982
10,206
11,182

3,038
3,150
3,188

1,336
1,349
1,356

2,030
2,029
2,020

964
967
967

114^6

4^7

95.8
96.0
r96.1

9,592
9,619
10,075

47,769
48,196
49,401

11,341
10,632
11,235

3,076
3,253
3,389

1,359
1,366
1,377

2,029
2,032
2,033

964
965
966

iigle

4.7

r96.2
r95.9
p95.8

10,277
r10,451

51,061
r 52, 902
p52,748

11,356
rl 1,061
p!1,467

3,286
r3,440
P 3,314

1,373
pi ,375

2,028
2,031
p2,036

969
970
970

pi23!e

1979

1980

January
February
March
April
May
June

....

(NA)

(NA)

p4.V

July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by ©.Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on pages 54 and 55.
*See "New Features and Changes for This Issue/' page iii.

JULY 1980



91

OTHER IMPORTANT ECONOMIC MEASURES
E

U.S. INTERNATIONAL TRANSACTIONS

^H MERCHANDISE TRADE
602. Exports, excluding
military aid shipments,
total

Year
and
month

604. Exports of agricultural products

{Mil.dol.)

(Mil.dol.)

606. Exports of nonelectrical machinery

(Mil.dol.)

612. General imports,
total

614. Imports of
petroleum and
petroleum products

616. Imports of
automobiles and parts

(Mil.dol.)

(Mil.dol.)

(Mil.dol.)

1978

9,863
9,938
11,143

1,818
2,058
2,363

2,084
2,187
2,450

13,103
14,221
14,005

3,000
3,626
3,094

1,529
1,661
1,581

April
May
June

11,628
11,776
12,264

2,428
2,861
2,904

2,415
2,472
2,427

14,491
14,012
13,970

3,162
3,038
3,229

1,715
1,6S9
1,684

July
August
September

11,656
12,286
13,275

2,392
2,774
2,512

2,451
2,528
2,815

14,543
14,130
14,821

3,194
3,257
3,307

1,812
1,666
1,822

12,901
13,448
13,282

2,596
2,533
2,555

2,625
2,718
2,824

14,852
14,818
15,028

3,347
3,489
3,588

1,872
1,875
1,822

13,265
13,616
14,297

2,338
2,424
2,682

2,682
2,832
2,917

16,528
14,605
15,358

3,580
3,634
3,667

1,963
1,706
1,589

June

13,979
14,083
14,817

2,547
2,450
2,909

2,706
2,859
3,034

15,841
16,438
16,835

3,832
4,000
4,199

1,956
1,851
1,730

July
August
September

15,691
15,713
15,822

3,103
3,141
3,059

3,022
3,241
3,153

16,806
18,277
18,407

4,692
4,949
5,662

1,815
2,113
1,849

October
November
December

16,680
16,928
16,742

3,254
3,415
3,434

3,251
3,172
3,240

19,037
18,548
19,665

6,050
5,351 1
6,502

1,805
1 ,984
1,871

January
February
March . . .

17,348
17,233
18,534

3,439
3,520
3,331

3,297
3,454
3,423

20,945
21 ,640
20,607

5,614
7,741
6,991

1,899
2,035
1,960

April
May
June

18,468
17,678

3,285
3,083

3,571
3,620

19,308
20,528

5,185
7,191

(NA)

1,710
1 S 999

(NA)

January
February
March

, .

October
November .
December .

. .

1979

January
February
March
April ....

May

...

1980

(NA)

(NA)

(NA)

(NA)

July
August
September
October
November .
December

NOTE; Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by @, Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 56.

92



JULY

1980

OTHER IMPORTANT ECONOMIC MEASURES
U.S. INTERNATIONAL TRANSACTIONS—Con.

£^ GOODS AND SERVICES MOVEMENTS (EXCLUDING TRANSFERS UNDER MILITARY GRANTS)
Merchandise, adjusted 1

Goods and services
Year
and
month

667. Balance

(Mil.dol.)

668. Exports

669. Imports

(Mil.dol.)

{Mil.dol.}

622. Balance

(Mil.dol.)

618. Exports

(Mil.dol.}

Income on investments
620. Imports

(Mil.dolj.

651. U.S. investments abroad

(Mil.dol.)

652. Foreign
investments in
the U.S.

(Mil.dol.)

1978

January
February
March

-4,969

49,319

54,288

-11,141

30,922

42,063

9,607

4,539

April
May
June

-2,795

54,156

56,951

-8,295

35,404

43,699

9,957'

5,474

July
August
September

-1,933

56,432

58,365

-7,508

36,828

44,336

10,557

^5,717

October
November
December

493

61,131

60,638

-6,815

38,900

45,715

12,851

6,343

2,732

65,667

62,935

-5,114

41,805

46,91*9

14,263

7,225

-110

67,763

67,873

-8,070

42,81*5

50,885

15,250

7,980

July
August
September

2,506

74,773

72,267

-7,060

47,198

54,258

18,050

8,731

October
November
December

-250

78,305

78,555

-9,225

50,237

59,462

18,407

9,524

p-691

p85,325

p86,016

p- 10, 87 5

p54,708

p65,583

p20,548

pi 0,425

1979

January
February
March
April
May
June

..

1980

January
February
March
April
May
June

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

(NA)

July
August
September
October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare indicated by ©. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 57.
1
Balance of payments basis: Excludes transfers under military grants and Department of Defense sales contracts (exports) and
Department of Defense purchases (imports).

JULY 1980



93

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS

Qj INDUSTRIAL PRODUCTION
47. United States, 721.0ECD 1
European counindex of industrial production tries, index of
industrial
production

Year
and
month

(1967-100)

(1967-100)

728. Japan,
index of industrial production

725. West
Germany, index
of industrial
production

(1967-100)

(1967-100)

726. France,
index of industrial production

(1967=100)

722. United
Kingdom, index
of industrial
production

(1967=100)

727. Italy, index
of industrial
production

(1967-100)

723. Canada,
index of industrial production

(1967-100)
Revised2

1978

January
February
March

140,0
140.3
142.1

153
152
150

196.9
197.0
199.5

157
152
152

152
152
155

123
124
123

143.8
146.1
145.9

150.0
151.8
152.2

April
May
June

144.4
144.8
146.1

153
152
153

200.5
201,5
201.8

153
152
154

161
157
152

128
126
128

143.5
143.8

154.3
151.8
154.8

July
August
September

147.1
148.0
148.6

153
152
154

201.8
204.1
206,0

157
156
159

155
155
157

128
128
128

H4.4

143,7
146.2

154.1
154.0
158.8

October
November
December

149.7
150.6
151.8

157
157
158

206.9
207,6
210.1

159
159
159

157
159
161

125
126
129

154.3
154.7
151.9

158.3
158.8
161.8

January
February
March

151.5
152.0
153.0

154
156
157

210.2
213.1
r213.1

159
157
161

158
159
161

122
132
133

152.8
160.0
156.0

160.8
161.0
162.0

April
May
June

150.8
152.4
152.6

158
158
158

r214.4
r218,2
r218.5

161
160
164

132!

July
August
September

152.8
151.6
152,4

163
158
161

r221.2
r221.8
r220.5

October
November
December

152.2
152.1
152.2

163

r225.0
r228.1
r228.4

r!67

168
170
170

H65

p!65

r230.9
r243.3
r243.3

166

(NA)

p238.8

pi 68
(NA)

K5.3

1979

r!63

163

r!68
r!64

164
166
167

162
161

134
136

156,7
151.9
145.1

160.3
162.1
160.6

168
168
165

134
130
128

150.4
150.1
159.4

163.1
163.3
165,4

161
163
165

H30
132
130

166.8
167.3
164.7

164.7
163,7
160.8

r!26

166.8
174.0
r!73.2

161.1
161.2
164.1

pi 66

pi 25

p!75.4

P161.5

(NA)

(NA)

r!59

1980

January
February
March

152.6
152.3
rl51.7

April
May
June

H48.3
H44.7
P141.2

July
August
September

164
164

(NA)

r!66

r!30

128

(NA)

(NA)

. .

October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted seriesare indicated by ©. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 58.

Organisation for Economic Cooperation and Development.
2
See "New Features and Changes for This Issue," page iii.

94



JULY 1980

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS—Con.

Q CONSUMER PRICES

United States

Japan

West Germany

France

United Kingdom

320. Index® 320c. Change
over 6-month
spans1

Year
and
month

738. Index® 738c. Change
over 6-month
spans1

735. Index® 735c. Change
over 6-month
spans1

736. Index® 736c. Change
over 6-month
spans1

732. Index® 732c, Change
over 6-month
spans1

(1967=100)

(Ann. rate,
percent)

(1967=100)

(Ann. rate,
percent)

(1967=100}

(Ann. rate,
percent)

(1967=100)

(Ann. rate,
percent)

(1967=100)

(Ann. rate,
percent)

January
February
March

187.2
188.4
189,8

8.1
8.5
9.2

246.1
247.1
249.4

3.0
3.9
4.1

158.3
159.1
159.5

2.4
2.4
2.5

222.8
224.4
226.4

8.4
9.3
9.9

304.4
306.2
308.1

6.7
6.5
6.8

April
May
June

191.5
193.3
195.3

9.3
9.3
9.5

252.1
253.5
252.1

5.4
5.9
3.6

160.0
160.3
160.8

2.8
2.2
1.9

228.9
231.1
232.8

11.2

11 .7

312.6
314.4
316.8

8.4
9.0
8.5

July
August ....
September

196.7
197.8
199.3

9.7
9.4
8.9

253.1
253.3
256.4

3.6
3.1
2.9

160.5
160.3
160.2

2.1
2.4
2.5

235.7
237.1
238.6

318.2
320.3
321.6

8.8
9.4
9.8

October
November
December

200.9
202.0
202.9

9.5

256.8
254.1
253.7

1.2

10.6
10.9

0.9

160.3
160.8
161.4

3.0
3.5
4.3

240.8
242.1
243.2

10.4

January ...
February
March

204.7
207.1
209.1

11.1
12.0
12.9

253.9
253.1
255.1

1.8
3.1
4.6

162.9
163.6
164.4

4.4
4.3
4.7

245.5
247.1
249.4

10.4
10.9

April
May
June

211.5
214.1
216.6

13.2
12.9
13.3

258.6
261.3
261.5

7.3
7.0
5.3

165.3
165.7
166.6

6,0
5.8
5.8

251.8
254.5
256.6

11 .9

218.9
221.1
223.4

13.4
13.3
13.8

263.8
261.1
264.4

6.7
6.9
6.9

167.7
167.8
168.3

6.0
6.4
6.1

225.4
227.5
229.9

14.5
15.3
15.9

267.7
266.7
268.3

6.0
8,9
10.8

168.7
169.3
17D.-1

233.2
236.4
239.8

15.7
15.4
14.8

270.8
273.3
275.5

(NA)

171.0
172.8
173.8

1978

-0.7

10.1
10.2

9.8
9.6
8.7
9.1

323.1
325.3
328.0

10.3
10.2
11.2

332.9
335.6
338.3

11.4
11.4
13.2

12.6
11.7

344.1
346.8
352.8

21.5
21.4
22.1

260.0
262.7
264.9

12.7
12.4
12.8

368.0
370.9
374.6

23.2
23.7
21.5

4.0
5.4
5.6

268.1
269.8
272.0

14.2
14.7
15.6

378.5
381.8
384.6

15,4
16.8
17.4

5.6
5.6
5.7

277.2
280.2
283.4

15.0
15.0
(NA)

394.1
399.7
405.1

20.4
20.5
20.5

1979

. .

July
August
September .
October ...
November
December

....
....

9.8

1980

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

....

242.5
244.9
247.6

280.2
282.7
(NA)

9.9
9.5

174.9
175.6
176.5

286.7
289.3
(NA)

419.0
422.8
426.8

July
August
September
October
November
December . . .....
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by ®. Series numbers are for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 59.
1
Changes over 6-month spans are centered on the 4th month.

ItO

JULY 1980




95

OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS—Con.

Qj STOCK PRICES

Q CONSUMER PRICES-Con.

Year
and
month

748. Japan,
index of
stock
prices®

745. West
Germany,
index of
stock
prices®

746. France,
index of
stock
prices®

742. United
Kingdom,
index of
stock
prices®

747. Italy,
index of
stock
prices®

743. Canada,
index of
stock
prices®

(1967-100)

(1967-100)

(1967=100)

(1967-100)

(1967-100)

(1967-100)

(1967-100)

98.2
96.8
96.6

339.0
348.3
359.7

126.5
127.9
126.1

100.3
120.0

198.2
187.7
187,5

40.7
43.5
42.8

99.1
98.7

105.3

19. United
States, index
of stock
737. Index© 737c. Change 733. Index® 733c. Change prices, 500
over 6-month
over B-month common
stocks®
spans1
spans1
Canada

Italy

(Ann. rate,
percent)

(1967-100)

(Ann. rate,
percent)

(1967-100)

January
February
March

271.1
273.9
277.4

10.3
10.9
11.5

194.0
195.3
197.5

8.5-

April
May
June

280,0
282.7
285.1

12,1
12.6
12.0

197.9
200.7
202.4

11.0

9.6
7.3

100.8
106,0
106.2

371.8
371.0
373.2

124.9
124.0
127.1

130.6
133.3
135.7

191.9
202.9
201. 2

41.4
43,2
44,0

106.9
109.4
109.1

July
August
September ,

286.8
288.3
292.9

12.7
11.8
11.5

205.4
205.5
205.2

8.6
8,2
7.7

105.7
113.0
113.0

382.8
380.3
387.6

129.1
132.3
136.4

149.8
150.6
165.1

204.4
220.3
223.3

44.8
48.4
57.3

116.7
120,8
129,5

October
November
December

295,5
298.6
300.1

12.7
13.8
14,1

207.3
209,0
209.6

6.8
8.7

109.4
103.3
104.5

395.0
398.9
404.9

138.7
134.8
133.9

158.7
155.4
158.7

217.4
208.1
213.3

57.5
51.6
51.2

122.3
129.1
131.7

January
February
March

305.1
309,7
313.8

14.5
15.6
15.6

211.2
213.2
215.7

9.9

108.5
106.9
108.9

416.1
409.9
405.7

135.0
131.9
131.2

160,9
149.9
155.4

211.1
212.2
240.8

52.4
54.8
57.9

138.4
141.1
150.7

April
May
June

317.8
321.3
323.9

14-. 9
15.5
17.8

217.2
219.3
220.3

9.5
8.5
8.5

111.0
108.5
110.7

402.9
411.1
402.3

130.6
127.8
121.7

164.5
162.0
171.7

255.7
255.0
241.0

54.1
56.8
58.0

149.5
154,8
168.9

July
August
September

326.7
330.6
339.2

19.2
19.4
21.7

222.1
222.9
224.9

7.9
8.8
9.5

111.7
116.8
118.1

400.6
408.0
412.5

122.0
124.3
125.7

173.7
188.6
207.4

232.8
233.9
236.3

58.8
61.7
63.0

159.4
178,6
191.7

October , .
November
December

345.5
350.3
356.6

25.8
26.1

226.5
228.7
230.1

10.0
10.4

113.6
112.8
117.2

408,2
403.4
410.8

123.5
118.3
118.8

187.5
189.1
186.8

238.9
215.6
217.1

62.6
58.6
55.4

175.2
189,3
199.5

231.3
233.3
235.8

10.3

120.6
125.5
113.9

420,1
425.5
413.0

117.2
123.3
118.1

203.8
207.4
185,4

224.3
239.4
231.6

59.8
61.1
61.1

224.7
256,3
203,2

112.0
117.1
124.6

417.6
422.9
423.8

116.5
118.8
120.6

189.0
rp!97.0
rp!99.4

228.1
rp231.3
HD239.5

61.0
61,5
64.8

212.8
P220.2
rp236,8

P129.2

p422.7

P123.6

P197.9

p255.8

p65.0

P231.3

1978

9.3
9.6

10.9

98.0

1979

r23>l

10.9
10.1

9.9

1380

January
February
March

367.9
374.3
r378.2

April
May
June

r384.3
r387.8
391.3

July
August
September

r23.0
r22.3
20.2

237.2
240.0
242.7

9.9
10.6

October
November
December
NOTE: Series are seasonally adjusted except those series that appear to contain noseasonal movement. Unadjusted series are indicated by ®. Series numbers ore for identification only and
do not reflect series relationships or order. Complete titles and sources are shown at the back of the book. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and
"NA", not available.
Graphs of these series are shown on page 59.
over 6-month spans are centered on the 4th month.

96



JULY 1980

APPENDIXES
B.

Current Adjustment Factors
19*30

Co v*-i atbenes

Jan.

150.1

5. Average weekly Initial claims, State
unempl oyment insurance
13. New business incorporations 1

Feb.

114.8

105.8

15. Profits (after taxes) per dollar of sales,
manufacturing 2
. . . .
33. Net change in mortgage debt

1 3

525.
543.

Defense Department military prime
contract awards

-1989

100.1

Defense Department gross obligations
i n cur red1
. . .
. . .
. . . .

Apr.

99.1

108.7

91.2

May

85.7

80.3

87.1

105.6

104.8

103.5

104.2

. . . .

July

Aug.

Sept.

109.9

86.3

75.8

87.6

104.8

96.8

96.6

103.8

109.2
-317

189

1033

1847

83

640

-364

474

78.2

77.0

74,3

172.0

150.4

105.6

102.1

99.7

97.6

95.1

93.0

94.6

101.5

104.1

104.0

100.4

100.3

99.8

100.0

99.7

100.0

100.0

100.9

101,2

102.4

97.5

102.7

103,5

92.5

91.5

88.1

88.7

105.2

107.7

95.3

93.7

100.4

82.9

87.8

100.9

101.4

100.2

100.1

99.8

99.9

99.9

96.6

102.9

102.0

100.0

101.9

604

Exports of agricultural products

95.3

95.3

110.7

105.6

103.9

99.8

606

Exports of nonelectrical machinery

93.7

95.5

114.4

104.4

106.9

103.2

94.9

91.5

614. Imports of petroleum and products . . . . . 107,7

93.0

97.8

98.8

105.2

97.5

108.2

95.5

77.8

118 8

-72

113.3

111.5

107.0

283

140.9

106.3

98 7

98.3

122.1

91.9

104.5

105 8

94.5

79.6

87.4

Defense Department net outlays 1

Imports of automobiles and parts

90.5

91.5

99.6

100.1

580.

616

131.1

100.5

89.3

112.5

100,8

100.0

100.4

Employment in defense products industries .

1

Dec.

99.4

100.3

570.

. . .

Nov.

99.3

100.2

69.9

1

Oct.

97.9

100.0

90.3

Defense Department gross unpaid
obi i gat ions outstanding 1
. .

June

90.4

94.5
-1913

72. Commercial and industrial loans
outstanding. .
517.

93.2

Mar.

90.6
101 3

109.6
88.1

99.5
101.0

97.1
90.0
94.7

100.5
91.4

104.4
96.9
100.5

NOTE: These series are seasonally adjusted by the Bureau of Economic Analysis or the National Bureau of Economic Research, Inc.,
rather than by the source agency. Seasonal adjustments are kept current by the Bureau of Economic Analysis. Seasonally adjusted
data prepared by the source agency will be used in BUSINESS CONDITIONS DIGEST whenever they are available. For a description of the
method used to compute these factors, see Bureau of the Census Technical Paper No. 15, THE X-ll VARIANT OF THE CENSUS METHOD II SEASONAL ADJUSTMENT PROGRAM.
factors are the products of seasonal and trading-day factors.
Quarterly series; factors are placed in the middle month of the quarter.
3
These quantities, in millions of dollars, are subtracted from the month-to-month net change in the unadjusted monthly totals to
yield the seasonally adjusted net change. These factors are computed by the additive version of the X-ll variant of the Census Method II seasonal adjustment program.




97

C. Historical Data for Selected Series
Quarterly

Monthly
Year

Jan.

Feb.

Mar.

Apr.

June

May

Aug.

July

Sept

Oct.

Nov.

Dec.

IQ

5 . AVERAGE WEEKLY INITIAL CLAIMS FOR UNEMPLOYMENT INSURANCE , STATE PROGRAMS 1

III Q

II Q

IV Q

Annual

AVERAGE FOR PERIOD

(THOUSAND'S)
1948...
1949,..
1950...
19S1...
1952...
1953...
1954...
1955...
1956...
1937...
1958...
1959...
I960...
1961...
1962...
1963...

166
285
294
174
221
175
303
256
218
242
354
292
281
393
301
310

206
30S
288
181
201
177
318
240
226
225
407
284
271
429
295
301

201
333
276
166
209
188
320
228
221
219
436
258
303
379
287
288

210
379
263
199
219
179
313
228
223
239
438
244
294
381
283
293

239
377
250
199
213
198
313
222
236
244
400
246
316
358
301
288

219
359
252
209
242
195
314
222
227
246
410
258
322
334
304
284

194
340
223
236
315
207
294
223
245
267
350
264
335
348
303
282

202
385
170
254
207
229
319
233
224
235
363
291
363
316
305
290

218
320
182
242
168
238
322
204
236
305
338
271
351
329
300
285

203
386
194
234
175
251
315
224
214
302
314
311
373
304
304
282

211
344
200
210
169
298
276
215
223
320
311
351
385
305
299
276

234
298
197
213
190
280
253
214
230
355
320
275
381
296
310
301

191

308
286
174
210
180
314
241
222
229
399
278
285
400
294
3DO

223
372
255
202
225
191
313
224
229
243
416
249
311
358
296
288

205
340
192
244
230
22S
312
220
235
269
350
275
350
331
303
286

216
343
197
219
178
276
281
218
222
326
315
312
380
302
304
286

209
343
232
210
211
218
305
226
227
267
370
279
33,1
348
299
290

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

283
243
222
196
206
179
240
292
264
226
294
522
360
394
338
344

270
248
219
231
196
186
256
286
262
223
315
532
340
427
364
334

277
237
182
256
194
185
262
294
258
227
302
536
358
346
335
347

265
237
179
259
193
181
326
281
260
238
289
521
371
371
334
434

262
224
192
236
195
182
302
290
262
234
294
496
392
378
330
350

257
224
194
231
194
197
291
289
286
233
314
491
394
358
341
375

260
231
199
231
192
195
273
285
272
232
294
442
393
370
362
395

244
248
195
212
199
196
287
325
246
247
350
449
389
368
345
390

245
218
197
217
194
195
319
307
245
241
374
447
410
363
328
387

249
209
203
220
188
202
329
294
250
244
419
420
409
357
323
395

262
212
208
209
190
211
322
283
241
251
473
393
390
347
334
409

251
206
219
204
190
210
299
265
236
284
494
364
361
342
334
407

277
243
208
228
199
103
253
291
261
225
3C4
530
353
389
346
342

261
228
188
242
194
187
306
287
269
235
299
503
386
369
335
386

250
232
197
220
195
195
293
306
254
240
339
446
397
367
345
391

254
209
210
211
189
208
317
281
242
260
462
392
387
349
330
404

260
228
201
22§
194
193
292
291
237
240
351
468
301
368
339
381

22.78
20.8!)
23.04

24.91
17.93

2 6 . IS
19.70

26.97
39.97
36.80
40,47

37.52
34.77
36.46
32.95
32.64
45.76
•17.26

6.

VALUE OF MANUFACTURERS' NEW ORDERS , DURABLE GOODS
(BILLIONS OF DOLLARS)

INDUSTRIES

IN CURRENT DOLLARS 2
TOTAL FOR PERIOD

1948...
1949...
1950...
1951...
1952...
1953...
19S4...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...

7.46
7.14
7.56
15.46
11.06
14.45
9.99
13.48
15.72
15.16
12.95
15,66
15,51
14.06
17.44
18.13

7.50
7.08
7.62
14.08
11.06
14.21
10.31
13.92
14.61
15.64
12.41
16.92
15.92
14.62
17.75
18,90

7.82
6.67
7.86
14.64
12.81
13,34
9.72
14.96
15.04
15.14
12.48
16.64
15.19
14.48
17.06
19.03

8.00
6.16
8.35
13.84
12.94
13.69
10.17
14.24
15.69
14.11
11.79
16.83
15.00
15.26
16.66
18.57

8.06
6.02
9.23
13.25
10.86
13.58
9.75
14.51
15.16
14,58
12.17
15,96
15.16
15.42
16.84
18.94

8.85
5.75
9.39
12.88
13.00
13,20
10.29
14.84
15.06
14.23
13.26
16.82
15.51
15.82
16.71
18.09

8.85
5.93
11.52
12.61
12.04
12.35
10,50
14.98
14.75
13,43
13.11
15.72
15.23
15.64
16.99
18.85

8.92
6.85
14.21
11.41
11.76
10.89
10.45
15.04
17.73
14,03
13.54
14.91
15.77
16.46
17.01
18.69

8.38
6.92
11.79
10.75
12.66
9.71
11.69
15.74
14.78
13.64
13.61
16.01
15.93
16.28
17.83
18.89

8.34
6.77
12.00
11.98
11.85
9.99
12.64
15.74
14.84
12.96
14.14
15.76
14.56
16.33
17.88
19.00

7.95
7.12
10.95
11.55
11.95
9.94
11.14
15.74
15.78
13.58
15.33
14,70
14.72
16.99
17.67
18.89

7.72
7.00
11.88
11,18
12.89
9.96
12.60
16.42
15.73
12.54
14.58
15.96
14.85
17.58
18.63
18.48

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

20.62

19.99

19.77

21.57

22.68
26.73
26.66
27.46

23.34
26.22
25.70

20.46
23.88
26.06
25.75

20.79

22.73
26.79
24.42
28.95

20.18
23,16

21.10

24.51
25.61

29.14

28.02
29.86
32.32

22.36
25.69
24.80
27,33
30.05
27.78
30.09
33.08

20.54
22.36
25.89

20.61

22.10

40.51

41.40

42.61

29.65
27.63
29.59
34.07
42.22

45.46

45.43
40.38
47.68
55.46
65.05
80.43

42.91
45.16
38.41

20.46
23.03
26.35
24.70
27.64
31.57
26.81
29.14
33.63
42.41
45.79
40.72
50.01
57.92
69.20
75.93

48.43

49.15

40.21
51.31

43.35
52.75
57.88
67.39
74.58

25.59
24.82

27.13
29.31

41.04
45.80
55.32
62.03
78.68
7.

1948...
1949...
1950...
1951...
1952...
1953...
19S4...
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...

30.14
27.55

29.81
33.29

50.28
57.84
67.04

81.65

25.91
27.27
29,65
27.80
28.70
34.39
42.85
48.82
40.42
50.43
58.25
68.88
77.04

59.28
68.54
76.03

23.69

27.15
25.61

30.12

28.62
30.67
27.83
30.53
37.00
42.78
48.72
43,89

30.22
25.63
30.06
36.64
44.43
45.74
43.30

51.33
59.91
71.29

51.08

51.58

60.95

74.76

77.65

63.22
76.42
76.52

72.71

26.40
29.05
29.77

26,10
31.42

30.21

14.59
12.55
13.80

15.10
11.84
14.16

24.73

22,43

17.55
22.71
15.33

17,50
22.31
15.81
21.00

23.23
20.24
20.34

20.39
22.33
20.43

17.06

14.91
22.53

20.66
20.99

21.13

16.37
21.95

20,30

19.89
18.19

18.92

16.49
21.53
19,44
18.73

22.62
23.54

22.99
24.54

22.07
24.72

26.57

25.70
28.40

25.38
28.89
33.53
29.86
34.22

20.34

28.12
32.15

20.40

32.19

30.35
32.26
33.53
30.76

30.32
32.38

31.63

31.77

34.13
30.14
31.31

32.75
39.95

33.32

33.49

34.19
30.50

40.51

41.42

41.03

40.63

30.62
32.46
36,78

29.91

39.65
28.39

38.31
44,16

39.81

33.68
36.75
44.63

35.31
38.05
40.78
45.04

15.27
10.96
14.99
21.86
20.44
21.33
15. S4
21.35
21.89
18.91
15.57
21.71
19.21
19.75
21. S 6
24.15

26.23
29.22
32.81
30.19
32.56
35.76
29.23
30.48
33,77
40.62
39.37
30.03
35.00
37.91
41,71
41.36

15.27
10.79
16.43

16.60
10.34
16.54
20.31

16.02
12.41
24.51
18.14
18.46
16.63
15.93
21.96

14.99
12.60

15.69

16.33
10.68
20.11
19.92
18.96
18.82
15.99

22.09
20.88

22.06
20.54

19.02
17.47
21.57
19.91

17.89
17.30
20.18
19.60

20.35

20.43

20.23

21.27

21.04

21.62

21.98

22.00

24.60

23.46

24.35

24.11

23,07
24.38

26.30
28.34
32.04

26.39
28.67
33.04
32.40
32.22
32.92
30.23
30.45
34.40

27.62
29.47
32.38

25.81
29.21
31.80
31.77
32.01

40.51

40.18

39.63
29.55
35.58
38.44
40.70
40.98

39.32

20.94

17.13
21.03
14.91
21.66
21.08
19.49
16.05
20.54

19.46
19.92
21.78

31.60
32.08

33.51
30.15
29.89
34.53
40.73
40.79
29.77
35.24
37,97

41.24
41.75

This series contains revisions beginning with 1975.

20.50
20.25

31.16
31.70
33.43
29.80

30.51
34.00

24.42

18.64
17.79
19.14

32.97
28.94
30.22
34.73
40.30
39.92

20.06

17.12
19.91
14.89
17.82
22.81
20.19
18.11
17.86
20.53
20.66

26.94
29.83
33.39
30.86
33.28
34.30
29.90

45.67
46.50

50.21

51,83

55.60

56.43

86.37

22.02

60.38

61.61

62.85

25.14

67.19

68.07
78.97
77.27
82.37
90.36

70,19

63.27
73.53
77.25
80.78
88.33
89.49
80.78
93.37
113.79
134.02
132.67
132.25
161.96
192.27
230.17
229.62

248.11
278.90
313,52
309.70
337.27
359.02
329.09
359.98
420.73
514.10
560.60
503.69
612.63
715.08
842.30
926.37

25.58
28.63

43.16

78.07
74.04

29.16

83.41

29.50
29.05

89.50
83.35
89.76
98.69
124.82
136.05
119.83
143.76
168.62
194.12
240.76

31.89
39.27
43.53

77.21

76.54
77.20

41.46
44.52
56.52

65.81

43.59

45.91
42.92
37.22

49.61

82.61
87.14
102.35
127.87
143.04
121.35
151.75
175.45
206.62
229.00

31.22
36.74
40.39
37.68

31.80

31.47

31.95

36.35

35.20
38.28

34.70
38.60
42.25

37.21
39.76
39,82

41.64
39.81

40.91

22.62

22.54

23.49

20.13
17.19
18.50

21.35
17.96

21.26
16.54
18.96

24.48
30.08
32.02
30.95
34.82

33.61
27.26
30.70
36.42

41.72
34.91
31.22
34.82

39.81
44.10
39.71

This series contains revisions beginning with 1977.

41.10

79.23

77.61
83.16
89.67
82.35

89.71
105.90
127.47
148,84
130.26
153.16
178.74
211.39
226.99

44.13
50.90

54.18

TOTAL FOR PERIOD

13.69
12.74
19.28
17,75

26.10

129. 2S

52.25
56.06

14.11
12.98
18.19
18.33
18.87
15.25
16.91

18.81
21.12
23.16

36.69
29.89
36.38
47,90
46.35
39.08
44.05
46.42

79,41

40.26
46.64
46.93
48.38

14.87
12.36
20.14
19.02
18.70
15.32
19.27

20.23

34.71

97.85
122.36
153.63
144,88
145.31
179.61
184.89
169.04
159.37
191.89
183.35
108.94
208.47
224.46

37.88
46,06
45.47
44.43
53.86
63.24
75.90

34.93
42.00
30.02
42.36
45.37
45.94
37.84
49.22
46.62

VALUE OF M A N U F A C T U R E R S ' NEW ORDERS , DURABLE GOODS I N D U S T R I E S , IN 1972 DOLLARS 2
( B I L L I O N S OF DOLLARS )

14.60
12.66
13.72




28.00
29.30
34.33

27.11

25.86
26.30
27.43
29.35
26.89
29.59
34,83
42.47
50,97
43,02

44.18

24.01
20.69
34.83

20.02

20.33

15.28
19.10

44.29
37.05

41.68

32.09
47.96

70.39
5S.39
65.86
46.05
63.92

62.61
46.14
65.10

64.12
61.72

22.00
22.92
24.34

24.17
23.79

49.92
63.82
59.73
55.84
67.68
72.80

26.52
30.83

28.09

77.65

31.62
31.27
34.16

85.41

18.88
19.06

31.35
31.58
33.54
32.94
27.74
32.09
37.54
42.73
34.40

31.82
36.20
39.62

44.14
39.15

20.46

19.24
22.77

33.52
32.49
30.87
32.38
38.77
39.90

31.19
31.67
37.63
40.90
43.36
39.43

47.14

97.87
90.53
98.86
101.85

91.40
94.71
99.56
121.88
121.31
88.92
101.45
111.58
118.90
133.88

47.34
35.69
64.68

63.11

55. 18

S8.07

57.33
50.34
49.74
66.83

63.85
57.42
49.09
63.82
58.58

65.15

60.10

62 ,,54

64.96

67.05
72.84

72.21

54.64
52,95
§9.85
60«,61

42.67
38.08

57.61
55.10
57.90
45.85
55.28
68.63
62.74

51.69
57.48
59.57

57.11
65.89
70.25

72.61

88.51

80.71
92. S3

89.61

97,57
93.79
96.99
100.70
88.64

94.64
96.69
101.88
99.04
85.87

90.82
102.70
121.86
119.79
89.35
105.82
114.32
123.65
124.09

91,95

95.17

105.47
120.87
116.92
95.22
106.25
114.09
123.65
120.54

112.73
124.35
100.50

78.92
86.23
97.89

94.19
96.86
102.19

80.37

181.44
142.91
211.93
243.78

2 2 8 . S9
224.66
197,21
264.50
255.86
225.47
209.44
247.06
236.03
244.37
269.94
290.46

108.65
120,33

317.65
352.68
387,97
375,20
394,59
403.78
355.52
372.65
420.46
408.96
458.52
368.20
422.17
460.32

131 .60

497 .80

118.29

496.80

94.71

(JULY 1980)

C. Historical Data for Selected Series—Continued
Quarterly

Monthly
Year

Jan.
8.

1948. ..
1949...
1950...
1951.,.
1952...
1953...
1954...
1955...
1956...
1957...

1958. ..
1959. ..
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
196B...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980...

Feb.

Mar.

Apr.

May

June

July

Aug.

Oct.

Sept

Nov.

Dec.

1Q

II Q

VALUE OP MANUFACTURERS' NEW ORDERS FOR CONSUMER GOODS AND MATERIALS IN 1972 DOLLARS
(BILLIONS OF DOLLARS)

12.33
11.01
12.34
20.27

14.43
18.53
13.67
19.03
18.88
17.78
15.65
18.86
18.49
16.61

12.22
10.66
12.39
18.13
14.52
17.75
14.39
18.88
18.33
18.52
14.82

12.87
10.44
12.31
18.62
16.22
18.00
14.44
20.21
18.21
18.14
14.60

20.70

20.03

18.59
16.75

17.50
17.77

20.53
20.53

20.36

20.03

21.73

21.67

23,07
25.09
27.07
26.33
27.98
30.06
28.04
28.87

22.63
25.38
27.49

22.39

30.31
36.10
34.78
26,56

30.81
33.86
35.04
38.94

25.41
28.56
26.08

26.17
28.51

28.61
30.10

30.07
27.63

27.60

29.14
31.01
37.19
34.13

28.81
31.08
36.78
34.58

26.71
31.73
34.14

26.05
32.78
35.47
36,47
38,63

36.20
38.43
10.

12.52
9.98
12.88
16.95
16.74
18.62
14.50
19.67
18.48
17.56
14.60
19.74
17.53
18.24
18.99
21.86

12.90
10.03
14.37
16.28
14.74
18.13
14.50
19.52
17.90
17.48
15.08
19.12
17.60
18.76
19.60
21.51

13.88
9.57
14.49
15.76
17.12
17.80
15.24
19.91
17.48
17.63
15,94
19.21
17.92
19.32
19.30

23.26
25,08

22.96

23.00
25.25

27.61

27.36
26.44
28.70

25.14

20.86

27.51

29.94
27.38
28.34

29.51
27.69
28.06

26.86
28,87
29.85
28.29
27.90

31.11

31.38
36.41

32.12
36.16

35.27
27.64
33.03
34.36
37.02
36.88

34.92
28.06
33.37
34.94
36,84
36,43

26.28

28.11

35.96

34.16
27.42
32.44
34.48
37.98
36.74

13.65
10.24
18.05
15,67
16.09
17.62
14.57
20.28

17.59
16.93
16.26
18.72
17.91
18.44
19.89
21.72
23.82
25.90
26.98
26.72
28.20
30.40
27.25
28.59

31.62
35.76
33.64
29.47

33.12
34.74
36.50
35.95

13.46
11.86
20.21
14.31
15.71
15.39
15.00
19.67
17.84
17.13
16.70
17.75
17.93
19.31
20.18
21.11

12,71
11.96
15.96
13,73
16.58
13,77
15.78
19,35
17.38
17.19
17.27
18.59
18.29
19.23

12.30
11.17
16.11
15.21
15.72
13.32
15.97
19.13
17.95
16.46
17.22
17.98
17.67
19.27

20.43

20.65

21.27

22.10

23.17

24.37
25.22
27.05
26.97
29.49
30.36
27.59
28.44
33.65
35.75

23.04
25.65
27.38
26,43
30,05
30.35
25.74
28.78
33.75
36.24

32,10

31.16
30.31
31.62

25.44

27.16
28.15
27.76
29.90
27.28
28.50
32.95
35.90
33.33
29.77
32.94
35.50

37.61
35.44

30.28
32.26
35.24
37.34
35.93

35.37
38.06
35.60

111 Q

IV Q

Annual

TOTAL FOR PERIOD

11.40
11.45
15.55
14.19
17.05
13.68
18.14
19.46
18.19
14.91
17,98
18.72
17.26
20.91
20.08
21,76

37.42

68.09
75.88

35.66
38.06
34.34

24.76
27.32
26.53
29.14
29.42
28.67
27.69
29.43
34.60
34.22
26.61
30.06
33.82
36.42
38.86
34.19

90.23
83.27
86.82
92.40
110.07
103.49
79.32
95.32
103.47
107.71
116.00

98.84
103,78
111.84
110.05

11.91
11.66
14.68
14.66
15.78
13.56
16.92
19.85
18.02
15.81
18.17
17.46
17.48
20,34
20.56
22.09
23.72
26,68
26.82
27.47
30.35
29.25
25.45
29.63
34.42
36.62
29.98

30.01
33.12

39.30
29.58

39.82
34,06
54.22

35.61

54.28
42.50

48.99
48.60
54.55
44.24

58,12

59.10

55.42
54.44
45.07
59.59
54.58

53.86
52.67
45.62
58,07
53.05
56.32
57.89
64.23

52,81
51.25

64.10

65.95

152.15
130.03
179.34
193.78
190.70
196.17
183.12
234.96
216.25
205.54
194,29
226.88
214.17
224.95
240.60
258.21

69.22
75.47
82.48
79,58
85.68
89.30
83.36
84.30

71.36

71.52

280.19

76.56

79.65
80.73
83.04
89.82
88.27
78.88
87.84
102.77
107.08
87.75
90.38
98.56
107.45
114.98
104.13

32.11
37.04
57.02

45.17

51.13
60.92
63.93

83.12
78.58

85.10

41.74

94.61
108.53
104.35

83.12

CONTRACTS AND ORDERS FOR PLANT AND EQUIPMENT IN CURRENT DOLLARS
( B I L L I O N S OF DOLLARS)

43,71
48.38
46.78
45.35
59.30
50.23
55.06

54.13
56.98
60.50

81.19
81,84
85.45
90.66

82.12
85.53
98.22
107.41
99.07
89.52
98.32
105.48
111.45
107.32

34.28
46.34
44.06
48.55
40.56

51.03
58.44

54.16
47.18
53.37

54.16
52.41
60.52

61.29

307. S6
327.52
323,04
346.05
358.46

32 7 . 6 3
344.49
388.00
433.09
394.66
342.34
391.04
420.18
445.98
437.50

TOTAL FOR PERIOD

1948...
1949...
1950...
1951...
1952...
1953...
1954...
1955,,.
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...

1.50
1.31
1.60
3.43
2.51
2.84
2,20
2.50
3.35
3.65
2.77
3.09
3.27
3.48
3.62
3.80

1.72
1.42
1.60
3.51
2.55
2,88
2.24
2.72
3.26
3.55
2,67
3.19
3.35
3.40
3.94
3.91

1.66
1.41
1.74
3.19
2.59
2.64
1.91
3.15
3.28
3.52
2.66
3.73
3,27
3.25
3.65
3.88

1.84
1.21
1.74
3.21
2.56
2.88
1.96
2.93
3.40
3.15
2.69
3.35
3.52
3.27
3.85
3.98

1.59
1.25
2.16
4.36
2.39
2,76
2.00
2.80
3.56
3.29
2.72
3.46
3.51
3.22
3.68
4.36

1.84
1.37
2.09
2.98
2.69
2.16
2.05
2.99
3.60
3.13
2,85
3.54
3.41
3.41
3.61
3.99

1.68
1.26
2.53
2.84
2.76
2.66
2.15
2.97
3.43
3.06
2.75
3.61
3.41
3.49
3.65
3.96

1.60
1.36
3.20
2.73
2.48
2.23
2.15
3.15
3.41
3.13
3.13
3.22
3.41
3.67
3.66
4.07

1.59
1.49
3.01
2.36
3.34
2.57
2.31
3.33
3.33
2.83
3.14
3.63
3.44
3.43
3.64
4.20

1.62
1.43
2.71
2.63
2.50
2.72
2.43
3.20
3.34
2.89
3.04
3.50
3.34
3.51
3.73
4.28

1.60
1.61
2.72
2.63
2.36
2.34
2.25
3.45
3.79
2.89
3.00
3.30
3.20
3.72
4.00
4.50

1.59
1.46
3.00
2.83
2.83
2.14
2.40
3.45
3.58
2.74
2.91
3.49
3.49
3.4,3
4.08
4.56

4.88
4.14
4.94
10.13
7.65
8.36
6.35
8.37
9.89
10.72
8.10
10.01
9.89
10.13
11.21
11.59

5.27
3.83
5.99
10.55
7.64
7.80
6.01
8.72
10.56
9.57
8.26
10.35
10.44
9.90
11,14
12.33

4.87
4.11
8.74
7.93
8.58
7.46
6.61
9.45
10.17
9.02
9.02
10.46
10.26
10.59
10.95
12.23

4.81
4.50
8.43
8.09
7.69
7.20
7.08
10.10
10,71
8.52
8.95
10.29
10.03
10.66
11.81
13.34

19.83
16.58
28.10

1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980...

4.70
4.89
5.81
5.30
5.96
9.04
9.24
8.26
8.91
11,36
14.01
13.18
14.25
16.72

4.46
5.25
6.41
5.70
8.18
10.06
8.06
8.94
9.95
12.23
14.01
13.47
14.36
17.20
19.00

4.82
5.18
6.34
5.88
7.42
9.37
8.13
8.70
10.98
12.99
15.45
14.02
13.37
19.15
21.18

4.95
5.10
6.21
6.11
7.39
8.95
7.86
9.81
9.60
12.90
14.28
13.80
15.83
18.51
19.83

4.69
5.08
6.22
6.26
8.53
8.80
7.77
8.96
9.86
13.25
15.19
14.33
14.98
18.46

4.79
5.51
6.20
6.19
9.46
8.96
7.16
8.62
10.84
14.55
14.98
12.21
16.63
17.70

5.10
5.45
6.14
6.22
8.11
8.85
8.16
9.36
11.16
14.62
13.49
12.59
15.93
18.64

14.23
15,53
18.96
17.69

14.08
15.84
19,65
18.40

15.06*

56.74

16.78
18.48
18.81

63.19

23.86
27.37
26.66
26.35
28.44
35.64
43.24
37.40

22.99
28.38
24.05
27.45
30.53

24.86
27.68
23.93
26.42

25.94

25.48

25.36

22.67

24.66

22.92
23.87

24.49

24.21

24.87
25.69

5.17
5.82
6.14
6.40
8.86
9.01
8.98
9.69
11.42
14.00
14 . 7 6
11.84
16.15
20.58
22.34
27.42

13.37
15.04
18,23
16.80

22.08
24.49

4.75
5.49
6.79
6.09
7.87
9.96
7.98
9.45
11.30
13.11
15.61
12.43
16.29
20.19
23.18

26.16

4.43
5.22
6.14
5.81
9.83
8.83
8.46
9.09
10.14
12.18
14.77
11.94
15.02
16.05
20.13
28.10

4.64
5.27
6.64
6.05
8.46
8,92
8.18
8.01
10.58
13.07
16.49
12.88
16.24
16.57

20.79

4.24
4.93
6.28
5,69
8.07
9.50
8.96
9.00
9.39
12.10
14.46
12.28
13.83
16.69
21.89

20.
1948...
1949...
1950...
1951...
1952...

1953. ..
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980...

4.19
3.19
3.64
6.92
4.97
5.61
4.20
5.08
5.65
5.70
4.18
4.95
5.12
5.22
6.05
5.97

4.02
3.15
3.92
6.28
5.04
5.11
3.57
5.85
5.67
5.62
4.17
5.79
4.98
4.96
5.60
5.93

4.45
2.71
3.93
6.29
4.97
5.53
3.67
5.42
5.83
5.02
4,21
5.20
5.38
5.03
5.88
6.07

7.12
7.34
8.58
7.46
7.12
10.55
10.18
8.61
9.02
11.21
12.96
9.98
10.33
11.50
13.26
15.40

6.42
7.39
9.22
7.99
9.55
10.88
9.82
9.34
9.50
11.87
13.25
9.27
10.08
11.44
13.90
15.17

6.70
7.81
8.98
8.15
11.58
10.08
9.25
9.34
10.24
11.87
13.25
8.96
10.67
10.98
12.84
16.99

6.74
7.85
9.32
7.98
9.54
11.39
8.76
9.24
10.03
11.79
12.52
10.02
10.43
11.75
12.06
14.76

7.27
7.74
9.17
8.22
8.74
10.69
8.76
8.95
11.05
12.52
13.37
10.41
9.56
12.96
13.31
13.14

48.71

43.23
36.64

55.22

56.92

60.01

68.18

73.15

79.74

73.04

72.85

77.32

12.63
8.59
13.47

31.56

41.33
37.83
34.33

41.11
40.62

41.28
45.11
49.49

75.32

71.70
98.14
110.25
98.94
107.89
124,13
156.36
177,50
154.97
182.88
216.46
264,15
302.95

TOTAL FOR PERIOD

4.68
5.80
5.21
4.10
3.84
5.49
6.11
4.96
4.46
5.44
5.22
5.23
5.52
6.07

3.61
3.38
6.42
4.61
6.39
4.77
4.35
5.94
5.51
4.44
4.92
5.57
5.29
5.26
5.57
6.36

3.66
3.25
5.70
5.14
4.89
5.03
4.56
5.70
5.49
, 4.52
4.76
5.37
5.13
5.38
5.68
6.48

3.60
3.63
5.66
5.14
4.59
4.37
4.23
6.10
6.16
4.51
4.68
5.05
4.93
5.71
6.11
6.83

3.59
3.32
6.04
5.49
5.47
4.00
4.49
6.07
5.80
4.28
4.52
5.34
5.37
5.26
6.24
6.91

11.87
9.28
11.19
19.99
14.89
16.28
11.89
15.61
17.17
17.21
12.69
15.54
15.10
15.55
17.20
17.69

7.48
7.59
8.95
8.53
8.70
10.14
8.45
10.08
9.62
12.44
12.18
10.20
11.16
12.39
12.42
14.50

7.01
7.84
9.54
8.43
9.91
10.05
8.71
8.23
10.59
12.58
13.71
9.51
11.47
11.05
13.62
13.87

7.08
7.54
8.92
8.70
10.06
9.88
8.28
9.13
9.83
12.72
12.43
10.56
10.60
12.31
13.99
13.40

7.16
8.15
9.71
8.46
9.19
11.08
8.46
9.65
11.20
12.56
12.50
9.18
11.37
13.21
14.07
13.67

7.23
8.17
8.83
8.58
11.04
10.01
7.52
8.79
10.76
13.82
11.78
8.93
11.59
11.66
15.56
13.55

7.69
8.06
8.71
8.59
9.41
9.80
8.55
9.54
11.03
13.84
10.53
9.14
11.03
12.10
14.93
14.65

7.80

20.24
22.54
26.78
23.60
28.25

NOTE: These series contain revisions beginning with 1977.

47.51

62.81

3.68
3.07
6.93
5.33
4.81
4.18
4.04
5.71
5.72
4.93
4.90
4.93
5.23
5.63
5.60
6.19

4.39
3.07

43.17

49.46

3.93
2.83
5.62
5.54
5.36
5.00
4.03
5.43
5.79
4.84
4.30
5.53
5.24
5.34
5.59
6.02

3.79
2.81
4.86
8.37
4.62
5.27
3.74
5.19
6.05
5,22
4.25
5.34
5.38
4.95
5.63
6.66

41.29

31.74
39.43
47.29
39.64

43.56
54.86

CONTRACTS AND ORDE RS FOR PLANT AND EQUIPMEly T IN 1972 DOLLARS
( BILLIONS OF DOLLARS )

3.66
2.94
3.63
6.79
4.88
5.56
4.12
4.68
5.85
5.89
4.34
4.80
5.00
5.37
5.55
5.79




43.10

38.12
43.74

26.43
26.82
24.30
27.67
33.42

36.70
30.82
26.05
36.64

8.61
8.67
8.80
10.29
10.00
9.37
9.84
11.22
13.15
11.29
8.63
11.18
13.24
13.24
15.31s

31.51
29.25
27.29
28.76
34.95
39.46

28.21
31.08
33.92
40.00
47.56

11.22
9.28
18.97
15.48
16.56
13.95
12.42
17.08
17.02
14.21
14.12
16.03
15.76
16.23
16.76
18.57

10.85
10.20
17.40
15,77
14,95
13.40
13.28
17.87
17.45
13.31
13.96
15.76
15.43
16.35
18.03

21.49
23.18

21.25
23.53

22.72
24.84

27.44
24.73
26.98
32.22
25.97
28.27
30.70
36.75
38.07
30.63

28.17

26.21

20.46

14.80
14.90
11.25
16.10
17,99
15.20
12.92
15.98
15.98
15.21
17.03
18.80

25.59

29.16
31.01

20.22

25.97
30.74

29.81

25.45

25.44

27,01
31.62

28.17
33.01
40.81

31.15
37.10

37.86
38.64
29.25
33.44
36.57

37.79
42,40

41.68

33.60
26.70
33.80
37.00
43.73

40.94

43.51

46.57
37.35

61.03
71.70
61,20
58.53
48.84
66.66
69.63
59.93
53.69

63.31
62.27
63.34
69.02
75.28
85,70
94.09
108.60
99.89
115.13
124.55
106.11
110.74
124.09
150.37
149.77
114.79
129.47
144.59
163,20
174.41

(JULY 1980)

gg

C. Historical Data for Selected Series—Continued
Quarterly

Quarterly
Year

IQ

II Q

III Q

IV Q

15. PROFITS {AFTER TAXES) PER DOLLAR OP SALES,
ALL MANUFACTURING CORPORATIONS 1 (CENTS)
194(1.
1949.
1950.
1951,
1952.
1953.
1954.
1955.
1956,
1957.
1958.
1959.
1960.
1961.
1962.
1963.

Annual

IQ

II Q

III Q

Annual
IV Q

26. RATIO, PRICE TO UNIT LABOR COST,
NONFARM BUSINESS SECTOR 2 (1967=100)

AVERAGE

AVERAGE

6.5
5.6
5.6
5.7
4,3
4.4
4,3
5.2
5.4
5.3
3.6
5.0
5.0
3.8
4.6
4.4

63.

6.4
4.7
6.7
S.I
4.1
4.3
4.6
5.4
5,4
4.9
3.7
5.3
4.4
4.2
4.4
4,7

6.3
5.5
6.9
4.2
4,3
4.4
4.5
5.5
5.0
4.7
4.4
4.6
4.3
4.4
4.5
4.7

6,2
5.5
6.3
.4
.4
.0
.7
.6
.1
.3
.8
.4
.9
.7
.7
.0

6.4
5.3
6.4
4.8
4.3
4.3
4.5
5.4
5.2
4.8
4.1
4.8
4.4
4.3
4.6
4.7

1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963

99.1
99.7
100.0
102.2
100.7
99.2
96.9
100.4
98.7
98.4
96.2
99.3
98.7
95.9
98.4
98.6

100.1
99.6
101.0
100.5
100.3
98.8
97.6
100.6
98.2
97.8
96,9
100.1
97.4
97.2
97.7
99.3

99.6
100.7
102.8
101.5
99.7
98.6
98.1
100,8
97.7
97.9
97.3
98.4
96.9
97.7
98.4
99.8

100.6
99.4
102.6
101.6
99.6
96.6
99.1
100.2
98.1
97.3
98.9
98.2
96.2
98.2
99,1
99.5

99,8
99.8
101.6
101.4
100.1
98.3
97.9
100.5
98.2
97.8
97.3
99.0
97.3
97.2
98.4
99,3

5.1
5,6
5.8
5.0
5.1
5.1
4.1
4.0
4.2
4.7
5.9
3.9
5.5
5.3
5.0
5.9

t

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

5.2
5.S
5.7
5.0
5.0
4.9
4.2
4.2
4.2
4.7
5.6
4.4
5.5
5.3
5.4
5.6

5.3
5.6
5.6
4.9
5.1
4.8
4.0
4.2
4.3
4.7
5.7
4.9
5.3
5.0
5.5
5.8

.3
.6
.4
.1
.1
.5
.6
.1
.5
5.7
4.9
5.2
5.1
5.4
5.7
5.4

5.2
5.6
5.6
5.0
5.1
4.8
4.0
4.1
4,3
5.0
5.5
4.6
5.4
5.2
5.4
5.7

1964....
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977....
1978....
1979
1980

99.8
100.6
101.0
99.8
100.1
99.0
95,9
97.3
97,4
97.1
94.6
94.7
97.8
96.8
94.7
94.7

99.9
100.6
100.5
99.8
100.4
98.5
96.5
97.2
97.5
96.1
94.4
96.5
97.4
97.0
95.8
94.4

100,1
101.1
100.1
100.0
100.1
97.8
96.9
97.6
97,8
95.5
94.0
98.1
97.1
97.3
96.0
94.2

99.6
101.5
100,5
100.4
99.3
96,9
96,7
97.5
98,3
95,6
93.8
97.1
96.7
96.5
96.0
94.0

99.8
101.0
100.5
10Q.O
100.0
98.0
96.5
97.4
97.8
96.1
94.2
96.6
97.2
96.9
95.6
94.3

UNIT LABOR COST, PRIVATE BUSINESS SECTOR 2
( I N D E X : 1967=100)

AVERAGE

1948.
1949.
1950,
1951.
1952.
1953.
1954.
1955.
1956.
1957.
1958.
1959,
1960.
1961.
1962,
1963.

69.1
70.9
69.8
73.4
75.6
79.0
81.0
79.1
82.1
85.7
88.5
83.0
90.3
92,7
92.0
92.2

68.6
70.0
69.3
75.0
76.1
79.0
81.5
79.2
83.4
86.3
88.1
87.8
91.2
92.1
92.5
91.7

71.5
69.4
69.4
74.3
77.0
79.9
80.1
79.3
84.1
86.8
88.5
89.8
91.5
92.1
91.9
91.8

71.8
70.3
70.2
74.8
78.5
79.8
80.0
80.1
84.5
87.6
87.5
90.4
92,5
91.4
91.9
92.3

70.2
70.2
69.6
74.3
76.8
79.4
80.6
79.4
83.5
86.6
88.2
89.1
91.4
92.0
92.1
92.0

1964.
1965.
1966.
1967.
1968.
1969.
1970.
1971.
1972.
1973.
1974.
1975.
1976.
1977.
1978.
1979.
1980.

92.7
93.3
94.6
99.6
102.4
107.5
116.9
120.2
124.7
128.7
142.0
161.4
165.1
175.3
189.4
205.9

93.0
93,5
96. S
99.5
103.4
109.8
117.7
122.1
125,1
131,8
147.2
160.3
168.2
178,9
192.1
211.7

93.2
93.3
97.5
100.2
104.4
112.2
118.2
122.4
125.8
134.7
152.7
159.7
170.7
180.2
195.2
217.0

93.6
93.1
98.6
100.7
106.4
114.3
119.9
123.3
126.2
137.4
157.7
164.0
173.8
183.9
199.0
221.1

93.1
93.3
96.8
100.0
104.1
111,0
118.2
122,0
125,4
133.2
149,8
161.3
169,5
179.7
194.0
214.0

618. MERCHANDISE EXPORTS, ADJUSTED, EXCLUDING MILITARY
GRANTS 3 (MILLIONS OP DOLLARS)

TOTAL

4,685
S,Q95
5,077
5,063

4,916
4,806
5,336
5,599

5,031
5,038
5,331
5,671

5,018
5,169
5,037
5,939

13,265
12,213
10,203
14,243
13,449
12,412
12,929
14,424
17,556
19,562
16,414
16,458
19,650
20,108
20,781
22,272

6,242
5,768
7,242
7,732
7,997
7,455
10,247
10,910
11,824
15,467
22,606
27,467
27,558
29,647
30,922
41,805

6,199
6,876
7,169
7,693
8,325
9,524
10,739
10,874
11,617
17,112
•24,502
25,870
28,263
30,861
35,404
42,815

6,423
6,643
7,290
7,531
8,744
9,400
10,667
11,549
12,354
18,275
24,635
26,117
29,066
30,764
36,828
47,198

6,637
7,174
7,609
7,690
8,560
10,035
10,816
9,986
13,586
20,556
26,563
27,634
29,858
29,544
38,900
50,237

25,501
26,461
29,310
30,666
33,626
36,414
42,469
43,319
49,381
71,410
98,306
107,088
114,745
120,816
142,054
182,055

1948.
1949.
1950.
1951.
1952.
1953.
1954.
1955.
1956.
1957.
1958.
1959.
1960.
1961.
1962.
1963.
1964.
1965.
1966.
1967.
1968.
1969.
1970.
1971.
1972.
1973.
1974.
1975.
1976.
1977.
1978.
1979.
1980.

Year

beginning with 1965.

100



107. RATIO, GROSS NATIONAL PRODUCT TO HONEY SUPPLY Ml-8 2
(RATIO)

AVERAGE

1948
1949
1950
1951
1952...
1953...
1954.. .
1955. . .
1956. . .
1957...
19S8...
1959...
1960...
1961...
1962...
1963...

2.251
2.384
2.433
2.784
2.814
2.919
2,859
2.958
3.097
3.268
3.264
3.402
3.608
3.566
3.772
3.876

2.337
2.348
2.483
2,825
2.795
2.927
2,851
3.002
3.131
3,284
3.259
3.474
3.613
3.614
3.811
3,891

2.398
2.375
2.613
2.848
2.812
2.914
2.859
3.054
3.166
3.335
3.322
3.424
3.575
,656
.852
.935

2.420
2.355
2.690
2.830
2.881
2.871
2.896
3,096
3.216
,3.314
3.379
;t,502
3.561
3.714
3.862
3.961

2.352
2.366
2.555
2.822
2.826
2.908
2.866
3.028
3. 132
3.300
3.3(36
3.450
3.589
3.638
3.824
3.916

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

4.010
4.105
4.296
4.461
4.502
4.551
4.669
4.734
4.827
4.995
5.131
5.257
5.658
5.823
5.974
6.341

4.046
4.161
4.329
4.450
4.553
4.590
4.674
4,724
4.866
5.025
5,201
5.337
5.669
5.899
6.110
6.281

.041
.213
.410
.444
.560
.688
.700
.726
.876
.081
5.271
5.470
5.723
5.973
6.158
6.310

4,015
.248
,474
.464
.542
.662
.647
4.773
4.915
5,164
5.287
5.545
5.748
5.970
6,258
6.390

4.028
.182
.377
.455
.539
.623
.672
.739
.871
5.066
5.222
5.402
5.700
5.916
6,125
6.330

620. MERCHANDISE IMPORTS, ADJUSTED, EXCLUDING MILITARY 3
(MILLIONS OF DOLLARS)
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968. ...
1969
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980...

TOTAL

3,812
3,394
3,966
4,064

3,858
3,438
4,080
4,226

3,648
3,809
4,116
4,372

3,440
3,896
4,093
4,386

7,557
6,874
9,081
11,176
10,838
10,97S
10,353
11,527
12,803
13,291
12,952
15,310
14,758
14,537
16,260
17,048

4,416
4,711
6,012
6,708
7,796
7,444
9,587
10,600
13,501
16,285
21,942
24,945
28,140
36,532
42,063
46,919

4,598
5,428
6,195
6,475
8,051
9,527
9,766
11,614
13,254
17,168
26,284
22,791
30,134
38,008
43,699
50,885

<l,756
5,516
6,576
6,526
8,612
9,380
10,049
12,171
14,022
17,683
27,322
24,453
32,167
37,952
44,336
54,258

4,930
5,355
6,710
7,157
8,532
9,456
10,464
11,914
15,020
19,363
28,101
25,652
33,610
39,197
45,715
59,462

18,700
21,510
25,493
26,866
32,991
35,807
39,866
46,299
55,797
70,499
103,649
98,041
124,051
151,689
175,813
211,524

,.

(JULY 1980)

C. Historical Data for Selected Series—Continued
Quarterly

Quarterly
Year
IQ

II Q

Annual

III Q

1,122
3,067

2,611
1,437
2,576
2,897
4,753

6,271
3,462

1,148
873
1,701
1,111
999

1,058
1,368
1,256
1,373

1,383
1,229
1,215
1,299

1,578
1,273
939
1,553

4,892

1,826
1,057
1,230
1,044
201
11
660
310

1,601
1,448
974
1,218
274
-3
973
-740

1,667
1,127
714
1,005
132
20
618
-622

1,707
1,319
899
533
28
579
352

6,801
4,951
3,817

-1,677

1964
1965
1966
. .
1967
1968
1969
1970
1971
1972
1973
1974
1975 . .
1976
1977
. .
1978
1979
1980
652.

651.
TOTAL
5,708
5,339

igg3

-1,637

-1,668

-818
664
2,522

-582
-6,885
-11,141
-5,114

-1,208
-1,434

1,193

-56

592

-1,782
3,079
-1,871
-7,147
-8,295
-8,070

-2,687

-1,538

1,664

1,782

-3,101
-7,188
-7,508
-7,060

-3,752
-9,653
-6,815
-9,225

INCOME ON FOREIGN INVESTMENTS IN THE U . S .
(MILLIONS OF DOLLARS)

1953.. ..
1954.. ..
1955.. ..
1956.. ..
1957.. ..
1958.. ..
1959.. ..

1960
1961
1962
1963

282
245
271
371

271
245
277
380

267
254
281
393

245
263
283
416

1964
1965
1966
1967
1968
1969
19 70

437
487
566
679
784
998
1,432
1,227
1,479
2,102

441
526
584
681
838
1,153
1,415
1,283
1,623

439
515
652
672
867
1,323
1,392
1,428
1,650
2,518

466
562
679
715
890
1,394
1,277
1,497
1,821

2,706
3,237
3,405

3,143

3,212

2,643
3,098
2,973

3,332

3,281
4,201
6,343
9,524

2,392
3,005

3,276

3,192

3,519

3,293
3,686

4,539
7,225

5,474
7,980

5,717
8,731

668. EXPORTS OF GOODS AND SERVICES, EXCLUDING TRANSFERS
UNDER MILITARY GRANTS
( M I L L I O N S OF DOLLARS)

1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
I960

6,605
7,225
7,354
7,997

1964
1965
1966..
1967..
1968..
1969..
1970..
1971..
1972..
1973..
1974..
1975..
1976..
1977..
1978..
1979..
1980..

6,853
6,963
7,806

8,561

7,060
7,255
7,764
8,628

9,574

1961
1962
1963

9,452
10,610
10,947
11,654
13,071
14,749
16,655
17,278
18,444
26,259
36,732
37,478
42,207
46,709
54,156
67,763

9,799
10,342
11,135
11,725
13,563
14,890
16,615
18,057
19,501
28,548
37,039
38,301
43,654
47,162
56,432
74,773

9,341
. .
..
..
..
..
..
..
..
..
..
,.
..
..
..
..

10,921
11,818
12,435
12,460
15,850
17,104
18,503
23,951
34,285
39,247
41,095
44,953
49,319
65,667

5,571
4,521
5,224

3,800

635
607
2,603
-2,260
-6,416

911
-5,343
9,047
-9,306
-30,873
-33,759
-29,469

5,516
5,436
6,572
9,655
12,084
12,564
13,311
14,598
22,073
33,460

7,685
9,030
10,002
10,795
11,559
12,118
13,297
15,423
16,553
16,397
21,046
31,482
38,609
40,704
44,674
45,884
61,131
78,305

38,825
41,086
44,560
47,315
52,363
57,522
65,673
68,837
77,495
110,241
146,666
155,729
171,630
184,705
221,036
286,508

7,079

7,441

INCOME ON U . S . INVESTMENTS ABROAD
(MILLIONS OF DOLLARS)

'

2,845
3,043

807
942
1,092
1,490

846
997
1,084
1,531

892
1,032
1,245
1,604

4,998

1,718
1,898
1,837
1,890
2,190
2,614

1,689
1,953
1,857
1,875

1,739
1,853
1,873

1,677
1,733
1,959
2,181

6,823
7,436
7,526

2,346
2,804

9,368
10,912
11,746
12,706
14,764
21,808
27,587
25,351
29,286
32,587
42,972
65,970

2,430

2,075
2,402

2,813

2,927
3,029

2,681
3,010
3,192

3,451

3,576

3,058
3,269
3,803

4,628
6,895

5,187
7,104

5,913
7,123

6,113
7,031

6,002

7,775
9,607
14,263

8,080
9,957
15,250

6,352
7,429
8,420
10,557
18,050

7,371

2,751
3,216
3,933
6,080
6,464
6,884
7,455

8,312
12,851
18,407

4,616
5,619
6,157

8,021

TOTAL

6,518
6,218
1,892
3,817
2,356

532
1,959
2,153
4,145
5,901
2,356

589
1,640
1,121
1,486

803
1,324
1,432
1,870

1,160
1,257
1,336
1,721

1,488
1,308
1,152
2,091

2,551
1,933
1,827
1,533
826
812
1,345
1,515
-699
896
4,591

2,241

2,421

2,390

2,363

2,025

1,534
1,480
1,160
733
1,747
475
-711
1,903

1,181
1,435
922
786
1,422
558
-316
3,651
1,020
5,193
1,884

1,961
1,420
1,258
657
1,059
1,106
-281
-215
4,571
1,674

5,443
3,588
-1,603
-4,969
2,732

2,022

6,171
2,682
-1,788
-2,795

-110

-1,391
-1,933
2,506

6,085

1,226
-4,682

493
-250

310
5,132
6,345
6,026

7,167
9,603
8,284

5,961
5,709
3,563
3,393
5,624
2,268
-1,941
11,021
9,309
22,893
9,382
-9,464
-9,204
4,878

TOTAL

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

10,343

9,616

I960 ....

1961
1962
1963

TOTAL

806
973
999
1,532

669. IMPORTS OF GOODS AND SERVICES, TOTAL
(MILLIONS OF DOLLARS)

TOTAL
16,861
15,834
13,893
18,864
18,122
17,078
17,889
19,948
23,772
26,653
23,217
23,652
28,861
29,936
31,804
34,214

IV Q

2,817

1964
1965
1966
1967
19 68
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980

2,747
3,378
4,869

Q

667. BALANCE ON GOODS AND SERVICES
{MILLIONS OF DOLLARS)

1,784
2,481

Annual
III

2,227
2,444
2,662

1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963

2,088

II Q

,340
,395
,593
,882
,828
1,910

1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
19 74
1975
1976
1977
1978 ..
1979
1980

280
333
369
414
421
461
420
489
568
639
669
828
1,237
1,245
1,324
1,561

NOTE: Unless otherwise noted, these series contain revisions beginning with 1963.
1
Thi s series contains revisions beginning with 1965.




1948
194 9
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963

TOTAL

1948 , .
1949
1950 . , .
1951
1952

1971.. ..
1972.. ..
1973.. ..
1 9 7 4 . . ..
1975.. ..
1976.. ..
1977., ..
1978.. ..
1979., ..
1980.. ..

IQ

IV Q

622. BALANCE ON MERCHANDISE TRADE 1
(MILLIONS OF DOLLARS)

1943
1949
1950
1951
1952
1953
1954
1955
1956
1957 . . .
1958
1959
1960
1961
1962

Year

...

1964 ....
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
19 75
1976
.1977
1978
1979
1980

" 6,016
5,585
6,233
6,51-1
7,023
7,408
9,094
10,285
11,609
11,648
14,505
15,589
19,202
23,055
29,694
33,804
37,507
46,556
54,288
62,935

6,050
5,639
6,374

6,691

5,900
5,998
6,428
6,907

5,591
6,133
6,533
6,939

7,211

7,378

7,612

8,247

8,317

9,413

9,954
10,290
12,641
14,104
15,193
17,499
19,817
24,897
36,019
33,108
41,770
48,553
58,365
72,267

8,834
10,139
10,860
12,640
14,364
15,447
16,678
21,261
26,911
36,935
34,619
43,448
50,566
60,638
78,555

10,174
11,911
14,016
14,908
16,803
19,155
24,356
34,710
31,307
39,525
48,497
56,951
67,873

12,001
15,047
15,766
16,546
15,930
17,795
19,627
20,752
20,861
23,342
23,729
23,591
25,778
27,047
29,222
32,801
38,599
41,606
48,800
54,129
60,050
66,569
79,435
99,219
137,357
132,836
162,248
194,169
230,240
281,630
(JULY 1980)

101

C. Historical Data for Selected Series—Continued
Quarterly

Monthly
Year

Jan.

Feb.

Mar.
910.

Apr.

May

June

July

Sept.

Aug.

Oct.

Nov.

Dec.

IQ

COMPOSITE INDEX OF 12 LEADING INDICATORS 1
(1967=100)

II Q

III Q

Annual
IV Q

AVERAGE FOR PERIOD

1948...
1949...
1950...
1951...
1952...
1953...
1954..,
19SS...
1956,, .
19S7...
19S8...
19S9...
1960...
1961...
1962...
1963...

55.0
50.0
54.3
60.4
58.2
62.5
56.8
66.4
69.0
67.5
62,4
73.6
73.1
70.5
78.9
81,3

53.8
49.8
55.1
59.7
58.6
62.6
57.5
67.6
68.3
67,2
62,5
74,5
71.8
71.2
79.9
82.4

54.1
49.3
55.9
59.4
59.0
62.9
57.5
68.2
68.6
67,0
62.8
75.6
70.4
72.6
80.1
82.9

54.5
49.0
57.3
58.6
58.3
62.7
58.1
63.4
68,9
66.5
63.2
75.7
70.5
74.4
79.7
83.6

54.1
48.9
58.5
58.4
58.2
62.1
59.2
68.6
67,3
66.4
64.5
75.7
70. S
75.1
78.5
84.5

54.5
48.9
59.2
57.6
59.3
61.1
60.0
68.8
67.0
66.8
66.3
75.1
70.3
76.1
77.7
84.2

54.0
49.8
60.9
57.2
58. S
61.0
60.7
69.7
67.3
66.9
67.3
74.9
70.9
76.2
78.5
83.8

53.4
51.1
61.6
56.9
60.0
59.8
60.9
70.0
67.5
66.4
68.9
74.4
71.1
77.1
79.0
84.0

52.9
52.7
60.0
57.4
61.4
58.1
61.7
70.5
67.6
65.4
70.3
74,0
71.5
76.2
79.7
85,0

52.6
52.8
59.8
57.4
61.1
57.4
63.3
70.1
68.1
64.1
71.1
72.6
71.3
77.6
79.3
85.5

51.6
53.1
59.2
57.2
61.3
56,6
64.7
70.2
68.1
62,9
72.6
72.2
70.9
78.6
80.1
85.8

50.9
53.6
59.3
57.7
61.8
56.7
65.2
69.5
67.9
62.4
72.3
73.1
70.1
78.8
80.5
86.1

54.3
49.7
55,1
59.8
58.6
62.7
57.3
67.4
68.6
67.2
62.6
74.6
71.8
71.4
79.6
82.2

54.4
48.9
58.3
58.2
58.6
62.0
59,1
68.6
67,7
66.6
64.7
75.5
70.4
75.2
78.6
84.1

53.4
51.2
60,8
57,2
60.0
59.6
61,1
70.1
67.5
66.2
68.8
74.4
71.2
76.5
79.1
84.3

51.7
53.2
39.4
57,4
61.4
56.9
64.4
69.9
68.0
63.1
72.0
72.6
70. 8
78.3
80.0
85.8

53,4
50.8
58,4
58.2
§9,6
60,3
60. S
69,0
68.0
65.8
67.0
74.3
71,0
7§.4
79.3
84.1

1964...
1965...
1966...
1967...
1968...
1969...
197Q...
1971,.,
1972...
1973,..
1974. ..
1973,. .
1976...
1977, ..
1978...
1979, ..
1980.,.

86.4
93.3
99.4
95.8
103.3
111,8
104.9
109.0
118.9
132.3
130.1
106.9
124.5
131.9
139.1
142.6

86.9
93.6
100,2
96.0
104,9
111.2
104.1
110.9
120.3
133.4
130.4
106.4
125.7
133.0
140.3
142.3

87,2
93.9
100.6
96.5
10S.1
110.5
103.7
113.1
122.1
133.2
130.1
107.1
126.4
135.6
140.3
143.2

88,2
93.6
100.2
97.2
103.9
111.4
103.9
113.5
122.7
132.4
127.7
109.4
126.3
136.0
141.5
140.3

89.0
94.2
99.4
98.0
104.9
111.0
104.0
113.9
122.9
132.4
127.0
111.9
128.0
135.8
141.8
141.4

89.0
94.4
98.5
99.5
105.6
110,2
103.7
114.2
123.2
132.6
124.9
115.5
129.7
13S.S
142.5
141.6

89.8
95.0
97,9
100.7
106.4
108.7
103.4
114.0
124.1
132.1
123.2
118.3
130.2
135.0
141.2

90.2
95.1
96.9
102.6
106.5
108,2
103.6
113.4
125,8
130.9
120.5
119.2
129.9
136.9
142.0

91.3
95.5
96.2
102.9
108.2
108.3
104.6
113.8
127.8
130.6
116.9
119.9
130.1
138.0
142.9

91.6
96.4
95.7
103.0
110.1
108.3
104.7
115.3
129.2
130.8
114.2
120.5
129.9
139.1
143.6

92.4
97.4
95.5
103.5
110.7
107.2
105.1
116.0
130.1
131.1
111.3
121.2
131.8
139.4
142.8

92.6
98.4
95.2
104.3
111.5
106.2
107.4
117.5
131.6
129,8
109.2
121.7
132,5
140.2
143.0

86.8
93.6
100.1
96,1
104.4
111.2
104,2
111.0
120.4
133.0
130.2
106.8
125.5
133.5
139.9
142.7

88.7
94,1
99.4
98,2
104,8
110.9
103.9
113.9
122.9
132.5
126.5
112.3
128.0
135.8
141.9
141.1

90.4
95.2
97.0
102.1
107.0
108.4
103.9
113.7
125.9
131.2
120.2
119.1
130.1
136.6
142.0

92.2
97.4
95.5
103.6
110.8
107,2
105.7
116.3
130.3
130.6
111.6
121.1
131,4
139.6
143.1

89.6
95.1
98.0
100.0
106,8
109.4
104.4
113.7
124.9
131.8
122.1
114.8
128.8
13S.4
141. 3

-20.6

-15.1
11,9
2.0
11,0
10.2
2.1
9.7
-11.3
-3.5
-9.1
-4.8
16,0
-12.7
3.1
6.2
4.3

...

18.3
1.9
9.3
7.4
6.0
19.9
-4.8
-5.2
2.6
19.6
-13.5
15,3
6.9
12.5

3.3
-3.2
26.0
-11.4
3.3
-10.8
18,7
3.6
-8,1
-1.0
24.9
-2.5
-0.6
21.1
-11.3
6.7

-11.2
35.2
9.4
-1.0
17. S
-17,5
12. D
10.4
3.6
-7.8
26.5
-5.7
7.0
1.2
10.7
4.2

-14.1
7.1
-4.4
2.3
2.8
-9.0
25.2
-5.4
1.9
-16.9
12.7
-3.6
= 7,5
14.7
4.4
5.3

6.8
12,3
-2.1
8.2
-7.4
15.5
7,1
-1.0
-7.7
16.7
1.9
-3.6
13.1
2.7
7.2

2.6
13.0
-3.7
9.7
9.0
-10.6

5.2
5.8
9.3
5.6
3.9
-3.4

7.5
8.7
2.8

16.7
14.7
-11.3
-20.4

23.0
16.6
5.1
1.0

19.0

6.6
7.1
1.7
-0.9

16.8
10.5
0.6
0.7
-9,8

8.7
2.3
-8.1
13.1
2.5
-0.8
0.
3.9
3.7
-1.7
-14,8
35. 4
11.2
-0,3
6.5
-3.4
-9.3

10.8
4.8
-9.0
14.7
10.5
-6.5
3. 7
-1.3
15.9
-5.8
-23 ,,0
16 « 7
1,3
8,0
l.S
-3,9

5,9
12.7
-4.1
S. 6
13.0
-7,4
11 . 9
13.7
12.5
-2.2
-23.8
6.2
7.9
6,6
0.4
-12.2

7.7
6.4
-3.0
9.8
7.5
-4.5
1.6
9.8
12.2
-1.2
-15.2
12.9
9.3
6.2
2.3
-4,7

910-C. CHANGE IN COMPOSITE INDEX OF 12 LEADING INDICATORS OVER 1-MONTH SPAHS 2
(COMPOUND ANNUAL RATE, PERCENT)
1948.,,
1949...
1950...
1951...
1952...
1953...
1954...
19SS...
19S6...
1957...
1958, ..
1959...
1960...
1961...
1962...
1963...

-19.3
16.8
24.7
10.9
14.5
2.1
24.5
-8.3
= 6.8
0.
23.8
0.
7.1
1.5
12,6

1964...
196S...
1966...
1967...
1968...
1969- ..
1970
1971...
1972...
1973...
1974...
1975. . .
1976...
1977...
1978...
1979...
1980.. .

4.3
9.5
12.9
7.8
-10.9
3.3
— 13 . 7
19.4
15.3
6.6
2.8
= 22. 5
31.4
-5.3
= 9.0
-3.3
-0.9

-23.3
-4.7
19,2
-13.1
8.6
1.9
15.8
24.0
-11.5
-5.2
1.9
15.7
-19.4
12.6
16.3
17,5

6,9
-11.4
18.9
-5.9
8.5
5.9
0.
11.2
5.4
-3.5
5.9
19.2
-21.0
26.3
3.0
7,5

9.2
-7,1
34.6
-15.0
-13.3
-3.7
13.3
3.6
5.4
-8.6
7.9
1.6
1.7
34.2
-5.8
10.6

-8.5
-2.4
28.2
-4.0
-2.0
-10.9
25.2
3.6
-24.6
-1.8
27.7
0.
0.
11.9
-16.6
13.7

9.2
0.
15,3
-15.3
25.2
-17.7
17.5
3.6
-5.2
7.5
39.1
-9.1
-3.4
17,2
-11,6
-4.2

-10.5
24.5
40.5
-8.0
-15.0
-1.9
14.9
16.9
5.5
1.8
19.7
-3.1
10.7
1.6
13.1
-5.6

-12.5
36.2
14.7
-6.1
35.5
-21.2
4.0
5.3
3.6
-8.6
32.6
-7.7
3.4
15.1
7.9
2.9

-10.7
44.8
-27.1
11.1
31.9
-29.3
17.0
8.9
1.8
-16.6
27.3
-6.3
7.0
-13.1
11.2
15.3

-6,6
2.3
-3.9
0.
-5.7
-13.5
36.0
-6.6
9.2
-21.4
14.5
-20.5
-3.3
24.4
-5.9
7.3

7,2
3.9
10.1
2.5
20.3
-6.3
—8 . 8

4.2
3.9
4.9
6.4
2.3
-7.3
— 4.5
26^6
19.5
-1.8
-2.7
8 .2
6.9
26,2
0.
7.9
-24,3

14.7
-3.8
-4.7
9.1
-12.9
10.2
2.3
4!3
6.1
-7.0
-20.0
29 . Q
-0.9
3.6
10.8
-21.8
-38.3

11.4
8.0
-9.2
10.3
12.2
-4.2
1 2
4,*3
2.0
0.
-6.4
31 . 1
17.4
-1.8
2.6
9.8
-24.3

0.
2.6
-10.3
20.0
8.3
-8.3
—3 4
3^2
3.0
1.8
-18.1
46.2
1?!2
-2.6
6.1
1.7
34.6

11.3
7.9
-7.1
15.5
9.5
-15.2
-l d
j. 4
-2.1
9.1
-4.4
-15.2
33.3
4!?
-4.3
-10.4
-3.3

5.5
1.3
-11.6
25.1
1.1
-5.4
2 3

15.7
5.2
-8.3
3.6
20.9
1.1
12 2
4!3
20.8
-2.7
-30.5

4.0
11.9
-6.1
1.2
23.2
0.

17.0
14.0
1.9
-24.5

1.9
10.1
7.9
-0.9

-1.8
10.0
6.0
-18.0

2s!o

15.1
10.4
2.8
-5. S
12.2
10.5
10.9
-2.5
-4.3

-ell

17.7
-10.4
-23.3

-2.7
18.3
7.0

-7,4

AVERAGE FOR PERIOD
7.0

-11.4
-4.1
4.0

-15.5
30.0

1.7
0.

-20.3
28.5
-6.4
-6.5
16.6
12.8
4.3

11.0
13.2
-2.5
6.0
6.7

-11.5

-26.6
2.6

-6.5
-17.6

-ii!8

910-C. CHANGE IN COMPOSITE INDEX OF 12 LEADING INDICATORS OVER 3-MONTH SPANS 2
(COMPOUND ANNUAL RATE, PERCENT)
1948. ..
1949...
19BQ.. .
1951. , .
1952...
1953...
1954. ,,
1955. . .
1956...
1957...
1958...
1959...
1960. , .
1961...
1962..,
1963...

-13.2
15.9
3.4
10.2
8.8
6.5
19. 2
-10.4
-5.2
-2,5
10,9
-2. 2
1.7
6.8
12.0

-12.0
18.3
0.7
9.3
7.3
5.8
19.7
~S.l
-5.2
2.6
19.5
-14.0
15.0
6.8
12.5

-5.8
5.2
11.9
•=•13. 5
24.0
4.1
11.8

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

5.2
5.3
12.0
2.1
S.5
1.8
= 11.1
24.0
15.7
10.5
-2.1
-16.5
15.7
3.7
2.6
-1.4
-2.0

5.2
5.7
9.2
5. 6
3.1
= 3.5
-9.1
23.0
16.6
5.0
0.9
-7.5
16.4
9.7
0.3
0.6
-10.5

3.6
1.3
3,3
6.0
2.3
-1.4
-3.8
17.6
13.4
0.3
-7,2
9.7
5.9
13.0
7.1
»6.3
-23.6

-3.6
-7.8
24.0
-11,4
0.7
1,3

9,5
12.6

-o!e

2.2
-7.0
27,1
-8.4
-2.7

3.0
-3.2
25.8
-11.6
2.0
-11.0
18.6
3 6

-3.6
6.7
27.6
-9.2
1.4
-10.4
19.1

-5.1
19.2
22.9
-9.9
13.0
-14.0
12.0

-1.2
24.2

-9!o
2.4
28.6

l\2
0.
30.2

-7 .0
23.8
-6.8
10.6

-0.6
20.7
-11.5
6.4

2. 3
10,0
-5.9
1.0

3. 4
ll!l
2.6
-2.3

10.0
2.6
-3.2
8.6
0.
-0.7

8.5
2.1
-8.1
13 . 0

7.5
6.1
-8.9
IS 2

5.5
3.9
-9.7

-9.3

-9.7

11.3
8.9
-3.0
-10.0
22.3
7,5
8.7
4.3
-2.S
-29.3

3.9
3.7
-1.8
-15.1
35,3
10.9
-0.3
6.4
-4.4
-14.3

1.8
4.6
-0.9
-13.4
36.7
12.9
-2.9
-0.8
2.6

-3.2

12.4
6.0
-5.7
-4.7
13.4

-g!o

i.'g
-1.1

io!o

-11.2
34.9

102

-3.5
-10.2
14.8

-5^4
-5.4
1,8

6.9
10.5
4.3

13.6
5.9
12.1

18.2
-8.1
6.0

12.7
-4.1

5.8

7.6
13.0
0.4

16.7
-3.6

12.8
-7.5

6.3
-12.0

6.3
4.1
8.2
4.6
3.6
-1.0

9.5
14.4
0.6
-27.2
6.9
6.0
7.5
2,3
-12.5

13.7
12.4
-2.4
-23.9

13.1
9.9
«2.1
-23.2
14,0
6.3
0.
-2.8
-6.8

8.7
3.6
-6.7
12 . 3
4.0
-3.7
—0 . 8
s!?
5.7
-1.9
-•12.8
31.4
10.4
1.8
3.3
-1.4

4.8
-15.7
24.6

3.6
-19.5
23.3

7.6
4.1
8.4

8.0
5.7
8.9

-9.0

8.3
6.0
-8.7

10.1
10.0
-5.7

e!2

lo!2
-6.7

14.7
-1.5

-1,7
9.8
-4.5
-19.0
28.8
6.1
3.3
0.6
-3.1

-1.4
15.8
-5.9
-23.3
16.1

4.6
17.5
-3.9
-26.2
7.6
-0.9
12.7
7,0
-9.0

-1.4
14.9
-18.2
11.8
10 . 3
3.6
-8,1
26.4
7.0

o!s

10.7

3.9

10.7
4.7

1.2
7.6
1.1

-3.9

series contains no revisions but is reprinted for the convenience of the user.




21,1

19.4
-2.4
6.7
5.8
7.3

-12.8
16.6
-14.7
2.1
9.0
-19.7
27.4

5.5

2

AVERAGE FOR PERIOD

-14.3

0.5
-1.2
26,8
-9.7
0.2
-8.2
16.7
5.8
-7.9
-1.2
22.1

-10.0
26.4
-7.0
1.4
19.0
-21.6
18.3

7.0

-4.6

2.1
2.6

-9.3
24.7

1.8

-17.1
11.9

14.4

4.1
5.3

6.1
7.6
6.5
0.3

-12.5

-18.4
11.9
4.1
5.7
9.5
-4.1

-ii!o

21.5
15.2
5.3
-2.8
-4.8
12.7
8.8
3.3
-2.4
-12.0

This series contains revisions beginning with 1978.

-8.8
26.8
7.1
-3.3
15.6
-17.9
14.0
7.9
3.2
-7.9
27.1
4.7
6.4t

-15.2
11.8
-5.1
3.3
7.0
-11.0
24.4
— 3. 5
0.6
-15.6
16.7

s. a

9.8
6.8
6.2

8.2
4.9
-9.1
14.7
10.4
-6.0
2 4

7.8
11.9
-3,1
3, S
11.9
-7.7

14.4
-4.8
-22.8
17.5
2.1
7.9
2.9
-5.3

12 !l
13.2
-1.3
= 24.8
9.0
6.6
4.7
-0.1
-10.6

3.3

o.'s

6.6
12.1
-3.0
7.4
-7.8
15.6
6.6
-7 i S
16.9
0.4
"2 9
12io
2.6
6.9
7.8
6.1
= 2. 7
8.7
7.5
-4.6
1 3

io!o

11.9
-0.7
= 15.8
13.3
8.0
5.8
2, 4
-4.9

(JULY 1980)

C. Historical Data for Selected Series—Continued
Monthly
Year

Jan.

Mar.

Feb.
920.

1948...
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...

50.2
49.8
48.2
57.7
58,0
63.8
60.2
62.1
68.4
69.7
64.6
67.3
72.0
67.4
72.3
74.8

1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980...

78.9
85.5
93.7
99.3
102.8
108.7
110.3
108.3
113.8
124.8
127.7
115,4
120.3
126.3
134.0
144.8

Apr.

May

June

Quarterly

July

Sept.

Aug.

Nov.

Oct.

Dec.

IQ

COMPOSITE INDEX OF 4 ROUGHLY COINCIDENT INDICATORS 1
(1967=100)

1964...
1965...
1966...
1967...
1968. ..
1969. . .
1970. ..
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979. . .
1980...

III Q

Annual
IV Q

AVERAGE FOR PERIOD

50.1
49.3
47.9
57.5
58.9
64.3
60.2
62.5
68.3
70.2
63.3
68.0
71.8
67.1
73.0
75.4

50.6
48.8
49.4
57.7
58.9
64.9
59.6
63.7
68.3
70.1
62.4
69.0
71.2
67.6
73.5
75.7

50.2
48.4
50.5
58.0
58.7
64.9
59,3
64.5
68.9
69.4
61.4
70.0
71.4
67.9
73.9
76.3

50.5
47.8
51.7
57.9
58.9
65.0
59.1
65.4
68.5
69.1
61.6
70.8
71.1
68.6
74.0
76.6

5.1.4
47.5
52,9
58.0
58.5
64.7
59.2
65.7
68.5
69.2
62.4
71.1
70.7
69.6
73.9
77.0

51.5
46.9
54,9
57.4
57.5
64.9
59.0
66.4
66.1
69.2
63.4
70.4
70.3
69.7
74.3
77.1

51.6
47.4
56.6
57.7
60.0
64.1
59.0
66.3
68.3
69.2
64.0
68.4
69.9
70.4
74.5
77.3

51.5
48.1
55.9
57.4
61.7
63.4
59.3
66.9
69.0
68.6
64.6
68.1
69.6
70.4
74.5
77.7

51.6
46.0
56.1
57.7
62.5
63.1
59.6
67.5
69.7
67.9
65.0
67.9
69.3
71.3
74.7
78.3

51.3
46.9
55.9
57.9
62.9
62.0
60.7
67.9
69.6
66.8
66.5
68.5
68.5
72.3
75.1
78.0

50.8
47.5
57.2
57.9
63.4
60.9
61.4
68.3
70.0
65.6
66.2
71.1
67.5
72.7
74.8
78.6

50.3
49.3
48.5
57.6
58.6
64.3
60.0
62.8
68.3
70.0
63.4
68.1
71.7
67.4
72.9
75.3

79.7
86.1
94.4
98.8
103.5
109.4
110.3
108.1
114.2
126.1
127.0
113.7
121.6
127.6
135.0
144.9

79.7
87.0
95.5
98.9
103.9
109.9
110.4
108.5
115.4
126.7
126.9
112.3
122.4
129.7
136.9
146.6

80.7
87,4
95.6
99.2
104.2
110.2
110.1
108.9
116.4
126.6
126.6
112.6
123.3
130.0
139.3
144.1

81.3
88.0
96.1
99.0
105.0
110.3
109.7
109,3
116.9
126.9
127.0
113.4
123.4
130.6
139.5
145.6

81.5
88.6
97.1
99.2
105.8
110.8
109.2
109.5
116.6
127.2
127.1
114.2
123.6
131.3
140.1
145.0

82.1
89.5
97.4
99.5
106.3
111.5
109.3
109.3
117.5
127.7
126.9
115.1
124.0
131.7
140.5

82.7
89.8
97.6
100,. 3
106.4
111.8
108.9
109.0
119.0
127.2
126.1
116.7
124.3
131.9
141.4

83.3
90.3
97.8
100.4
106.7
111.9
108.7
109.8
119.4
127.9
125.4
117.5
124.3
132.6
141.4

82.3
91.4
98.3
100.3
107.4
112.4
106.4
109.9
121.3
128.9
124.2
117.9
124.1
133.8
143.0

83.8
92.2
98.3
101.9
108.1
111.4
105.4
110.8
122.6
129.7
121.2
118.4
125.6
134.7
144.3

85.3
93.2
98.5
103.2
108.5
111.5
107.3
112.0
123.9
129.0
117.7
118.9
127.1
135.7
145.5

79.4
86.2
94.5
99.0
103.4
109.3
110.3
108.3
114.5
125.9
127.2
113.8
121,4
127.9
135.3
145.4

81.2
88.0
96.3
99.1
105.0
110.4
109.7
109.2
116.6
126.9
126.9
113.4
123.4
130.6
139.6
144.9

-14,7
18.9
3.7
7.5

7.3
-10.2
31.5
2.2
-2.6

0.8
6.2
28.8
-3.8
29.2

-5.2
0.4
10.7
3.6
11.6

-8.1
16.1
0.
0.8
-18.1
18.1
1.1
0.8
4.8
5.0

-2.6
13.3
1.5
-4.9
1.0
12.9
-2.7
12.5
2.2
7.0

0.8
7.7
8.8
-3.3
14.9
-15.2
-6.1
4.8
3.3
3.7

15.2
8.6
6.1
-16.3
11.3
21.3
-11.4
13.8
1.7
4.9

5.9
8.3
10.3
1.8
2.9

9.5
7.6
7.0
1.3
7.5

9.1
8.0
2.9
5.0
3.4

11.5
13.5
2.9
12.0
6.9

-3.7
4.7
12.9
9.4
-6.2
-17.1
12.4
9.1
4.5

-4.3
3.7
4.4
1.6
0.7
7.0
4.1
5.0
10.1

-1.8
1.3
10.1
2.3
-5.2
12.1
2.3
4.0
3.8

-3.1
8.4
16.0
3.7
-22.0
4.9
9.6
9.7
12.1

-5.3

-19.8

-13.4
15.4
5.9
6.4
8.7
-8.4
14.9
1.8
0.8
-18.6
14.8
6.0
-1.4
5.9
4.9

6.8
-11.2
35.6
0.3
-3.5
1.1
-3.9
15.1
-4.3
-4,1
1.1
10.8
-4.2
10.9
3.3
5.9

3.5
-1.9
'25.8
-1.1
23.7
-7.9
1.4
6.6
8.5
-3.4
14.0
-14.1
-6.1
8.4
2.7
4.6

-6.9
3.8
5.5
2.3
13.6
-14.9
14.9
8.0
4.6
-15.9
13.9
15.3
-9.9
10.2
1.8
3.8

.. .
-5.7
20.6
1.8
10.0
-3.3
1.0
11.2
2.6
-5.6
2.6
6.7
-3.6
7.0
3.4
4.8

8.0
9.6
9.5
1.1
4.9
5.3
-2'.8
5.8
11.7
9.1
-6.0
-16.3
11.3
9.0
7.1
1.0
-6.5

8.2
8.9
7.3
1.1
7.2
3.8
-3.1
3.2
5.9
2.6
0.5
5.0
4.1
6.7
9.1
0.4

5.7
8.4
4.3
4.5
4.3
4.3

10.6
11.7
3.3
9.5
6.1
— 3. 4

0.7
10.3
2.3
-5.4
11.5
1.8
4.8
5.6
-0.9

10.0
13.6
2.6
-20.9
6.4
6.9
6.4
8.6
1.3

8.2
9.6
6.1
4.0
5.6
2.5
-3^6
4.9
10.4
4. 1
-7.9
1.6
6.1
6.7
7.6
0.4

920-C. CHANGE IH COMPOSITE INDEX OF 4 ROUGHLY COINCIDENT INDICATORS OVER 1-MONTH SPANS 2
(COMPOUND ANNUAL RATE, PERCENT)
1948...
1949...
1950...
1951...
1952...
1953
1954!!!
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...

II Q

-21.2
19.2
11.0
2.1
7.8

-2.4
-11.4
-7.2
-4.1
20.3
9.8

12.7
-11.5
44.8
4.3
0.
11.8

14 '.6
1.8
-5.0
-16.8
21.9
16.3
-1.8
-6.4
0.

8.0
-1.7
9.0
-21.6
13.2
-3.3
-5.2
12.3
10.1

4.7
2.8
6.6
10.2
-4.6
2. 2
-12.2
11.8
21.1
9.1
-11.4
-21.1
15.1
-7.3
-14.0
-5. 6
5.9

12.9
8.8
9.3
-5.9
8.5
8. 0
0.
-2.2
4.3
13.2
-6.4
-16.3
13.8
13.1
9.3
0.8
-6.4

o!

23.6
-7.3
31.7
2-.1
-7.9
— 5.4

7.4
-13.9
32.6
-2.0
4.2
1.9

25.6
0.
-1.7
-15.8
19.1
-9.6
9.3
8.5
4.9

-9.1
-9.4
30.2
6.4
-4.0
0.
-5.9
16.2
11.1
-11.3
-17.6
18.8
3.4
5.5
6.7
9.9

-6.7
-5.1
4.0
14.6
-4.9
13.1
1.6
4.8

0.
1.7
16.7
5.2
-6.5
19.0
-1.6
6.4

0.
13.3
14.9
1.2
4.7
5.6
1.1
4.5
13.4
5.9
-0.9
-13.8
8.2
21.6
18.3
15.0
-15.3

16.1
5.7
1.3
3.7
3.5
3.3
-3.2
4.5
10.9
-0.9
-2.8
3.3
9.2
2.8
23.2
-18. 6
-19.7

9.3
8.6
6.5
-2.4
9.6
1. 1
-4.3
4.5
5.3
2.9
3.9
8.9
1.0
5.7
1.7
13 . 2
-20.8

3.0
8.5
13.2
2.5
9.5
5. 6
-5.3
2.2
-3.0
2.9
0.9
8.8
2,0
6.6
5.3
—4 . 8
-19.0

isii

s!e

2.4
-14.1
56.1
-11.7
-18.7
3.8
-4.0
13.6
-34.8
0.
21.0
-11.2
-6,6
1.7
6.7
1.6
9.2
12.9
3.8
3.7
5.8
7.8
1.1
-2.2
9.7
4.8
-1.9
9.9
4.0
3.7
3.5
3.4

2.4
13.6
44.2
6.5
66.6
— 13 . 8
0.
-1.8
48.1
0.
12.0
-29.2
-6.6
12.7
3.3
3.2
9,1
4.1
2.5
10.1
1.1
3. 3
-4.3
-3.2
16.4
-4.6
-7.3
18.0
2.9
1.8
8.0

-2.3
19.2
-13.9
-6.1
39.8
-12. 3
6.3
11.4
13.0
-9.9
11.8
-5.1
-5.0
0.
0.
6.4
9.1
6.9
2.5
1.2
3.4
1. 1
-2.2
9.2
4.1
6.8
-6.5
8.5
0.
6.6
0.
—0 . 8

-6.8
26.2
-4.2
4.2
8.0
-19. 0
24.5
7.3
-1.7
-17,8
31.5
11.1
-13.0
18.2
6.6
-4.5

-11.1
16.5
31.8
0.
10.0
-19. 3
14,8
7.3
7.1
-19.5
-5.3
56.4
-16.2
6.8
-4.7
9.6

-13.5
15.6
6.3
-1.2
8.2
5. 5
-22.6
1.1
20.9
9.8
-10.9
4.2
-1.9
11.4
14.5

24.2
11.0
0.
20.9
8.1
-10 . 2
-10.7
10.3
13.6
7.7
-25.4
5.2
15.5
8.4
11.5

23.7
13.8
.2.5
16.4
4.5
1.1
23.9
13.8
13.5
-6.3
-29.6
5.2
15.3
9.3
10.4

82.7
89.9
97.6
100.1
106.5
111.7
109.0
109.
118.
127.
126.
116.
124.
132.
141.

51.2
46.8
56.4
57.8
62.9
62.0
60.6
67.9
69.8
66.8
65.9
69.2
68.4
72.1
74.9
78.3
83.8
92.3
98.4
101.8
108.0
111.8
106.4
110.9
122.6
129.2
121.0
118.4
125.6
134.7
144.3

50.9
47.9
53.1
57.7
60.0
63.8
59.7
65.6
68.6
68.8
63.8
69.2
70.3
69.6
74.0
76.9
81.8
89.1
96.7
100.0
105.7
110.8
108.8
109.4
118.1
127.4
125.3
115.5
123.7
131.3
140.1

...
-4.6
22.5
1.4
11.4
— 3. 3
1.3
11.4
4.1
-5.9
2,3
9.3
-4.8
8.0
3.0
5.2
9.0
9.3
5.8
5.0
5.2
2.9
-3.2
4.5
10.8
4.3
-8.2
1.7
7.1
7.0
7.6

Q

AVERAGE FOR PERIOD

1948...
1949...
1950.. .
1951...
1952...
1953...
1954. ..
1955. ..
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...

...
-14.7
8.8
12.0
7.1
9.2
-11.1
12.4
2.4
3.5
-19.4
9.3
20.7
-7.9
3.9
1.6

...
-14.8
17.0
3.5
7.1
9.8
-8.3
15.8
0.
0.6
-18.1
18.0
0.6
0.6
4.5
4.9

0.
-10.8
20.5
2.1
4.9
7.1
-5.8
16.4
3.0
-1.7
-18.4
17.0
-3.3
3.0
9.2
8.3

3.2
-11.6
35.7
2.8
0.
4.4
-7.1
19.9
1.2
-6.1
-10.3
17.5
-3.8
9.2
5.6
6.5

6.5
-10.2
31.5
2.1
-2.7
-1.2
-2.7
13.2
1.2
-5.0
0.
12.7
-2.8
12.4
2.2
7.0

10,8
-11.8
39.7
-4.1
-7.9
0.
-2.0
12.3
-15.3
-1.1
13.7
2.3
-6.0
11.0
2.2
4.3

9.0
-3.3
43.6
-1.4
7.7
-5.4
-0.7
5.6
-1.2
0.6
16.5
-12.9
-6.6
10.9
2.7
3.7

0.8
5.1
24.7
-4.1
23.7
-7.8
0.7
7.5
3.0
-3.4
14.9
-15.8
-6.1
4.7
3.3
3.7

0.8
-7.5
9.0
2.1
39.6
-10.6
4.1
6.8
23.6
-7.3
10.5
-13.5
-5.6
9.5
2.2
6.4

-2.3
-4.2
-4.9
1.4
20.8
-12.5
12.0
10.0
7.8
-13.2
16.6
0.6
-7.8
11.2
3.3
3.7

-5.3
-4.9
9.6
3.5
11.5
-14.9
14.9
8.6
5.9
-16.4
10.3
18.8
-11.5
13.7
1.6
4.7

-13.2
20.5
11.9
2.1
6.6
-17.2
17.9
5.4
0.
-18.1
14.9
26.4
-10.5
5.7
0.5
3.1

1964...
1965. ..
1966...
1967...
1968...
1969 ...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980...

9.0
11.4
9.9
2.0
6.4
4.9
-3.9
10.6
12.9
11.9
-8.1
-22.5
11.3
6.5
0.9
1.7
0.3

5.7
8.2
10.2
1.6
2.7

9.4
9,2
8.4
-0.4
5.6

8.3
9.1
7.4
0.8
5.9

9.3
7.6
6.9
1.2
7,5

7.1
10.0
7.7
1.2
8.3

7,1
8.4
6.4
5.4
5.4

9.1
7.9
2.9
4.9
3.4

5.4
11.1
2.9
6.5
6.5
—1. 4

-3.9
4.5
12.7
9.4
-6.4
-17.1
12.3
8.4
3.6
3.1
-5.7

-0.7
2.2
9.5
5.9
-3.4
-9.4
10.4
12.2
16.8
-1.9
-14.0

-2.2
4.5
9.8
2.6
0.
-1.1
6.1
9.7
14.0
1.9
-18.6

-4.3
3.7
4.2
1,6
0.6
6.9
4.0
5.0
9.7
-4.3
-19.8

-2.9
1.5
3.8
3.5
1.0
9.2
2.3
5.3
3.5
3.7

-2.9
-1.1
7.4
0,9
-2.8
12.2
2.9
4.0
5.6
-1.6

-1.8
1,1
10.0
2.2
-5.2
12,1
2.3
4.0
3.8
-0.3

1.0
8.8
3.7
3.3
4.2
3 3
-10 '. 2
2.2
13.6
3. 8
-8.2
10.1
0.3
6.5
7.3
-0.8

10.0
13.5
2.9
11.6
6.9
— 1. 4
-5.1
8.3
15.9
3.5
-22.4
4.9
9.3
9.7
12.1
1.1

16.5
10.5
4.1
10.3
4.9
—7.3
7.3
15.0
12.1
-3.7
-25.5
8.4
7.3
0.6
5.1
2.5




51.5
47.5
55.8
57.5
59.7
64.1
59.1
66.5
67.8
69.0
64.0
69.0
69.9
70.2
74.4
77.4

AVERAGE FOR PERIOD

2,4
-41.5
4.4
6.5
16.7
-5 . 5
6.2
11.3
12.9
-11.6
7.7
-3.5
-5.1
16.5
3.3
9.7

920-C. CHANGE IN COMPOSITE INDEX OF 4 ROUGHLY COINCIDENT INDICATORS OVER 3-MONTH SPANS 2
(COMPOUND ANNUAL RATE, PERCENT)

This series contains no revisions but is reprinted for the convenience of the user.

50.7
47.9
51.7
58.0
58.7
64.9
59.2
65.2
68.6
69.2
61.8
70.6
71.1
68.7
73.9
76.6

6.8
12.7
8.1
-14.7
6.0
4.2
8.8
8.5
0.3

This series contains revisions beginning with 1978.

-s!o

(JULY 1980)

103

C. Historical Data for Selected Series—Continued
Quarterly

Monthly
Year

Jan.

Feb.

Apr.

Mar.
930.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

IQ

COMPOSITE INDEX OF 6 LAGGING INDICATORS 1
(1967=100)

II Q

III Q

Annual
IV Q

AVERAGE FOR PERIOD

1948...
1949,..
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...

46.1
49.5
47.4
53.9
60.4
64.7
67.2
61.9
68.1
73.7
74.3
68.2
74.1
76.1
73.3
76.4

46.4
'49.6
47.2
54,7
60.4
65.4
66.6
62.0
68. 4
73.3
?3.2
68.4
75.4
75.8
73.1
76.6

46.7
49.4
47.0
55.5
60.8
65.9
65.8
62.5
69.4
73.5
72.8
68.7
76.2
75.2
73.6
76.7

46.9
49,1
47.3
56.2
60.6
67.0
65.3
62.2
70.4
74.0
71.9
69.2
76.4
74.2
74.0
76.6

47.0
49.0
47.9
57.0
61.4
67.4
64.5
62.7
71.4
74.1
70.2
69.9
77.2
73.8
74.3
76.8

47.5
43.6
48.1
57.9
62.4
67.4
63.7
63.7
71.9
74.3
69.0
70.9
77.7
73.1
74.9
77.2

48.4
48.2
48.3
58.1
62.2
67.9
63.3
64.1
73.0
74.4
68.4
71.8
77.4
72.6
75.1
77.8

48.9
47.8
49.2
58.6
62.0
67.9
62.3
65.6
72.0
75.1
67.7
73.0
77.2
72.6
75.4
78.0

49.1
47.6
50.4
58.8
62.3
68.4
61.8
66.2
72.4
75.7
68.0
73.9
76.7
72.8
75.7
78.2

48.5
48.1
51.3
59.0
62.6
68.2
61.5
66.8
72.5
74.8
68.0
74.7
76.4
72.7
76.1
78.8

49.4
47.5
52.6
59.2
63.0
67.9
61.8
67.5
73.3
75.2
67.8
74.6
76.6
72.3
76.5
79.6

49.1
47.4
52.8
59.8
63.9
67.7
61.8
67.4
73.1
75.2
68.3
74.1
76.9
72.5
76.5
79.9

46.4
49.5
47.2
54.7
60.5
65.3
66.5
62.1
68.6
73.5
73.4
68.4
75.2
75.7
73.3
76.6

47.1
48.9
47.8
57.0
61.5
67.3
64.5
62.9
71.2
74.1
70.4
70.0
77.1
73.7
74.4
76.9

48.8
47.9
49.3
58.5
62.2
68,1
62,5
65,3
72.5
75.1
68.0
72.9
77.1
72. 7
75.4
78.0

49.0
47.7
S2.2
59.3
63.2
67.9
61.7
67.2
73.0
75.1
68.0
74.5
76.6
72.5
76.4
79.4

47.8
48,5
49.1
57,4
61.8
67.2
63.8
64.4
71.3
74.4
70.0
71.4
76. S
73.6
74,9
77.7

1964...
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980...

79.6
83.9
90.3
99.9
100.8
108.0
118.0
108.7
105.4
112.5
132.9
140.6
119.5

80.2
84.5
91.5
99.7
101.5
108.8
118.1
108.2
104.6
114.2
131.8
135.9
119.0
121.0
135.9
158.5

80.5
85.4
92.5
100.2
101.5
109.7
117.6
107.3
104.9
115.9
131.5
132.4
118.7
121.7
137.2
158.4

80.9
86.1
93.5
99.7
102.3
111.2
115.6
106.5
105.6
118.2
135.5
129.0
118.7
122.3
137.8
161.8

80.8
86.7
94.5
99.8
103.7
112.1
115.5
106.7
106.3
119.5
139.4
126.9
119.2
123.1
140.0
162.5

81.2
86.9
95.6
100.1
104.1
114.4
115.9
105.8
106.9
121.7
140.4
122.4
120.1
125.0
142.0
163.6

81.0
87.1
96.6
100.2
103.9
115.1
115.7
107.1
106.9
124.4
142.2
122.7
120.4
125.2
143.5

81.9
87.8
97.5
99.8
104,4
115.4
116.0
108.1
107.2
127.4
142.6
122,4
120.0
126.5
144.5

82.8
87.5
97.6
100.0
104.6
116.0
115.3
108.1
108.1
129.6
143.2
122.1
121.1
127.8
146.4

82.9
88.2
97.8
99.5
104.5
116.9
114.2
107.3
108.9
129.6
143.1
122.7
120.7
129.4
148.1

82.3
88.9
99.0
99.9
105.2
116.7
112.7
106.6
109.5
130.0
141.9
120.6
120.2
131.1
152.7

83.2
89.9
99.4
101.0
106.8
117.3
111.1
106.6
110.2
131.5
141.9
120.1
119.9
131.7
155.2

80.1
84.6
91.4
99.9
101.3
108.8
117.9
108.1
105.0
114.2
132.1
136.3
119,1
121.0
135.7
158.1

81.0
86.6
94.5
99.9
103.4
112.6
115.7
106.3
106,3
119.8
138.4
126.1
119,3
123.5
139.9
162.6

81.9
87.5
97.2
100.0
104.3
115.5
115.7
107.8
107.4
127.1
142.7
122.4
120.5
126.5
144.8

82.8
89.0
98.7
100.1
105.5
117,0
112.7
106.8
109.5
130.4
142.3
121.1
120.3
130.7
152.0

81.4
86.9
95,5
100.0
103.6
113.5
115.5
107.2
107.0
122.9
138.9
126.5
119.8
125.4
143.1

2!?
-3.3
22.1
7.0
13.2
-10.7
4.7
12.5
2.4
-12.1
2.4
12.2
-8.5
6.5
1.1

7.1
-6.3
9.8
18.5
11.5
9.8
-12.1
8.5
15.3
4.5
-19,2
13.5
8.2
-10.6
7.3
2.7

14.5
-7.9
21.1
6.4
-0.5
6.2
-11.3
17.1
3.9
7.8
-5.4
18.0
-5.0
"1. 5
4.4
5.3

1.3
-1.0
21,1
7,1
10.8
-4.1
0.1
7.6
4.2
-2.3
1.9
1.5
1.1
-1.5
4.3
9.0

-3.1
12,2
13.5
7.2
6.3
-8.5
9.5
9.0
3.1
-8.7
0.9
4,1
-5. 5
5,6
4.5

3.6
7.3
14.1
-0.3
10.8

3.4
3.0
8.8
-0.4
2,0

2.4
11.4
7.0
4.4
9.0

4.4
8.2
10.7
1.8
6.0

-5.1
-5.3
7.8
21.7
31.0
-26.6
4.9
11.5
15.0
14.2
-29.8

~:>.Q

-isie

-4!9
= 3.5
3.6
19.7
9.1
=14.3
0,
10.0
18.2
15. S

iao.2

134.1
157.4

930-C. CHANGE IN COMPOSITE INDEX OF 6 LAGGING INDICATORS
(COMPOUND ANNUAL RATE, P E R C E N T )

OVER 1-MOHTH SPANS 2
AVERAGE FOR PERIOD

io!2

0.
28.1
12.7
16.1
-8.5
2.0
13.2
10.3
-13.5
-1,7
0.
-11.8
14.1
-1.6

8.1
2.5
-4.9
19.3
0.
13.8
-10.2
2.0
5.4
-6.3
-16.4
3.6
23.2
-4.6
-3.2
3.2

8.0
-4.7
-5.0
19.0
8.2
9.6
-13.5
10.1
19.0
3.3
-6.4
5.4
13. S
-9.1
8.5
1.6

5.3
-7.0
7.9
16.2
-3.9
22.0
-8.7
-5.6
18.7
8.5
-13.9
9.1
3.2
-14.8
6.7
-1.6

2.6
-2.4
16.3
18.5
17.0
7.4
-13.7
10.1
18.4
1.6
-25.0
12.8
13.3
-6.3
5.0
3.2

13.5
-9.4
5.1
20.7
21.4
0.
-13.9
20.9
8.7
3.3
-18.7
18.6
8.1
-10.8
10.1
6.4

25.3
-9.4
5.1
4.2
-3.8
9.3
-7.3
7.8
20.0
1.6
-10.0
16.3
-4.5
-7.9
3.3
9.7

13.1
-9.5
24.8
10.8
-3.8
0.
-17.4
32.0
-15.3
11.9
-11.6
22.0
-3.1
0,
4.9
3.1

5.0
-4.9
33.5
4.2
6.0
9.2
-9.2
11.5
6.9
10.0
5.4
15.8
-7.5
3.4
4.9
3.1

-13.7
13.4
23.7
4.2
5.9
-3.5
-5.7
11.4
1.7
-13.4
0.
13.8
-4.6
-1.6
6.5
9.6

24.7
-14.0
35.0
4.1
7.9
-5.2
6.0
13.3
14.1
6.6
-3.5
-1.6
3.2
-6.4
6.5
12.9

-7.0
-2.5
4.7
12.9
18.6
-3.5
0.
-1,8
-3.2
0.
9.2
-7.8
4.8
3.4
0.
4.6

1964. ..
1965...
1966...
1967...
1968...

-4.4
10.6
5.5
6.2
-2.4

9.4
8.9
17.2
-2.4
8.7

4.6
13.6
13.9
6.2
0.

6.1
10.3
13.8
-5.8
9.9

-1.5
8.7
13.6
1.2
17.7

6.1
2.8
14.9
3.7
4.7

-2.9
2.8
13.3
1.2
-2.,3

14.2
10,1
11.8
-4.7
5.9

14.0
-4.0
1.2
2.4
2.3

1,5
10.0
2.5
-5.8
-1.1

-8.3
9.9
15.8
4.9
8.3

1970"!
1971...
1972...
1973.'..
1974...
1975...
1976...
1977...
1978...
1979...
1980...

7.4
-23.1
-12.7
28.1
13.5
-10.5
-5.8
3.0
24.2
18.4
4.1

1.0
-5.4
-8.7
19.7
-9.5
-33.5
-4.9
8.3
17.4
8.7
17.4

-5.0
-9.5
3.5
19.4
-2.7
-26.9
-3.0
7.2
12.1
-0.8
83.7

-18.6
-8.6
8.3
26.6
43.3
-26.8
0.
6.1
5.4
29.0
42.5

-1.0
2.3
8.2
14.0
40.6
-17.9
5.2
8.1
20.9
5.3
-55.8

4.2
-9.7
7.0
24,5
9.0
-35.2
9.4
20.2
18.6
8.4
-76.1

-2.1
15.8
0.
30.1
16.5
3.0
3.0
1.9
13.4
9.2

3.2
11.8
3.4
33.1
3.4
-2.9
-3.9
13.2
8.7
12.3

-7.0
0.
10.6
22.8
5.2
-2.9
11.6
13.1
17.0
33.9

-10.9
-8.5
9.3
0.
-0.8
6.1
-3.9
16.1
14.9
45.4

-14,7
-7.6
6.8
3.8
-9.6
-18.7
-4.9
17.0
44.3
23.3

13.9
14.4
S.O
14.0
19.9
6.3
-15.8
0.
7.9
14.8
0.
-4.9
-3.0
5.6
21.5
-7.1

8.5
-5. 7
21.9
9.8
14.1
-5.7
2.6
8.0
6.8
-2.6
1.2
-3.2
-1.6

0 3
-2!2
19 . 1
5.5
14.7
-9.7
2.6
10.7
1.3
-11.6
4,0
9.7

1948...
1949...
1950. ..
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
I960...
1961...
1962...
1963...

...

3.2
11.0
12.2
3.3
2.1
11 3
1.1
-12.7
-6.0
22.4
0.4
-23.6
-4.6
6.2
17.9
8.8
35.1

930-C. CHANGE IN COMPOSITE INDEX OF 6 LAGGING INDICATORS OVER 3-MONTH SPANS 2
(COMPOUND ANNUAL RATE, PERCENT)
1948...
1949. . .
1950...
1952!!!
1953,..
1954. ..
1955...
1956...
1957.. .
1958...
1959...
I960...
1961. . .
1962...
1963...

1.6
-2.S
17.0
8.4
16.1
-7.4
1,3
5.4
0.
-10.2
3.6
4.4
-4.1
4.5
0.5

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

3.0
11.1
12.2
2.9
6.6
14.4
4.9
-15.0
-7.3
18.3
5.7
-15.9
-5.2
2.7
15.5
16.1
4.3

8.7
14*2
11.0
5.5
-11.7
12.8
15.6
2.2
-18.1
15.9
5.3

14.2
-8 .0
2o!5

0.3
-0. 8
27.3

4.2
-2. 5
30.6

4.0
3.0
-13.0
19.8
3.4
5.5
-13.5
19.0
0.

-0.6
6.1
-11.4
16.6
2.8
7.8
-5.7
18.0
-5.0

2.6
1.8
-10.9
17.9
-2.7
2.2
-2.3
17.2
-5.1

6.6
0.
-3.2
12.1
7.4
0.5
0.6
9.1
-3.1

0.
-1. 7
20 '.5
7.0
10.7
-4.0
0.
7.5
3.9
-2.6
1.8
1.1
1.0

7.3
2.6

6.1
6.4

6.1
6.4

4.3
5.3

5.4
5.2

6.0
8.5

4.3
9.0

1.6
4.1

3.5
7.2
14.1
-0.4
10.6
18.3
-5. 7
-5.5
7,8
21.6
29.9
-27.0
4.8
11.3
14.7
13.8
-46.8

0.5
4.7
13.9
2.0
6.4
14.8
0.3
2.3
5.0
22.7
21.3
-18.1
5.9
9.8
17.6
7.6

8.1
2.8
8.6
-0.4
1.9
5.7
-2. 1
9.0
4.6
28.6
8.2
-1.0
3.4
9.3
13.0
18.0

9.7
5.1
5.1
-2.8
2.3
6.4
-5 .1
0.7
7.7
17.8
2.6
0.
1.0
14.1
13.5
29.8

2.0
5.1
6.3
0.4
3.1
4.6
-10 .9
-5,4
8.9
8.4
-1.9
-5.8
0,7
15.4
24.7
33.9

1,9
11.4
7.6
4.1
8.7
4.6
-13.8
-5.4
8.0
6.0
-3.6
-6.4
-3.9
12.8
26.3
18.5

4.9
9.9
8.9
5.3
14.1
3.8
-17. 9
-6.9
13.9
10.6
-6.8
-10.0
-1.6
15.3
27.6
6.0

5.3

7.0

-3.3
22.1
6.9
13.1
-10.8
4.6
12.4
2.2
-12.2
2.4
11.8

-0.8
18.2
1.3
15.0
-10.8
2.0
14.2
1.6
-12.3
6.0
13.0

6.1
17.9
6.3
12.8
-12.0
4.6
18.7
4.4
-15.4
9.1
9.9

9.7
18.5
10.9
9.4
-12,2
7.9
15.2
4.4
-19.3
13.4
8.1

6.2
1,0

3.9
1.1

6.7
1.0

3.0
11.0
12.1
3.3
2.0
11.3
1. 0
-13.0
-6.2
22.4
0.
-24.2
-4.6
6.1
17.8
8.5
30.9

6.7
10.9
14.9
-0.8
6.1
12.4
-7.9
-7.9
0.8
21.9
8.1
-29.1
-2.7
7.2
11. S
11.7
45.4

3.0
10.8
13.8
0.4
9.0
12.7
-8 . 5
-5.4
6.7
19.9
25.1
-24.0
0.7
7.1
12.6
10.5
5.0

13.4

5.6
5.2
13.3
0.
2.7
12.3
1. 7
5.4
3.4
29.2
9.5
-13.4
2.7
11.5
13.5
10.0

4.9
0.9

8.6
—6 . 1
8^2
16.9
9.6
9.2
-12.0
8.4
16.5
3.7
-17.6
12.8
7.8
—9 . 7
6.7
3.3

10.7
—6 . 1
19!?
8.1
2.0
3.6
-11.8
18.1
1.2
5.2
-7. .2
18,1
-3«,4
-2,, 4
5^3
5.6

4.2
—3. 1
24!3
7.0
10.5
-3.2
-0.2
9.2
6.0
-1.6
1.2
2.3
-1.2
0.
4.0
7.2

4.2
11.0
13.1
1.8
4.9
12.7

2.3
7.6
13.9
0.7
8.7
15.3

7,8
4.4
9.0
-1.1
2.3
8.1

2.9
8.8
7.6
3.3
8.6
4.3

-12.0
-4,2
20.9
4.6
-23.1
-4.2
5.3
14.9
12.1
26,9

-2.9
6.5
21.4
25.4
-23.0
3.8
9.4
15.0
10.6

5.0
5.2
25.2
6.8
-4.8
2.4
11.6
13.3
19.3

-5 . 9
10.3
8.3
-4.1
= 7.4
-1.6
14,5
26.2
19.5

'this series contains no revisions but is reprinted for the convenience of the user. 2Th1s series contains revisions beginning with 1978.

104




-5.4
8.0
6.2
-3.5
-5.8
-3.9
12.9
26.9
20.5

AVERAGE PQR PERIOD

17.2
-9.4
11 .'3

7.1

9.2
'1.7
28.7
8.4
-0.9
3.6
9.4
13.0
16,5

— 3. 8
12! EJ
12 . 8
6.9
6.1
= 8.4
9.6
8.6
2.1
-8.8
9.3
3.2
=4 . 9
5^2
4.3
4.3
7.9
10.9
1.2
6.1
10.1
"5.3
= 3.9
4.4
19.0
8,2
= 14.6
0.1
10.2
17.4
15.4

(JULY 1980)

G. Experimental Data and Analyses

(Dec.) (Nov.)
P
T

Year
and
quarter

Implicit price
deflator, gross
nonfarm business
product 1
(Index: 1967=100)

Unit labor cost,
all persons, nonfarm
business sector 1

(Nov.)
P

(Mar.)
T

4 1 1 III III TIT

Ml

TIT TIT

240

Components of BCD series 26-i

/

(Index: 1967-100)

/
1978
180.2
184.7
187.8
191.4

I Q....
II Q . . .
Ill Q . .
IV Q . . .

190.2
192.8
195.6
r!99.3

Implicit price deflator, gross nonfarm
business product, Q
(index 1967-100)

195.1
200.3
204.7
208.4

206.0
r212.1
217.3
221.8

r213.7
p220.3

I Q....
II Q . . .
I l Q..
l
IV Q . . .

160

/
Unit labor cost, all persons, nonfarm
business sector, Q
(index: 1967=100)

^

240
220
200
180
160
140
120

Inventory-sales ratios in 1972 dollars 2
Year
and
month

200
180

r228.2
p236.6

1980

220

140

1979

I Q....
II Q . . .
Ill Q . .
IV Q . . .

Ratio scale

Manufacturing
(Ratio)

Merchant
wholesalers
(Ratio)

-J 100
Inventory-sales ratios in 1972 dolars (ratio)—
Arithmetic
scale

Retail trade
(Ratio)

2.1
1979
Jan.
Feb.
Mar.
Apr.
May.
June

1.76
1.78
1.72
1.86
1.78
1.84

1.33
1.35
1.30
1.33
1.30
1.31

July
Aug.
Sept
Oct.
Nov.
Dec.

1.84
1.86
1.87
1.87
1.91
1.90

1.31
1.31
1.31
1.30
1.29
1.30

2.0,

1.39
1.38
1.38
,1.41
1.42
1.45
1.46
1.42
1.37
1.41
1.40
1.37

1.9
1.8
1.7
1.4
1.3

1980
Jan.
Feb.
Mar.
Apr.
May.
June

1.87
1.88
1.92
r2.06
p2.08
(NA)

1.29
1.27
1.37
rl.32
pi. 39
(NA)

1.34
1.35
1.38
rl.42
pi. 43
(NA)

1.2
1.1
1.5

July
Aug.
Sept
Oct.
Nov.
Dec.

1.4
1.3

Hi Hi ILL l ILL ILL IN
1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980
NOTE: The "r" indicates revised; "p", preliminary; and "NA", not available.
Source: U . S . Department of Labor, Bureau of Labor Statistics.
2
Source: U.S. Department of Commerce, Bureau of Economic Analysis.




105

G. Experimental Data and Analyses—Continued

Net Contributions of Individual Components to the Leading, Roughly Coincident, and Lagging Composite Indexes
Net contribution to index

Basic data
Series title
(and unit of measure)

LEADING INDICATORS
1. Average workweek, production workers,
manufacturing (hours)
3. Layoff rate, manufacturing 1
(per 1 00 empl oyec*s )
8. New orders for consumer goods and materials
in 1972 dollars (billion dollars)
32. Vendor performance, companies reporting
slower deliveries (percent)
12. Net business formation
(index: 1967^100)
20. Contracts and orders for plant and equipment
in 1972 dollars (billion dollars)
29. New building permits, private housing
units (index: 1967=100)
36. Change in inventories on hand and on order in
1972 do!., smoothed 2 (ann. rate, bil. dol.) .
92. Change in sensitive prices, smoothed 2
(percent)
19. Stock prices, 500 common stocks
(index: 1941-43=10)
104. Change in total liquid assets, smoothed 2
(percent)
106. Money supply (M2) in 1972 dollars
(billion dollars)
910. Composite index of 12 leading indicators 3
(index: 1967=100)
ROUGHLY COINCIDENT INDICATORS
41. Employees on nonagricultural payrolls
(thousands)
51. Personal income less transfers in 1972
dollars (annual rate, billion dollars). . . .
47. Industrial production, total
(index: 1967=100)
57. Manufacturing and trade sales in 1972
dollars (million dollars)
920. Composite index of 4 roughly coincident
indicators 3 (index: 1967=100)
LAGGING INDICATORS
91. Average duration of unemployment1
(weeks)
70. Manufacturing and trade inventories, total,
in 1972 dollars (billion dollars)
62. Labor cost per unit of output, manufacturing
(index: 1967=100)
109. Average prime rate charged by banks
(percent) . . . . .
72. Commercial and industrial loans outstanding
(mi 1 1 ion dol 1 a rs )
95. Ratio, consumer installment debt to
personal income (percent)
930. Composite index of 6 lagging indicators 9
(index: 1967=000)

Apr.
to
May
1980

May
to
June
1980

0.

-0.46

-0.21

p2.6

-1.40

-0.65

1.08

r29.03

p29.:>3

-0.51

-0.27

0.04

40

32

28

-0.18

-0.31

r!29.0

e!25.6

NA

NA

-0.38

NA

r!4.07

r!2.98

rll.54

pll.99

-0.18

-0.29

78.2

63.7

66.6

87.1

-0.60

0.14

0.94

r-10.86

r-6.56

p-7.49

NA

0.27

-0.06

NA

r2.33

1.07

r-0.12

-0.43

-0.53

-0.54

104.69

102.97

107.69

114.55

-0.10

0.30

0 .45

rO.76

rO.73

rO.66

eO.68

-0.10

-0.24

0.08

r809.5

r800.4

r800.0

p803.5

-0.44

-0.02

0.20

r!31.9

r!26.7

r!23.8

p!26.9

-3.94

-2.29

2.50

r91,144

r90,951

r90,602

p90,088

-0.17

-0.30

-0.58

1,017.5

rl, 011.0

rl, 006.1

pi, 0 0 4 . 0

-0.31

-0.24

-0.13

r!51.7

r!48.3

r!44.7

P141.2

-0.62

-0.67

-0.87

154,500

r!50,625

p!46,967

NA

-0.55

-0.53

NA

r!43.2

r!40.6

r!37.9

p!35.5

-1.82

-1.92

June
1980

Apr.
1980

May
1980

39.8

r39.8

r39.3

1.5

r2.9

3.5

r33.60

r30.43

45

Mar.
1980

11.0

11.3

10.5

Mar.
to
Apr.
1980

p39.1

11.7

-0.17

0.46

-0.17

NA
0.11

-0.16

-1.74

-1.00

256.88

r258.72

p257.38

NA

0.34

r!87.4

r!90.2

r!93.5

p!96.6

0.47

19.77

16.57

12 .63

2.84

-6.22

-11.49

162,074

162,280

159,033

159,093

0.03

-0.44

0.01

14.89

r!4.78

p!4.57

NA

-0.72

NA

r!90.3

r!96.0

r!83.1

p!62.5

-6.58

-11.25

18.31

-0.38
3.00

-0.25
0.54

NA
0.75

NOTE: The net contribution of an individual component is that component's share in the composite movement of the group. It
is computed by dividing the standardized and weighted change for the component by the sum of the weights for the available components and dividing that result by the index standardization factor. See the March 1979 BUSINESS CONDITIONS DIGEST (pp. 106107) for weights and standardization factors. NA, not available, p, preliminary, r, revised, e, estimated.
l
This
2
This
3

series is inverted in computing the composite index; i.e., a decrease in this series is considered an upward movement.
series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span.
Figures in the net contribution columns are percent changes in the index. The percent change is equal (except for rounding
differences) to the sum of the individual components' contributions plus the trend adjustment factor. The trend adjustment
factor for the leading index is 0.099; for the coincident index, -0.164; for the lagging index, -0.170.

106




G. Experimental Data and Analyses—Continued
Recession Comparisons: Current and Selected Historical Patterns

HOW TO READ RECESSION COMPARISON CHARTS

These charts show graphically, for selected indicators, the path of
the current business recession. 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 recession with corresponding historical
patterns and to facilitate critical assessment of the amplitude, duration,
and severity of the indicators' current movements.

1. In most cases, comparisons are based on reference peak levels
and reference peak dates.

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.

This number indicates the latest month (or
quarter) of data plotted. (1-January)

I i , , , i . . , , | i i ..

Series number, series title
2. The vertical line represents reference peak dates. The current
and historical periods are alined so that their reference peaks fall on
this line.

3. The horizontal line represents the level of data at reference
peaks. The current and historical periods are alined so that their
reference peaks fall on this line.

4. In most cases, deviations (percent or actual differences) from
the reference peak levels are computed and plotted. For series
measured in percent units (e.g., the unemployment rate), those units
(actual data) are plotted rather than deviations. The deviations (if
plotted) and actual data for the current period are shown in the tables
accompanying the charts.

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,

1000
6. Several curves are shown in each chart. The heavy solid line
(•••) describes the current period. The dotted line (•••) represents
the median pattern of the six post-World War II cycles. The remaining
lines represent selected business cycles; each line is labeled according
to the year of the reference peak.

7. These charts use the business cycle (reference) peak and
trough dates designated by the National Bureau of Economic Research,
Inc.

. .

. . . . , I . . i i , I.

Peaks: Nov. 1948 (IVQ 1948), July 1953 (HQ 1953), Aug. 1957
(IIIQ 1957), Apr. 1960 (IIQ 1960), Dec. 1969 (IVQ 1969), Nov. 1973
(IVQ 1973), Jan. 1980 (IQ 1980).*
Troughs: Oct. 1949 (IVQ 1949), May 1954 ( I I Q 1954), Apr. 1958
(IIQ 1958), Feb. 1961 (IQ 1961), Nov. 1970 (IVQ 1970), Mar. 1975 (IQ
1975).

This scale measures time in months before
and after ( + ) reference peak dates.

(-)

This scale shows deviations (percent or actual
differences) from reference peak levels.

This scale shows actual series units and applies
only to the current business cycle (heavy solid
line).

*The NBER has not officially designated the latest reference peak quarter. However, for purposes of these charts, it is assumed that the first quarter of 1980 is the reference peak for quarterly series.




107

G. Experimental Data and Analyses—Continued

Recession Comparisons: Current and Selected Historical Patterns-Continued
im

TIIM|

MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
PEAK
1/80
DATA YEAR

|""'|nrnpi

910. Composite index of 12 leading
indicators

SERIES 910
1967=100

uH

920. Composite index of 4 coincident
indicators
Ir

Deviations
from
reference
peaks
P«re«nt

-5

3.5

140.3

8/79

-4
-3
-2
-1

3.5
1.8
0.1
0.1

140.2
137.9
135.7
135.6

9/79
10/79
11/79
12/79

0. P

135.5

1/80

0

Actual
data
for
current
cycle

1
2
3
4

-0.4
-2.7
-6.5
-8.6

135.0
131.9
126.7
123.8

-6.3

126.9

• 1SS

+5
• 150

2/80
3/80
4/80
5/80

5

+10

6/80

• 145
• 140

MONTHS DEVIFROM ATIONS CURRENT MONTH
AND
REF.
FROM ACTUAL
DATA YEAR
PEAK
1/80

• 140

-5

SERIES 920
1967=100
»130

• 135

-0.7

145.0

8/79

-4
-3
-2
-1

- -10

-5

-0.8
-0.6
-0.6
-0.5

144.9
145.1
145.1
145.3

9/79
10/79
11/79
12/79

146.0

1/80

0
• 120

0. P

-0.5
-1.9
-3.7
-5.5

145.2
143.2
140.6
137.9

2/80
3/80
4/80
5/80

5

-1 -15

1
2
3
4

-7.2

135.5

-10

-15

29. New building permits, private
housing units

6/80

+70

MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
AND
FROM ACTUAL
PEAK
1/80
DATA YEAR

930. Composite index of 6 lagging
indicators

• 130

1973

+60

+ 50

SERIES 930
1967=100

• 150

-5

-6.8

166.4

8/79

-4
-3
-2
-1

-4.5
-1.5
0.3
-0.3

170.5
175.9
179.0
177.9

9/79
10/79
11/79
12/79

+ 40
Percent

+ 10

0
• 190

0. P

178.5

1.3
6.6
9.8
2.6

180.9
190.3
196.0
183.1

2/80
3/80
4/80
5/80

162.5

• 130

1/80

1
2
3
4

+30

6/80

+ 20

+10
5
• 180

-9.0

MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
PEAK
1/80
DATA YEAR

0

SERIES 29
1967=100

_ 5 • uo

-10
• 90

27.6

131.0

8/79

-4
-3
-2
-1

"10

-5

33.3
16.3
1.3
-1.9

136.9
119.4
104.0
100.7

9/79
10/79
11/79
12/79

102.7

1/80

0

0. P

1
2
3
4

-8.2
-23.9
-38.0
-35.2

94.3
78.2
63.7
66.6

-15.2

87.1

-30

2/80
3/80
4/80
5/80

5

»20

6/80

-40

HSO

miliini innliiiiiliiiulimiInii11iiiii

0

+6

+12 +18 +24 +30 +36

Months from reference peaks,

108



-50

-6

0

+16

+12 +18 +24 +30 +36

Months from reference peaks

• 60

G. Experimental Data and Analyses—Continued
Recession Comparisons: Current and Selected Historical Patterns-Continued
"I111"!1"11!11111!11"1!11111!11111!11"7
43. Unemployment rate, total (inverted)

MONTHS
FROM
REF.
PEAK

CURRENT MONTH
ACTUAL
AND
DATA YEAR
SERIES 43
PERCENT
5.9

8/79

5.8

30. Change in business inventories,
1972~dollars
L!L

9/79

5.9 10/79
5.8 11/79
5.9 12/79
6.2

^3
-2
-1

2/80
3/80
4/80
5/80

7.7

QRTRS .
FROM
REF.
PEAK

1/80

6.0
6.2
7.0
7.8

6/80

CURRENT QRTR.
AND
ACTUAL
DATA YEAR
SERIES 30
ANN. RATE
BIL. DOL.
18.1 11/79
7.1 HI/79
1.4 IV/79
0.3
2.3

47. Industrial production index

1/80

11/80

MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
PEAK
DATA YEAR
1/80

50. GNP in 1972 dollars
clc

SERIES 47
1967=100
-0.7

151.6

8/79

-0.1
-0.3
-0.3
-0.3

152.4
152.2
152.1
152.2

9/79
10/79
11/79
12/79

0. P

152.6

1/80

-0.2
-0.6
-2.8
-5.2

152.3
151.7
148.3
144.7

2/80
3/80
4/80
5/80

-7.5

141.2

6/80

QRTRS . DEVIFROM ATIONS CURRENT QRTR.
AND
FROM ACTUAL
REF.
DATA YEAR
1/80
PEAK

3
2
1
0
1

-6

0

+ 6 +12 +18 +24 +30 +36
Months from reference peaks




SERIES 50
ANN. RATE
BIL. DOL.
1422.3 11/79
-1.6
-0.8 1433.3 HI/79
- 0 . 3 1440.3 IV/79
0. P 1444.7

1/80

1410.8

11/80

-2.3

-6

0 +6

+12 +18 +24 +30 +36

Months from reference peaks •

109

ALPHABETICAL INDEX-SERIES FINDING GUIDE
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

Current issue
(page numbers)

Series
number

Charts

Tables

Series
Historical
data descriptions
(issue date) (issue date)

A
Accession rate manufacturing
Agricultural products exports
Anticipations and intentions
Business expenditures, new plant and equipment
Business expenditures, new plant and equipment, 01 ..
Consumer sentiment index
Employees, manufacturing and trade, Dl
Inventories manufacturing and trade Dl
New orders manufacturing Dl
Prices, selling manufacturing Dl
Prices, selling, retail trade, Dl
Prices, selling wholesale trade Dl
Profits, nut, manufacturing and trade, Dl
Sales net manufacturing and trade Dl
Automobiles
Fxpenriitures personal consumption
Imports of automobiles and parts

2
604

16
56

61
92

8/68

2/80

12/78

61
970
58
974
975
971
976
978
977
972
973

24
38
22
38
38
38
38
38
38
38
38

67
76
65
76
76
76
76
76
76
76
76

2/79
2/79
8/78
2/79
2/79
2/79
2/79
2/79
2/79
2/79
2/79

11/68
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*
11/68*

55
616

22
56

65
92

9/79

10/69*

12/78

B
Balance of payments-See International transactions.
Bank loans to businesses, net change
Bank rates-See Interest rates.
Bank reserves
Free reserves
Member bank borrowing from Federal Reserve
Bonds-See Interest rates.
Borrowing -See Credit.
Budget -See Government.
8uilding=Sae Construction.
Building permits, now private housing
Business equipment, industrial production
Businessexpenditures, new plant and equipment
Business expenditures, new plant and equipment, Dl
Business failures, current liabilities
Business formation
Business inventories-See Inventories.
Business loans-See Bank loans.
Business saving

72
112

15,35
32

73
72

6/79
6/79

93
94

33
33

72
72

12/78

11/72
11/72
11/72

8/79

29
76
61
970
14
12
13

13,25
24
24
38
33
12,23
23

67
67
67
76
72
65
65

6/79
1/80
2/79
2/79
2/79
3/80
3/80

29S

46

82

11/79

4/69

11/68
11/68*

20
20
20

64
64
64

9/79
9/79
9/79

24
24
37

66
66
75

8/79 '
8/79
2/79 -

11
29
29

60
70
70

3/79
9/79
9/79

51
18
51
18,51

89
62
89
62,89

10
39
36
11
23
15,35
32

60

49

60
66
73
72

11/72
10/72*

87

50
45

87
82

11/79

10/72*
10/69

30,47

70,83

9/79

10/72*

88

10/72*

50

88

49

87

2/80

50

87

2/80

'

6/72*

49

87

2/80

'

6/72*

50
50
50

87
88
88

2/80

19

63

4/80

11/79
11/79




7/80
7/80

11/75*

60
60
60
60
60
60

3/79
3/79
3/79
3/79
9/79
7/80
7/80

930
930c

10
39

914
915
913
917
916
910

11
11
11

n

60*"

910c

11
10
39

29
9
69

13,25
23
24

67
66
67

6/79
8/79

4/69

12/79

9/68*

248
87
86
249
89
28

47
25
25
47
25
25

83
67
67
83
67
67

11/79

10/69*

12,21
22

64
65

7/80

35
32
15,35
33

73

5/79
6/79
8/79
2/79

10/72
10/72

320
320c
322
322c
58

49
49,59
49
49
22

84,95
84,95
84
84
65

5/80
5/80
5/80

5/80'
B/ 78

5/69*
5/69*
5/69*
5/69*
11/68*

20
10
116

12,23
23
34

66
66
73

7/80
7/80
1/79

9/68
7/64

112
110
72

32
32
15,35

72
72
73

66
113
95
39
33

35
32
15,35
33
32

73
72
73
72
71

5/79
6/79
8/79
2/79
4/80

10/72
10/72

53
55
53
53

90
91
90
90

5/ao
1/30
5/80

:i9
;i2

33
12,21

72
64

2/79
S/79

11/72
12/74

Coincident indicators
Employees, manufacturing and trade
Employees on private nonagricultural payrolls
Industrial materials prices
Industrial materials prices, components
Industrial production
Industrial production components

76
75
74
76
74
75
79

2/79
2/79
6/79
2/79
1/80

11/68*

974
063
967

38
37
36
38
36
37

366

37

El 62
S75
S52
§50
$64

Inventories manufacturing and trade
Lagging indicators
Leading indicators
New orders durable goods industries
New orders, durable goods industries, components

36
38
36
36
37

Prices 500 common stocks
Prices selling manufacturing
Prices selling retail trade
Prices selling wholssale trade
Profits, manufacturing
Profits net manufacturing and trade
Sales net manufacturing and trade
Workweek, mfg production workers
Workweek, mfg. production workers, components
Dispasable personal income-See Income.

971
368
976
978
977
960
972
973
961

38
37
38
38
38
37
38
38
36

. !)70
!I65
{151

NOTE: The following abbreviations ore used in this index: C I, composite index; D I, diffusion index; GPD I, gross private domestic investment; and NI PA, national income and product accounts.
*Tho Identification number for this series has been changed since the publication date shown.

110

60

60

n
73
72

5/75*

9/79
9/79

11/79

10/69*

9/79
3/80

6/72

12/79

11/72

6/79

11/72

11/79

7/64

6/79

11/7?

11/72

D

6/72*

6/72*
6/72*
6/72*

11/75*

10
39
11

§25
S64
348
517

.... .

10/69*

49

7/80
7/80
3/79

920
920c
940

66
113
95
39

Consumer installment debt
Debt outstanding .
Net change
....
Ratio to personal income .
Consumer installment loans, delinquency rate
Consumer prices-See also International comparisons.

Debt-See Credit.
4/72* Defense
Military prime contract awards
National defense purchases
4/72*
New orders defense products
4/72*
Obligations incurred
11/75* Deficit-See Government.
Deflators-See Price indexes.
Delinquency rate, consumer installment loans
Deliveries, vendor performance
Diffusion indexes
Business expenditures, new plant and equipment
il/72

7/80
7/80
6/79
3/79
8/79
6/79
6/79

A""

Tables

Historical Series
descriptions
data
(issue date! (issuo date)

8
75

Consumer finished goods-See Wholesale prices.
Consumer goods and materials, new' orders

Consumer installment loans delinquency rate
Mortgage debt net change
Crude materials-See Wholesale prices.
1/72
1/72

3/80
2/80
3/80
2/80

Charts

Composite indexes
Coincident indicators
Four coinciders
Four coinciders rate of change
Ratio to lagging indicator indfix
Lagging indicators
Six laggers
Six loggers rate of change
, , , .
Leading indicators
Capital investment commitments
Inventory investment and purchasing
. .
Marginal employment adjustments
Money and financial flows
Profitability
Twelve leaders
Twelve leaders rate of change
Construction
Building permits new private housing
Contracts awarded, commercial and-industriajbldgs. . .
Expenditures, plus machinery and equipment sales —
Gross private domestic fixed investment
Nonresidential as percent of GNP
Nonrssidential structures constant dollars
Nonresidential total constant dollars
Residential as percent of GNP
Residential, total, constant dollars

All items percent changes
Food, index

Current issue
{page numbers)

Series
number

Consumer sentiment, index
Consumption expenditures-See Personal consumption
expenditures.
Contracts and orders, plant and equipment, constant dol. .
Contracts and orders, plant and equipment, current dol, . .
Corporate bond yields
Corporate profits-See Profits.
Costs-See Labor costs and Price indexes.
Credit
Bank loans to businesses net change
Borrowing total private
Commercial and industrial loans outstanding
Consumer installment debt
Debt outstanding
Net change

C
Canada -Sse International comparisons.
Capacity utilization
Manufacturing (6EA)
83
Manufacturing (FRB)
82
Materials
,
84
Capital appropriations, manufacturing
Backlog
97
11
Newly approved ....
Newly approved, Dl
965
Capital Investment-Sea Investment, capital.
Capital investment commitments Cl
914
Cash flow, corporate, constant dollars
.
35
Cash flow, corporate current dollars
34
Civilian labor force-See also Employment.
Employment . , .
442
Employment as percent of population
90
Total
441
Unemployed ,
„
37
Coincident indicators, four
Composite index
,
920
Composite index, rate of change
920e
Diffusion index
951
Ratio to lagging indicators, composite index
940
Commercial and industrial buildings, contracts awarded . . 9
Commercial and industrial loans outstanding
72
Commercial and industrial loans outstanding, net change .
112
Compensation
Compensation, average hourly, all employees,
nonfarm business sector . .
345
Compensation, average hourly, all employees,
nonfarrn business sector, percent changes
345c
Compensation of employees
280
Compensation of employees, percent of national
income
64
Compensation, real average hourly, all employees,
nonfarm business sector
346
Compensation, real average hourly, all employees,
nonfarm business sector, percent changes
.
346c
Earnings, average hourly, production workers,
private nonfarm economy
340
Earnings, average hourly, production workers,
private nonfarm economy, percent changes
340c
Earnings, real average hourly, production
341
workers, private nonfarm economy
Earnings, real average hourly, production
workers, private nonfarm economy, percent changes
341c
Wage and 'benefit decisions, first year
348
Wage and benefit decisions, life of contract
349
Wages and salaries, mining, manufacturing, and
construction
53

Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

?i

74
76
74
74
75
77
76
75
76
76
76
75
76
76
74
77

10/79

10/69*

11/68*

s/ao
9/79'

4/69*

6/78*

6/69*
11/68*

2/79
6/79
6/79
1/80

2/79*
9/79
2/79
2/79
2/79

11/60*
5/69*
11/68*
11/68*
11/68*

10/79
2/79
2/79
1/80

11/68*
11/68*

ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

Current issue
(page numbers)

Series
number

Charts

Tables

Historical
Series
data
descriptions
(issue date) (issue date)

E
Earnings-See Compensation.
Employment and unemployment
Accession rate, manufacturing
Civilian labor force, total
Employee hours in nonagricultural
establishments
Employee hours in nonagricultural
establishments, rate of change
Employees in mining, mfg., and construction
Employees, manufacturing and trade, Dl
Employees on nonagricultural payrolls
Employees on private nonag. payrolls, 01
Employment ratio to population
Employment, total civilian
Help-wanted advertising in newspapers
Help-wanted advertising, ratio to unemployment .Initial claims, State unemployment insurance
Initial claims, State unemployment insurance, Dl
Layoff rate manufacturing
Marginal employment adjustments Cl
Overtime hours mfg production workers
Participation rate, both sexes, 16-19 years old
Participation rate, females 20 years and over
Participation rate, males 20 years and over
Part-time workers for economic reasons
Persons engaged in nonagriculturai activities .
Quit rate manufacturing
Unemployed both sexes, 16-19years old
Unemployed females 20 years and over
Unemployed full-time workers
Unemployed males 20 years and over
Unemployment average duration
Unemployment rate, 1 5 weeks and over . . .
Unemployment rate, insured, average weekly
Unemployment rate, total ...
Unemployment, total civilian
Workweek mfg production workers
Workweek mfg production workers components
Workweek mfg production workers, Dl . . , .
Equipment-See Investment, capital.
Exports-See Foreign trade and International transactions.

2
441

16
51

61
89

2/80
3/80

48

17

61

1/80

48c
40
974
41
963
90
442
46
60
5
962
3
913
21
453
452
451
448
42
4
446
445
447
444
91
44
45
43
37
1

39
17
38
14,17
36
18
51
17
17
16
36
12,16
11
16
51
51
51
51
17
16
51
51
51
51
15,18
18
18
18
18,51
12,16

961

36

62"*'
76
62
74
62
89
61
61
61
74
61
60
61
89
89
89
89
62
61
89
89
89
89
62
62
62
62
62,89
61
77
74

1/80
2/80
2/79
2/80
1/80
2/80
3/80
7/79
2/80
7/80
6/78
2/80
3/79
2/80
3/80
3/80
3/80
3/80
2/80
2/80
3/80
3/80
3/80
3/80
3/80
2/80
7/79
2/80
2/80
2/80
1/80

F
Federal funds rate
Federal Government -See Government.
Federal Reserve member bank borrowing from
Final sales in constant dollars
Financial flows and money Cl
Fixed investment-See Investment, capital.
Fixed weighted price index, NIPA
Fixed weighted price index, percent changes, NIPA
Food-See Consumer prices.
Foreign trade-See also International transactions.
Balance on goods and services
Balance on merchandise trade
Exports merchandise, adjusted exc. military
....
Exports merchandise total exc military aid
Exports of agricultural products
Exports of goods and services, constant dol., NIPA
Exports of goods and services, current dol., NIPA
Exports of goods and services exc military
Exports of nonelectrical machinery
....
Imports merchandise adjusted exc military
Imports merchandise total .
. . .
1 mports of automobiles and parts
Imports of goods and services, constant dol., NIPA ....
Imports of goods and services, current dol., NIPA
Imports of goods and services total
Imports of petroleum and products
Net exports, goods and services, constant dol., NIPA
Net exports, goods and services, current dol., NIPA ...
Net exports, goods and services, percent of GNP, NIPA
France-See International comparisons.
Free reserves
. .
....

119

34

72

1/79

94
213
917

33
40
11

72
80
60

8/79

311
3l1c

48
48

84
84

11/79
11/79

667
622
618
602
604
256
252
668
606
620
612
616
257
253
669
614
255
250
251

57
57
57
56
56
44
44
57
56
57
56
56
44
44
57
56
44
44
47

93
93
93
92
92
82
82
93
92
93
92
92
82
82
93
92
82
82
83

7/80
7/80
7/80

10/79
3/79

12/78
12/78
11/79
11/79
7/80

12/78
7/80

12/78
12/78
11/79
11/79
7/80
3/80

11/79
11/79
11/79

93

33

72

12/78

49

20

63

9/79

502
501
500
512
511
510
298

52
52
52
52
52
52
46

90
90
90
90
90
90
83

9/79
9/79
9/79

10/79
10/79
10/79
11/79

263
262
265
564
267
266
268
261
260

43
. 43
47
55
43
43
47
43
43

81
81
83
91
81
81
83
81
81

11/79
11/79
11/79
10/79
11/79
11/79
11/79
11/79
11/79

G
Goods output in constant dollars
Government budget, NIPA
Federal expenditures
Federal receipts
Federal surplus or deficit
State and local expenditures
State and local receipts
State and local surplus or deficit
Surplus or deficit total
Government purchases of goods and services
Federal constant dollars ....
.
Federal current dollars
Federal percent of GNP
National defense
....
State and local constant dollars
....
State and local current dollars
State and local percent of GNP
Total, constant dollars
Total current dollars

Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

Charts

Gross business product
Fixed weighted price index
Fixed weighted price index percent changes
Gross domestic product, labor cost per unit
Gross national product
8/68
GNP, constant dollars
4/72*
GNP, constant dollars, differences
GNP constant dollars percent changes
8/68*
GNP, current dollars
8/68*
GNP current dollars differences
GNP current dollars percent changes
11/68*
GNP, ratio to money supply
8/68
Goods output in constant dollars
Implicit price deflator ,
Implicit price deflator percent changes
4/72*
Per capita GNP, constant dollars
12/74
Gross private domestic invest.-See Investment, capital.

6/69'
6/69*
8/68*

12/74

4/72"

Current issue
(page numbers)

Series
number

Tables

48
48
30

84
84
70

19,40

217

31
20
48
48
40

63,80
80
80
80
80
80
71
63
84
84
80

46
60

17
17

21
1

16
12,16

311
311c

68
50
50b
5Qc
200

39
40

200b
20Qc

107
49
310
310c

Series
Historical
data
descriptions
(issue date) (issue date)

11/79
11/79
9/79

7/68

10/79
10/79
10/79
10/79
10/79
10/79

10/69*
10/69*
10/69*

10/69
10/69
10/69

7/80
9/79

11/79
11/79
10/79

10/69*
10/69*

61
61

7/79
2/80

12/74

2/80
2/80

10/69

H
Help-wanted advertising in newspapers
Help-wanted advertising ratio to unemployment
Hours of production workers, manufacturing
Average weekly overtime
Average workweek
...
Average workweek, components
Average workweek TJI
Housing
Housing starts
Housing units authorized by local bldg permits
Residential GPDI constant dollars
Residential GPDI percent of GNP

...

12/74

961

36

61
61
77
74

28
29
89
249

25
13,25
25
47

67
67
67
83

3/80
6/79
9/79

6/72
4/69

11/79

10/69*

310
31 Oc

48
48

84
84

11/79
11/79

10/69*
10/69*

345

49

87

10/72*

345c

87
82
70,83

10/72*

280
64

50
45
30,47

346

49

88

346c

95
286
287
225
224
227

50
15,35
45
47
40
40
40

88
73
82
83
80
80
80

11/79
11/79
10/79
10/79
10/79

340

49

87

2/80

6/72*

340c

50

87

2/80

6/72*

8/68

1/80

4/72*
6/69
4/72

Implicit price deflator, GNP
Implicit price deflator GNP percent changes ...
4/72* Imports-See Foreign trade and International transactions.
8/68
Income
Compensation, average hourly, all employees,
nonfarm business sector
Compensation, average hourly, all employees,
nonfarm business sector percent changes
Compensation of employees
Compensation of employees, pet. of nat'l. income
Compensation, real average hourly, all employees,
11/73
nonfarm business sector
Compensation, real average hourly, all employees,
nonfarm business sector percent changes
Consumer installment debt, ratio to personal income , .
Corporate profits with IVA and CCA
Corp. profits with IVA and CCA, pet. of nat'l. income .
Disposable personal income, constant dollars
'. .
Disposable personal income current dollars ..
Disposable personal income, per capita, constant dol. . .
Earnings, average hourly, production workers,
private nonfarm economy
.
Earnings, average hourly, production workers,
5/69*
private nonfarm economy percent changes
5/69*
Earnings, real average hourly, production
workers private nonfarm economy
Earnings, real average hourly, production
5/69
workers, private nonfarm economy, percent changes .
5/69*
Income on foreign investment in the U S
Income on U S investments abroad
5/69*
Interest net
5/69*
Interest net percent of national income
National income
Personal income constant dollars
5/69*
Personal income current dollars
5/69*
Personal income less transfers constant dollars
Personal income, less transfers, constant dols. rate of chg.
Personal income ratio to money supply
5/69
Proprietors' income with IVA and CCA
10/69*
Proprietors' income with IVA and CCA, percent
of national income
11/72
Rental income of persons with CCA
Rental income of persons with CCA, pet. of nat'l. income
Wage and benefit decisions first year
Wage and benefit decisions life of contract
Wages and salaries, mining, mfg., and construction
Incorporations new businesses
7/68*
Industrial materials prices
...
7/68*
7/68*
Industrial materials prices, Dl
Industrial production - See also International comparisons.
Business equipment
Consumer goods
..
Durable manufactures
...
10/69
Nondurable manufactures
Total .
11/73
10/69
Total components
Total Dl
10/69*
10/69*
Total, rate of change
Installment debt-See Credit.
11/73
Insured unemployment
10/69
Avg. weekly initial claims, unemploy. insurance
10/69*
Avg. weekly initial claims, unemploy. insurance, Dl . , .
Avg weekly insured unemployment rate
..
..
10/69

11/79
9/79

10/69
10/69*
10/72*
10/72*

8/79*

10/69
10/69*

10/69
10/69
10/69

341

49

87

2/80

6/72*

341 c
652
651
288
289
220
52
223
51
51c
108
282

50
57
57
45
47
45
19
40
14,19
39
31
45

87
93
93
82
83
82
63
63
63

2/80
7/80
7/80

6/72*
5/69*
5/69*

11/79
11/79
10/79

10/69
10/69*
10/69

283
284
285
348
349
53
13
23

47
45
47
50
50
19
23
28

967

37

83
82
83
88
88
63
65
69
79
75

76
75
73
74
47

71
82

24
i
22
20
20
14,20,58

966
47c

37
39

5
962
45

16
36
18

!
j

67
65
63
63
63,94
78
75

61
74
62

2/80
1/80
2/80
7/79
6/80

7/68*

11/79

10/69

11/79
11/79
11/79
11/79
11/79

10/69*

10/69
10/69*
6/72*
6/72*

4/80
3/80
5/80

4/69

5/80*

4/69*

1/80

12/79
12/79
12/79
12/79

11/68

9/79'
12/79
7/80
6/78
7/79

6/69

6/69*
6/69

NOTE: The following abbreviations are used in this index: Cl, composite index; 01,-diffusion index; GPDI, gross private domestic investment; and NIPA, national income and product accounts.
*The identification number for this series has been changed since the publication date shown.




111

ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

Interest, net v
tntgf@st, rat percent of national income
Interest rates
Bank rates on shorMsrm business loans
Corporate bond yields
Federal funds rato
Mortgage yields, secondary market
..
Municipal bond yields
Prims rate charged by banks
.
...
Treasury bill rate
Treasury bond yiftlds .
Intermediate materials-See Wholesale prices,
Internationa) comparisons
Consumer prices
Canada, index
Canada percent changes
France, index
..
....
Prance, percent changes
Italy indSK
Italy, percent changes . .
....
Japan index
Japan, percent changes
.
. . .
United Kingdom index
United Kingdom percent changes
United States, index
United States percent changes
West Germany, index
West Germany percent changes . . .
Industrial production
Canada
France
. ....
....
Italy
Japan
,
OECD, Furopoan countries
United Kingdom
United States
West Germany . . ....
Stock prices
Canada
,
Franco
Italy . . .
Japan
United Kingdom
United States .
West Germany
International transactions-See also Foreign trade.
BoldDoo on Qoodsand sorvicss
Balance on merchandise trade
Exports, merchandise, adjusted, exc military
,
Exports, merchandise, total axe. military aid
Exports of agricultural products
Exports of pods and services GXC military
Exports of nonelectrical machinery
Imports, merchandise, adjusted, exe. military
Imports merchandise total
Imports of automobiles tint) parts
Imports of tjocjds and services, total
Imports of petroleum and products
Income on foreign investments in U.S
Income on U.S investments abroad
Inventories
Business inventories change, constant dollars . . .
Business inventories, change, current dollars
Business Inventories change, percent of GNP . . .
Finished goods manufacturers'
Inventories en hand and on order, net change
Inventories to sales ratio, mfg. and trade (deflated)
Inventory investment and purchasing, Cl
....
Manufacturing and trade, constant dollars
Manufacturing and trade current dollars
...,
Manufacturing and trade, currant dollars, change .....
Manufacturing and trade, 01
Materials and supplies on hand and on ordsr, mfg
Materials and supplies on hand and on ordar, mfg.,
change
Investment, capital
Capital appropriations, manufacturing, backlog
Capital appropriations, manufacturing now , ,
Capital appropriations manufacturing new Dl
Capital investment commitments, Cl
Construction contracts, commercial and industrial
Construction expenditures, business and machinery
and equipment sales
,
.....
Gross private domestic investment
Fixed investment, constant dollars .
Fixed investment current dollars
Inventories, business, change in-See Inventories.
Nonresidential, total constant dollars
Nonresidential, total, percent of GNP
Producers' durable equip., nonresid., constant dol. . .
Residential, total, constant dollars
Residential, total, percent of GNP
Structures, nonresidential, constant dolktrs
Total, constant dollars
Total current dollars . .
New orders, capital goods, riandefense, constant
dollars
New orders, capital pods, nondefense, current
dollars

Current issue
(page numbers}

Series
number

Charts

Tables

Historical
Series
data descriptions
(issue date) (issue date)

288
289

45
47

82
83

11/79
11/79

10/69
10/69*

67
116
119
118
117
109
114
115

35
34
34
34
34
35
34
34

73
73
72
73
73
73
72
73

8/79
1/79
1/79
3/80
1/79
1/79
1/79
1/79

12/74

Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

Charts

Plant and equipment
Business Qxpenditurss new
Business expenditures new 01
Contracts and orders constant dollars

7/64
7/64

11/73
7/64
7/64

67
76
66
66

2/79
2/79
7/80
7/80

9/68

652
651

Investment, foreign
Income on foreign investments in U.S
Income on U S investments abroad
Italy-See International comparisons,

24
38
12,23
23
57
57

93
93

7/80
7/80

5/69*
5/69*

68
62
63
26

30
15,30
30
29

70
70
70
70

9/79

7/68

12/79

11/68
10/72

930
930c
952
3

10
39
36
12,16

60

7/80
7/80
6/79
8/80

910

10
39
36
33
13,31

60

950
14
104

71

7/80
7/80
6//y
2/79
6/80

913
78

11
27

60
68

3/79
1/80

38

26

68

12/79

8
84

12,21
20

64
64

7/80
9/79




11/66
11/68*

J
Japan-See International comparisons.

59*"

96
96
95
95
96
96
95
95
95
95
84,95
84,95
95
95

723
726
727
728
721
722
47
725

58
58
58
58
58
58
14,20,58
58

94
94
94
94
94
94
63,94
94

2/79

743
746
747
748
742
19
745

59
59
59
59
59
59
59

96
96
96
96
96
96
96

6/79
6/79
6/79
6/79
6/79
6/79
6/79

667
622
618
602
604
668
606
620
612
616
669
614
652
651

57
57
57
56
56
57
56
57
56
56
57
56
57
57

93
93
93
92
92
93
92
93
92
92
93
92
93
93

7/80
7/80
7/80
U/78

30
245
247
65
36
77
915
70
71
31
975
78

36,42
42
47
27
13,26
11
15,27
27
26
38
27

68,81
81
83
68
68
68
60
68
68
68
76
68

2/79
1/80

38

26

68

12/79

733
733c
736
736c
737
737c
738
738c
732
732c
320
320c
735
735c

59*"
59*"

59
59*"

59
49
49,59

n

97
11
965
914
9

24
24
37

1/79
1/79
7/79
7/79
1/79
1/79
1/79
1/79
1/79
1/79
5/80
5/80
1/79
1/79
3/80
2/79
2/79
2/79
2/79
2/79

12/79

12/78
7/80

12/78
7/80

12/78
12/78
7/80
3/80
7/80
7/80

9/72*

L

9/72*

Labor cost per unit of gross dornistic product
Labor cost per unit of output, manufacturing
Labor cost per unit of output, private business sector —
Labor cost price per unit of nonfarm business
Labor force-See Employment and unemployment.
Lagging indicators, six
Composite index
Composite index rate of change
.....
Diffusion index . ,
,.
.".,,.
Layoff rstB manufacturing
Leading indicators, twelve
Composite indsx
..
Composite indsx rats of chanos
Diffusion index
Liabilities of business failures
.
Liquid assets chanrje in total
Loans-See Credit.

9/72*
9/72*
9/72*
5/69*
5/69*
9/72*
10/72*
10/72*
10/72*
10/72*

M
10/72*
11/68
10/72* Man-hours-See Employment and unemployment.
Marginal employment 3djustm@nts Cl
Materials and supplies on hand and on order, mfg
Materials and supplies on hand and on order, mfg.
chance
Materials, crude and intermediato-Sea Wholesale prices.
Materials, industrial -See Price indexes.
Material new ordsrs for consumer goods and
Materials rats of capicity utilization
Merchandise trade-See Foreign trade.
Military-See Defense.
Money and financial flows Cl
5/69* Money supply
5/69*
Liquid assets change in total
,
Money supply Ml
5/69*
Money supply Ml percent changes
Money supply M2
..
i..
5/69*
Money supply M2 percent changes
Ratio GNP to money supply Mt
5/69*
Ratio personal income to money supply M2. , ,
,
5/69* Mortgage debt, net change
Mortage yields secondary market
5/69* Municipal bond yields
5/69*
N

1/80
4/80
1/80
3/79

12/79
12/79
12/79

23

8/79
8/79
2/79
3/79
8/79

69

24

67

12/79

243
242

42
42

81
' 81

86
248
88
89
249
87
241
240

25
47
25
25
47
25
42
42

67
83
67
67
83
67
81
81

10/69 National defense-See Defense.
10/69* National Government-See Government.
National income-See Income.
9/68
New orders, manufacturers'
Capital goods industries, nondefenso, constant dol
Capital ooods industries nondsfensB current dol
Consumer goods and materials constant dollirs
Contracts and orders, plant and equip., constant dol. . .
2/69*
Contracts and orders, plant and equip., current dot. . . .
2/69
Dsfense products
. .
11/68*
Durable goods industries constant dollars
Durable goods industries current dollars
. .
Components
. ..
Diffusion index
...
New ordsrs rnsnufflcturinp Dl
Nonresidential fixed investment, GPOI
Producers' durable equipment constant dollars
Structures constant dollars
Total, constant dollars
Total percent of GNP . .
9/68*
0

24

23
23

66
66

74

n

917

n

60

13,31
31
31
13,31
31
31
31
32
34
34

71
71
71
71
71
71
71
71
73
73

23
23
12,21
12,23
23
53
21
21

66
66
64
66
66
90
64

964
971

37
38

68
87
86
248

8/68*
5/75*

6/80
6/80
6/80
6/80
6/80
7/80
6/80
4/80
3/80
1/79

27
24
8
20
10
548
7
6

11/75*

3/79

104
105
85
106
102
107
108
33
118
117

10/72
10/72

7/64
7/64

9/79

11/79
9/79
9/79

11/79
9/79

10/79
10/79

9/68

8
75
76
67
67
67
83

9/79
9/79
9/79

11/79

53
58

90
94

5/80
2/79

20
15,30
50
50
50
20
20
20
16

63
70
88
88
88
64
64
64
61

—

9/68

2/79

25
25
25
47

9/68

9/68*

i/so'

9/79

:!58
:>70

12/79
12/79

7/80
7/80
7/80
1/80
7/80
7/80

49
Ii2

OECD, European countries, industrial production
Orders-See New orders and Unfilled orders.
10/69* Output-See also Gross national product and
Industrial production.
Goods output constant dollars
Labor cost per unit of
10/69*
Per hour nonfarm business s@ctor
Per hour private business sector
1*6/69
Per hour, private business sector, percent changes
Ratio to capacity manufacturing (BEA)
Ratio to capacity materials
... .
Overtime hours, production workers, manufacturing

12/79
12/79

S17
721

11/79
10/79

27

74
61

7/80
7/80

9/79

11/79
11/79

66
66
75
60
66

n

910c

;»70c
H3
82
84
21

NOTE; The following abbreviations are used in this index: Cl, composite index; Dl, diffusion index; GPOI, gross private domestic investment; and NIPA, national income and product accounts.
*The identification number for this series has been changed since the publication date shown.

112

Tables

Historical Series
data descriptions
{issue date! (issue date)

61
970
20
10

7/64

11/73

Current issue
{page numbers)

Sfertes
number

12/79

11/68*

•
10/69*

ii/68
6/68*
10/72*
10/72*

9/79*
9/79
9/79
2/80

12/74

ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

Current issue
(page numbers)

Series
number

Charts

Tables

Historical
Series
data
descriptions
(issue date) (issue date)

453
452
451

51
51
51

89
89
89

3/80
3/80
3/80

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

9/79

10/79
10/79
10/79
10/79
10/79
10/79
10/79
10/79
10/79

10/69
10/69
10/69
10/69*

292
293
614

46
46
56

82
83
92

11/79
11/79

7/68*

3/80

67
76
66
66
62

2/79
2/79
7/80
7/80
2/80

5/80
5/80
5/80
5/80

Pri
f ' h r t r l '
th
Price to unit labor cost nonfarm business
Prices, selling
Manufacturing Dl
Retail trade D l
'
. . . . .
Wholesale trade D 1 . . ; . .•
'...'..
Prime contracts military

10/69

Salaries-See Compensation.
Sales
Final sales constant dollars
Machinery and equipment sales and business
construction expenditures
Manufacturing and trade sales, constant dollars
Manufacturing and trade sales, current dollars
Manufacturing and trade sales, Dl
Ratio, inventories to sales, mfg. and trade
Retail sales, constant dollars
Retail sales' current dollars
Saving
Business saving
Government surplus or deficit
Gross saving private and government .
....
Personal saving
Personal saving rate
Selling prices-See Prices, selling.
Sensitive prices, change in
State and local government-See Government.
Stock prices-See also International comparisons.
500 common stocks
500 common stocks, Dl
Stocks of materials and supplies on hand and on order . . .
Stocks of materials and supplies on hand and on order,
change
Surplus-See Government.

10/69

24
38
. 12,23
23
18

320
320c
322
322c

'49
49,59
49
49

84,95
84,95

311

23

48
48
48
48
28

967
26
92

37
29
13,28

84
84
84
84
69
79
75
70
69

7/80
4/80

19
968

13,28
37

69
75

9/79
9/79

48
48
48
48
48
48
48
. 48
48
48
29

85
85
86
86
85
85
86
86
86
86
70

6/80
6/80
5/80
5/80
6/80
6/80
6/80
6/80
6/80
6/80

72
67
83

9/79

11/79

10/69*

22
22

65
65

6/80
6/80

6/72

213

40

80

10/79

69
57
56
973
77
59
54

24
14,22
22
38
27
22
22

67
65
65
76
68
65
65

12/79
1/80
1/80
2/79
1/80
6/80
6/80

6/72*

295
298
290
292
293

46
46
46
46
46

82
83
82
82
83

11/79
11/79
11/79
11/79
11/79

10/69
10/69
10/69
7/68*

92

13,28

69

4/80

19
968
78

13,28
37
27

69
75
68

9/79
9/79
1/80

38

26

68

12/79

34
34

72
73

1/79
1/79

7/64
7/64

91
60
5
962
3

15,18
17
16
36
12,16

62
61
61
74
61

3/80
2/80
7/80
6/78
2/80

6/69*
8/68*

446
445
447
444
37
4

51
51
51
51
18,51
16

89
89
89
89
61

3/80
3/80
3/80
3/80
2/80
2/80

44
45
43

18
18
18

62
62
62

2/80
7/79
2/80

4/72
6/69
4/72

96
25

21
21

64
64

3/80

12/79

9/68
9/68

107
108
32

31
31
12,21

71
71
64

7/80
6/80
8/79

12/74

330
330c
334
334c
331
331 c
332
332c
333
333c
92
1

48
48
48
48
48
48
48
48
48
48
13,28
12,16

85
85
86
86
85
85
86
86
86
86
69
61

6/80
6/80
5/80
5/80
6/80
6/80
6/80
6/80
6/80
6/80
4/80
2/80

36

77
74

1/80

59
_54

1

12/78

11/72

38
38
38
53
35

76
76
76
90
73

2/79
2/79
2/79 ,
5/80
1/79

25

67

9/79

50
50
50
11

88
88
88
60

9/79

28
28

69
69

9/79
9/79

28
28
45
47
38
37
29
11
29

69
69
82
83
76
75
70
60
69

9/79
9/79

81
282
283

29
45
47

70
82
83

11/79
11/79

16

61

2/80

284

45

82

11/79

Wages and salaries-See Compensation.
West Germany-See International comparisons.
3/69
Wholesale prices
All commodities index
7/68*
Alt commodities percent changes
Consumer finished goods, index
Consumer finished goods, percent changes
10/69
Crude materials index
10/69*
Crude materials percent changes
Intermediate materials index
Intermediate materials, percent changes
Producer finished goods, index
Producer finished goods percent changes
Sensitive prices change in
Workweek of production workers manufacturing
Workweek of production workers, manufacturing,
10/69

285

47

83

11/79

10/69* Workweek of production workers, manufacturing, Dl

9/68*
2/69

11/68*

6/69*

310
310c

330
330c
334
334c
331
331 c
332
332c
333
333c
26
976
978
977
525
109

84
84

11/68
11/68*
9/68

5/69*
5/69*
5/69*
5/69*

11/79
11/79
11/79
11/79

io/69*
10/69*

5/80

5/8cT

4/69*

5/69

5/69*

4/69

5/69*

11/79

U

Unemployment
Duration of unemployment, average
Help-wanted advertising to unemployment, ratio
Initial claims, avg. weekly, unemploy. insurance
Initial claims, avg. weekly, unemploy. insurance, Dl . . .
Layoff rate, manufacturing
Number unemployed, civilian labor force
Both sexes, 16-19 years of age
Females, 20 years and over
Full-time workers
Males 20 years and over
. ,.
Total unemployed
11/68*
Quit rate, manufacturing
11/68*
Unemployment rates
11/68*
1 5 weeks and over
Insured, average weekly
11/73
Total
Unfilled orders, manufacturers'
Durable goods industries
Durable goods industries change in
, .
United Kingdom-See International comparisons.
6/68*
10/72*
10/72*

62,89

6/69

4/72*

V

1/72
7/68

11/79
11/79
2/79

10/79
7/80
9/79

.9/79

T
Treasury bill rate
Treasury bond yields

n

9/79

Q

R
Rental income of persons, with CCA
Rental income of persons, with CCA, percent of national
income

33
25
47

93
89
249

5/69

311c

80
Corporate, after taxes, with 1 VA and CCA, cur. dol. . . . 79
Corporate with IVAand CCA
.....
286
Corporate, with 1 VA and CCA, pet. of nat'l. income . . . 287
Manufacturing and trade Dl
.
972
960
Manufacturing Dl
..".'..
15
Per dollar of sales manufacturing
.. .
916
Profitability Cl
Ratio, profits to corporate domestic income
22

Proprietors' income with 1 VA and CCA, pet. of nat't. in'c, .

Tables

S

10/69

61
970
20
10
90

Producer finished goods-See Wholesale prices.
Producers' durable equipment nonresid GPDI
88
Production-See Industrial production and GNP.
Productivity
Output per hour nonfarm business sector
358
Output per hour private business sector
.'..';.'
370
Output per hour, private business sector, pet. changes .
370c
Profitability Cl
'
• . ;' I 916
Profits
18
Corporate after taxes constant dollars
Corporate after taxes current dollars
16
Corporate, after taxes, with IVAand CCA,

Ratio, profits with 1 VA and CCA to corporate domestic
income
.
.
.

Charts

Historical Series
data descriptions
(issue date) lissue date)

10/69*

4

Price indexes
Consumer prices-See also International comparisons.
All items index
All items percent changes
Food index
Food percent changes
Deflators Ml PA
- -- •
Fixed weighted, gross business product, index
Fixed weighted, gross business product, pet. changes
Implicit price deflator GNP index
Implicit price deflator GNP percent changes
Industrial materials
Industrial materials components
. ', .
Industrial materials, Dl'.
Labor cost price per unit of
.....
Sensitive prices change in
Stock prices-See also International comparisons.
500 common stocks
.
. . . . . . . . '. . '
500 common stocks Dl
'
.
Wholesale prices
All commodities index
All commodities percent change
Consumer finished goods index
Consumer finished goods percent changes
Crude materials index
Crude materials percent changes
......
Intermediate materials index
Intermediate materials percent changes

Current issue
(page numbers)

Series
number

114
115

Reserves free
Residential fixed investment, constant dollars, GPDI
Residential fixed investment, percent of GNP
Residential structures-See Housing.
Retail sates constant dollars
RetaiLsales, current dollars _._. ,,_^._. . . ^. • —

P
Participation rates, civilian labor force
Both sexes 1 6-1 9 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 products imports
Plant and equipment-See also Investment, capital.
Business expenditures for
Business expenditues for Dl
Contracts and orders for constant dollars
Contracts and orders for current dollars

Series titles
(See complete titles in "Titles and Sources of
Series," following this index)

10/69
10/69*
11/68*

Velocity of money
GNP to money supply Ml, ratio
Personal income to money supply M2, ratio
Vendor performance

W

961

6/69*

8/68*

NOTE: The following abbreviations are used in this index: Cl, composite index; Dl, diffusion index; GPDI, gross private domestic investment; and NIPA, national income and product accounts,
*The identification number for this series has been changed since the publication date shown.




113

TITLES AND SOURCES OF SERIES
Series are listed below according to the sections of this report
in which they appear. Series numbers are for identification
only and do not reflect relationships or order among the
series. "M" following a series title indicates monthly data;
"Q" indicates quarterly data. Data apply to the whole period
except when indicated by "EOM" (end of month) or "EOQ"
(end of quarter).
To save space, the commonly used sources listed below are
referred to by number:
Source 1-U.S. Department of Commerce, Bureau of
Economic Analysis; Source 2—U.S. Department of Commerce,
Bureau of the Census; Source 3—U.S. Department of Labor,
Bureau of Labor Statistics; Source 4—Board of Governors of
the Federal Reserve System.

Bureau of Economic Analysis and National Bureau of
Economic Research, Inc. (Used by permission. This
series may not be reproduced without written
permission from the source.)
(23,66)
10. Contracts and orders for plant and equipment in current
dollars (M).—Source 2 and McGraw-Hill Information
Systems Company; seasonal adjustment by Bureau of
the Census and Bureau of Economic Analysis (23,66)
11. Newly approved capital appropriations, 1,000
manufacturing corporations (Q).—The Conference
Board
(24,66)
12. Index of net business formation (M).—Source 1;
seasonal adjustment by Bureau of Economic Analysis
and National Bureau of Economic Research,
Inc.
(12,23,65)

33. Net change in mortgage debt held by financial
institutions and life insurance companies (M),—
American Council of Life Insurance; Federal National
Mortgage Association; U.S. Department of Housing and
Urban Development, Government National Mortgage
Association; National Association of Mutual Savings
Banks; U.S. Savings and Loan League; and source 4;
seasonal adjustment by Bureau of Economic
Analysis
(32,71)
34. Net cash flow, corporate, in current dollars (Q),—
Source 1
(29,70)
35. Net cash flow, corporate, in 1972 dollars (Q),- Source
1
(29,70)
36. Net change in inventories on hand and on order in 1972
dollars (smoothed) (M). -Sources 1, 2, and 3(13,26,68)

Following the source for each series is an indication of the
pages on which that series appears. The "Series Finding
Guide" also lists chart and table page numbers for each
series.

13. Number of new business incorporations (M).—Dun &
Bradstreet, Inc.; seasonal adjustment by Bureau of
Economic Analysis and National Bureau of Economic
Research, Inc.
(23,65)

37. Number of persons unemployed, labor force survey
(M).-Sources 2 and 3
(18,51,62,89)

I-A. Composite Indexes

14. Current liabilities of business failures (M).—Dun &
Bradstreet, Inc.
(33,72)

910. Composite index of twelve leading indicators (includes
series 1, 3, 8, 12, 19, 20, 29, 32, 36, 92, 104, 106)
(M).-Source 1
(10,39,60)
913. Composite index of marginal employment adjustments
(includes series 1, 2, 3, 5) (M).-Source 1 (11,60)

15. Profits (after taxes) per dollar of
manufacturing corporations (Q).-Federal
mission and Securities and Exchange
seasonal adjustment by Bureau of
Analysis

39. Percent of consumer installment loans delinquent 30
days and over (EOM).—American Bankers
Association
(33,72)

914. Composite index of capital investment commitments
(includes series 12, 20, 29) (M).-Source 1 (11,60)

16. Corporate profits after taxes in current dollars (Q).-~
Source 1
(28,69)

915. Composite index of inventory investment and
purchasing (includes series 8, 32, 36, 92) (M).-Source
1
(11,60)
916. Composite index of profitability (includes series 19, 26,
80) (M).-Source 1
(11,60)

18. Corporate profits after taxes in 1972 dollars (Q).Source 1
(28,69)

43. Jnemployment rate, total (M). -Sources 2 and 3(18,62)

19. Index of stock prices, 500 common stocks (M),Standard & Poor's Corporation
(13,28,59,69,96)

44. Unemployment rate, persons unemployed 15 weeks and
over(M).-Sources2 and 3
(18,62)

917. Composite index of money and financial flows (includes
series 104, 106, 110) (M).-Source 1
(11,60)

20. Contracts and orders for plant and equipment in 1972
dollars (M).-Sources 1, 2, 3, and McGraw-Hill
Information Systems Company
(12,23,66)

45. Average weekly insured unemployment rate, State
programs (M).—U.S. Department of Labor, Employment
and Training Administration
(18,62)

920. Composite index of four roughly coincident indicators
(includes series 41, 47, 51, 57) (M).-Source
1
(10,39,60)

21. Average weekly overtime hours of production workers,
manufacturing (M).-Source 3
(16,61)

46. Index of help-wanted advertising in newspapers (M),
The Conference Board
(17,61)

930. Composite index of six lagging indicators (includes
series 62, 70, 72, 91, 95, 109) (M).-Source
1
(10,39,60)

22. Ratio of profits (after taxes) to total corporate domestic
income (Q).-Source 1
(29,69)

940. Ratio, coincident composite index (series 920) to lagging composite index (series 930) (M).-Source
1
(H60)

1-B. Cyclical Indicators
1. Average workweek of production workers,
manufacturing (M).-Source 3
(12,16,61,77)
2. Accession rate, manufacturing (M).—Source 3 (16,61)

sales, all
Trade ComCommission;
Economic
(29,70)

38. Change in stocks of materials and supplies on hand and
on order, manufacturing (M).-Source 2
(26,68)

40. Number of employees in nonagricultural goodsproducing industries—mining, manufacturing, and
construction (M).-Source 3
(17,62)
41. Number of employees on nonagricultural payrolls,
establishment survey (M).-Source 3
(14,17,62)
42. Number of persons engaged in nonagricultural activities,
(labor force survey (M).-Sources 2 and 3
(17,62)

47. Index of industrial production, total (M).

23. Index of industrial materials prices (M).—Source
3
((28,69,79)
24. Value of manufacturer's new orders, capital goods
industries, nondefense, in current dollars (M),-Source
2
(23,66)
25. Change in manufacturers' unfilled orders, durable goods
industries (M).-Source 2
(21,64)

4

Source

(14,20,39,58,63,78,94)

48. Employee-hours in nonagricultural establishments
(M).-Source 3
(17,39,61)
49. Value of goods output in 1972 dollars (Q), - Source
1
(20,63)
50. Gross national product in 1972 dollars (Q). - Source
1
(19,39,40,63,80)
51. Personal income, less transfer payments, in 1972 dollars (M).-Source 1
(14,19,39,63)

26. Ratio, implicit price deflator to unit labor cost, nonfarm
business sector (Q).-Sources 1 and 3
(29,70)

52. Personal income, total, in 1972 dollars (M).-Source
1
(19,63)

27. Value of manufacturers' new orders, capital goods
industries, nondefense, in 1972 dollars (M).—Sources
1, 2, and 3
(23,66)

53. Wage and salary income in mining, manufacturing, and
construction in 1972 dollars (M).—Sources 1 and
3
(19,63)

28. New private housing units started, total (M).—Source
2
(25,67)

54. Sales of retail stores in current dollars (M).—Source
2
(22,65)

29. Index of new private housing units authorized by local
building permits (M).-Source 2
(13,25,67)

55. Personal consumption expenditures, automobiles (Q).—
Source 1
(22,65)

7. Value of manufacturers' new orders, durable goods
industries, in 1972 dollars (M).-Sources 1, 2, and
3
(21,64)

30. Gross private domestic investment, change in business
inventories, all industries, in 1972 dollars (Q).—Source
1
(26,42,68,81)

56. Manufacturing and trade sales in current dollars (M).—
Sources 1 and 2
(22,65)

8. Value of manufacturers' new orders for consumer goods
and materials in 1972 dollars (M).-Sources 1, 2, and
3
(12,21,64)

31. Change in book value of manufacturing and trade
inventories, total (M).-Sources 1 and 2
(26,68)

9. Construction contracts awarded for commercial and
industrial buildings, floor space (M).—McGraw-Hill
Information Systems Company; seasonal adjustment by

32. Vendor performance, percent of companies reporting
slower deliveries (M).—Purchasing Management
Association of Chicago
(12,21,64)

3. Layoff rate, manufacturing (M).-Source 3 (12,16,61)
4. Quit rate, manufacturing (M).-Source 3
5. Average weekly initial claims for
insurance, State programs (M).—U.S.
Labor, Employment and Training
seasonal adjustment by Bureau
Analysis

(16,61)

unemployment
Department of
Administration;
of Economic
(16,61)

6. Value of manufacturers' new orders, durable goods
industries, in current dollars (M).-Source 2(21,64,77)

114



57. Manufacturing and trade sales in 1972 dollars (M).Sources 1, 2, and 3
(14,22,65)
58. Index of consumer sentiment (Q,M).-University of
Michigan, Survey Research Center
(22,65)
59. Sales of retail stores in 1972 dollars (M).-Sources 1
2, and 3
(22,65)

TITLES AND SOURCES OF SERIES- Continued
(34,72)

60. Ratio, help-wanted advertising in newspapers (series
46) to number of persons unemployed (series 37)
(M).-Sources 1, 2, 3, and The Conference
Board
(17,61)

84. Rate of capacity utilization, materials (Q).—Source
4
(20,64)

119. Federal funds rate (M).-Source 4

85. Change in money supply Ml-B (M).-Source 4(31,71)

1-C. Diffusion Indexes

61. Business expenditures for new plant and equipment,
total (Q).-Source 1
(24,67)

86. Gross private domestic fixed investment, total
nonresidential, in 1972 dollars (Q).-Source 1(25,67)

950. Diffusion index of twelve leading indicator components
(M).-Source 1
(36,74)

62. Index of labor cost per unit of output, total
manufacturing—ratio, index of compensation of
employees in manufacturing (sum of wages, salaries,
and supplements to wages and salaries) to index of
industrial production, manufacturing (M).—Sources 1
and 4
(15,30,70)

87. Gross private domestic fixed investment, nonresidential
structures, in 1972 dollars (Q).-Source 1
(25,67)

951. Diffusion index of four roughly coincident indicator
components (M).-Source 1
(36,74)

88. Gross private domestic fixed investment, nonresidentiat
producers' durable equipment, in 1972 dollars (Q).—
Source 1
(25,67)

952. Diffusion index of six lagging indicator components
(M).-Source 1
(36,74)

63. Index of unit labor cost, private business sector (Q).—
Source 3
(30,70)

89. Gross private domestic fixed investment, total
residential, in 1972 dollars (Q).-Source 1 (25,67)

64. Compensation of employees as a percent of national
income (Q).-Source 1
(30,47,70,83)

90. Ratio, civilian employment to total population of
working age (M).-Sources 1, 2, and 3
(18,62)

65. Manufacturers' inventories of finished goods, book
value, all manufacturing industries (EOM).—Source
2
(27,68)

91. Average (mean) duration of unemployment in weeks
(M).-Sources 2 and 3
(15,18,62)
92. Change in sensitive prices (PPI of crude materials less
agricultural products) (smoothed) (M).—Sources 1 and

66. Consumer installment debt (EOM).-Source 4; FRB
seasonally adjusted net change added to seasonally
adjusted figure for previous month to obtain current
figure
(35,73)

93. Free reserves (member banks excess reserves minus
borrowings) (M).-Source 4
(33,72)

67. Bank rates on short-term business loans (Q).—Source
4
(35,73)

94. Member bank borrowings from the Federal Reserve
(M).-Source 4
(33,72)

68. Labor cost (current dollars) per unit of gross domestic
product (1972 dollars), nonfinancial corporations—ratio
of current-dollar compensation of employees to real
gross corporate product (Q).-Source 1
(30,70)

95. Ratio, consumer installment debt to personal income
(EOM).-Sources 1 and 4
(15,35,73)

69. Manufacturers' machinery and equipment sales and
business construction expenditures (industria) and commercial construction put in place) (M).-Source
2
(24,67)
70. Manufacturing and trade inventories in 1972 dollars
(EOM).-Sources 1, 2, and 3
(15,27,68)
71. Manufacturing and trade inventories, total book value,
in current dollars (EOM).-Sources 1 and 2 (27,68)
72. Commercial and industrial loans outstanding, weekly
reporting large commercial banks (M).—Source 4;
seasonal adjustment by Bureau of Economic
Analysis
(15,35,73)
73. Index of industrial production, durable manufactures
(M).-Source 4
(20,63)
74. Index of industrial production,
manufactures (M).-Source 4

nondurable
(20,63)

75. Index of industrial production, consumer goods (M).—
Source 4
(22,65)
76. Index of industrial production, business equipment
(M).-Source 4
(24,67)
77. Ratio, constant-dollar inventories (series 70) to sales
(series 57), manufacturing and trade, total (EOM).—
Sources 1, 2, and 3
(27,68)
78. Stocks of materials and supplies on hand and on order,
manufacturing (EOM).-Source 2
(27,68)
79. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in current dollars

(Q).-Source 1

(28,69)

80. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in 1972 dollars
(Q).-Source 1
(28,69)
81. Ratio of profits (after taxes) with inventory valuation
and capital consumption adjustments to total corporate
domestic income (Q).—Source 1
(29,70)
82. Rate of capacity utilization, manufacturing (Q).—Source
4
(20,64)
83. Rate of capacity utilization, manufacturing (EOQ).Source 1
(20,64)




3

(13,28,69)

96. Manufacturers' unfilled orders, durable goods industries
(EOM).-Source 2
(21,64)
97. Backlog of capital appropriations, 1,000 manufacturing
corporations (EOQ).-The Conference Board (24,66)
102. Change in money supply M2 (M),-Source 4 (31,71)
104. Change in total liquid assets (smoothed) (M).-Sources
1 and 4
(13,31,71)

960. Diffusion index of net profits, manufacturing—about
700 companies (Q).—Dun & Bradstreet, Inc. (Used by
permission. This series may not be reproduced without
written permission from the source.)
(35,75)
961. Diffusion index of average workweek of production
workers, manufacturing—20 industries (M).—Sources 1
and 3
(36,74,77)
962. Diffusion index of initial claims for unemployment
insurance, State programs—51 areas (M).—Source 1
and U.S. Department of Labor, Employment and Training
Administration; seasonal adjustment by Bureau of
Economic Analysis
(36,74)
963. Diffusion index of number of employees on private
nonagricultural payrolls—172 industries (M).-Source
3
(36,74)
964. Diffusion index of value of manufacturers' new orders,
durable goods industries—35 industries (M).—Sources
1 and 2
(37,75,77)
965. Diffusion index of newly approved capital
appropriations, deflated—17 manufacturing industries
(Q).-The Conference Board
(37,75)
966. Diffusion index of industrial production—24 industries
(M).-Sources 1 and 4
(37,75,78)
967. Diffusion index of industrial materials prices—13
industrial materials (M).-Sources 1 and 3 (37,75,79)

105. Money supply Ml-B in 1972 dollars (M).-Sources 1, 3,
and 4
(31,71)

968. Diffusion index of stock prices, 500 common stocks—
53-82 industries (M).-Standard & Poor's
Corporation
(37,75)

106. Money supply M2 in 1972 dollars (M),-Sources 1, 3,
and 4
(13,31,71)

970. Diffusion index of business expenditures for new plant
and equipment, total—18 industries (Q).—Source
1
(38,76)

107. Ratio, gross national product to money supply Ml-B
(Q).-Sources 1 and 4
(31,71)
108. Ratio, personal income to money supply M2 (M).—
Sources 1 and 4
(31,71)
109.

Average prime rate charged by banks (M).—Source

4

(35,73)

110. Total funds raised by private nonfinanciai borrowers in
credit markets (Q).-Source 4
(32,72)
112. Net change in bank loans to businesses (M).-Source 4;
seasonal adjustment by Bureau of Economic
Analysis
(32,72)
113. Net change in consumer installment debt (M).—Source
4
(32,72)
114. Discount rate on new issues of 91-day Treasury bills
(M).-Source 4
(34,72)
115. Yield on long-term Treasury bonds (M).-U.S.
Department of the Treasury
(34,73)
116. Yield on new issues of high-grade corporate bonds
(M).-Citibank and U.S. Department of the
Treasury
(34,73)
117. Yield on municipal bonds, 20-bond average (M).—The
Bond Buyer '
(34,73)
118. Secondary market yields on FHA mortgages (M).-U.S.
Department of Housing and Urban Development, Federal
Housing Administration
(34,73)

971. Diffusion index of new orders, manufacturing—about
700 businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)
972. Diffusion index of net profits, manufacturing and
trade—about 1400 businessmen reporting (Q).—Dun &
Bradstreet, Inc. (Used by permission. This series may
not be reproduced without written permission from the
source.)
(38,76)
973. Diffusion index of net sales, manufacturing and tradeabout 1400 businessmen reporting (Q).—Dun &
Bradstreet, Inc. (Used by permission. This series may
not be reproduced without written permission from the
source.)
(38,76)
974. Diffusion index of number of employees, manufacturing
and trade—about 1400 businessmen reporting (Q).—
Dun & Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission from
the source.)
(38,76)
975. Diffusion index of level of inventories, manufacturing
and trade—about 1400 businessmen reporting (Q).—
Dun & Bradstreet, Inc. (Used by permission. This series
may not be reproduced without written permission from
the source.)
(38,76)
976. Diffusion index of selling prices, manufacturing—about
700 businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)

115

TITLES AND SOURCES OF SERIES- Continued
977, Diffusion index of selling prices, wholesale trade—about
450 businessmen reporting (Q).—Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)
978. Diffusion index of selling prices, retail trade—about 250
businessmen reporting (Q). -Dun & Bradstreet, Inc.
(Used by permission. This series may not be reproduced
without written permission from the source.) (38,76)

II-A, National Income and Product
30. Gross private domestic investment, change in business
inventories, all industries, in 1972 dollars (Q).-Source
1
(26, 42, 68, 81)
50. Gross national product in 1972 dollars (Q).—Source
1
(19,39,40,63,80)
64. Compensation of employees as a percent of national
income (Q).-Source 1
(30,47,70,83)
200. Gross national product in current dollars (Q).—Source
1
(40,80)
213, Final sales (series 50 minus series 30) in 1972 dollars
(Q).-Source 1
(40,80)
217. Per capita gross national product in 1972 dollars (Q).—
Sources 1 and 2
(40,80)
220. National income in current dollars (Q).-Source
1
(45,82)
223. Personal income in current dollars (M). - Source
1
(40,63)
224. Disposable personal income in current dollars (Q).—
Source 1
(40,80)
225. Disposable personal income in 1972 dollars (Q).—
Source 1
(40,80)
227. Per capita disposable personal income in 1972 dollars
(Q).-Sources 1 and 2
(40,80)
230. Personal consumption expenditures, total, in current
dollars (Q).-Source 1
(41,80)
231. Personal consumption expenditures, total, in 1972 dollars (Q).-Source 1
(41,80)
232. Personal consumption expenditures, durable goods, in
current dollars (Q).-Source 1
(41,80)
233. Personal consumption expenditures, durable goods, in
1972 dollars (Q).-Source 1
(41,80)
235. Personal consumption expenditures, total, as a percent
of gross national product (Q).-Source 1
(47,83)
236. Personal consumption expenditures, nondurable goods,
in current dollars (Q).-Source 1
(41,81)
237. Personal consumption expenditures, services, in current
dollars (Q),- Source 1
(41,81)
238. Personal consumption expenditures, nondurable goods,
in 1972 dollars (Q).-Source 1
(41,81)
239. Personal consumption expenditures, services, in 1972
dollars (Q).-Source 1
(41,81)
240. Gross private domestic investment, total, in current dollars (Q).-Source 1
(42,81)
241. Gross private domestic investment, total, in 1972 dollars (Q).--Source 1
(42,81)
242. Gross private domestic fixed investment, total, in
current dollars (Q).-Source 1
(42,81)
243. Gross private domestic fixed investment, total, in 1972
dollars (Q).-Source 1
(42,81)
245. Gross private domestic investment, change in business
inventories, all industries, in current dollars (Q).—
Source 1
,'
(42,81)

116



247. Gross private domestic investment, change in business
inventories, all industries, as a percent of gross national
product (Q).-Source 1
(47,83)

292. Personal saving (Q).-Source 1

248. Gross private domestic fixed investment, nonresidential,
as a percent of gross national product (Q).—Source
1
(47,83)

295. Business saving—undistributed corporate profits plus
capital consumption allowances with inventory valuation
and capital consumption adjustments (Q).—Source
1
(46,82)

249. Gross private domestic fixed investment, residential, as
a percent of gross national product (Q),—Source
1
(47,83)
250. Net exports of goods and services in current dollars;
national income and product accounts (Q).—Source
1
(44,82)
251. Net exports of goods and services as a percent of gross
national product (Q).-Source 1
(47,83)
252. Exports of goods and services in current dollars;
national income and product accounts (Q).-Source
1
(44,82)

(46,82)

293. Personal saving rate—personal saving as a percent of
disposable personal income (Q).—Source 1 (46,83)

298. Government surplus or deficit, total (Q), Source
1
(46,83)

II-B. Prices, Wages, and Productivity
310. Implicit price deflator, gross national product (Q).Source 1
(48,84)
311. Fixed-weighted price index, gross business product
(Q).-Source 1
(48,84)
320. Index of consumer prices, all items (M).—Source
3
(49,59,84,95)

253. Imports of goods and services in current dollars;
national income and product accounts (Q).—Source
1
(44,82)

322. index of consumer prices, food (M).-Source 3(49,84)

255. Net exports of goods and services in 1972 dollars;
national income and product accounts (Q).—Source
1
(44,82)
256. Exports of goods and services in 1972 dollars; national
income and product accounts (Q).-Source 1 (44,82)

331. Index of producer prices, crude materials for further
processing (M).-Source 3
(48,85)

257. Imports of goods and services in 1972 dollars; national
income and product accounts (Q).—Source 1 (44,82)
260. Government purchases of goods and services, total, in
current dollars (Q).-Source 1
(43,81)
261. Government purchases of goods and services, total, in
1972 dollars (Q).-Source 1
(43,81)
262. Federal Government purchases of goods and services in
current dollars (Q).-Source 1
(43,81)
263. Federal Government purchases of goods and services in
1972 dollars (Q).-Source 1
(43,81)
265. Federal Government purchases of goods and services as
a percent of gross national product (Q).-Source
1
(47,83)
266. State and local government purchases of goods and
services in current dollars (Q).—Source 1
(43,81)
267. State and local government purchases of goods and
services in 1972 dollars (Q).-Source 1
(43,81)
268. State and local government purchases of goods and
services as a percent of gross national product (Q).—
Source 1
(47,83)
280. Compensation of employees (Q).—Source 1

(45,82)

282. Proprietors' income with inventory valuation and capital
consumption adjustments (Q).-Source 1
(45,82)
283. Proprietors' income with inventory valuation and capital
consumption adjustments as a percent of national
income (Q).-Source 1
(47,83)
284. Rental income of persons with capital consumption
adjustment (Q).-Source 1
(45,82)
285. Rental income of persons with capital consumption
adjustment as a percent of national income (Q).—
Source 1
(47,83)
286. Corporate profits with inventory valuation and capital
consumption adjustments (Q).-Source 1
(47,82)

330. Index of producer prices, all commodities (M).—Source
3
(48,85)

332. Index of producer prices, intermediate materials, supplies, and components (M).-Source 3
(48,86)
333. Index of producer prices, capital equipment (M).Source 3
(48,86)
334. (index of producer prices, finished consumer goods
(M).-Source 3
(48,86)
335. Index of producer prices, industrial commodities (M).Source 3
(48,85)
340. Index of average hourly earnings of production workers,
private nonfarm economy—adjusted for overtime (in
manufacturing only), interindustry employment shifts,
and seasonality (M).-Source 3
(49,87)
341. Index of real average hourly earnings of production
workers, private nonfarm economy—adjusted for
overtime (in manufacturing only), interindustry
employment shifts, and seasonality (M).--Source
3
(49,87)
345. Index of average hourly compensation, all employees,
nonfarm business sector (Q).—Source 3
(49,87)
346. Index of real average hourly compensation, all
employees, nonfarm business sector (Q).—Source
3
(49,88)
348. Negotiated wage and benefit decisions, all industriesfirst year average (mean) changes (Q).-Source
3
(50,88)
349. Negotiated wage and benefit decisions, all industriesaverage (mean) changes over life of contract (Q).—
Source 3
(50,88)
358. Index of output per hour, all persons, nonfarm business
sector (Q).-Source 3
(49,88)
370. Index of output per hour, all persons, private business
sector (Q).-Source 3
(49,88)

It-C, Labor Force, Employment, and
Unemployment

287. Corporate profits with inventory valuation and capital
consumption adjustments as a percent of national
income (Q).-Source 1
(47,83)
288. Net interest (Q).-Source 1
(45,82)

37. Number of persons unemployed, labor force survey
(M).-Sources 2 and 3
(18,51,62,89)
441. Total civilian labor force, labor force survey (M).Sources 2 and 3
(51,89)

289. Net interest as a percent of national income (Q).—
Source 1
(47,83)
290. Gross saving—private saving plus government surplus or
deficit (Q).-Source 1
(46,82)

442. Total civilian employment, labor force survey (M). Sources 2 and 3
(51,89)
444. Number unemployed, males 20 years and over, labor
force survey (M).^Sources 2 and 3
(51,89)

TITLES AND SOURCES OF SERIES- Continued
445. Number unemployed, females 20 years and over, labor
force survey (M).—Sources 2 and 3
(51,89)

565. National defense purchases as a percent of gross
national product (Q).-Source 1
(55,91)

47. United States, index of industrial production, total
(M).-Source 4
(14,20,39,58,63,78,94)

446. Number unemployed, both sexes 16-19 years of age,
labor force survey (M).-Sources 2 and 3
(51,89)

570. Employment in defense products industries (M).—
Source 3; seasonal adjustment by Bureau of Economic
Analysis
(55,91)

320. United States, index of consumer prices, all items
(M).-Source 3
(48,59,84,95)

447. Number unemployed, full-time workers, labor force
survey (M).-Sources 2 and 3
(51,89)
448. Number employed, part-time workers for economic
reasons, labor force survey (M).—Sources 2 and

3

(51,89)

451. Civilian labor force participation rate, males 20 years
and over (M).-Sources 2 and 3
(51,89)

577. Defense Department personnel, military, active duty
(EOM).-U.S. Department of Defense, OSD, Comptroller,
Washington Headquarters Services
(55,91)
578. Defense Department personnel, civilian, direct hire
employment (EOM).-U.S. Department of Defense, OSD,
Comptroller, Washington Headquarters Services(55,91)

453. Civilian labor force participation rate, both sexes 16-19
years of age (M).—Sources 2 and 3
(51,89)

580. Defense Department net outlays, military functions and
military assistance (M).-U.S. Department of Defense,
OSD, Comptroller, Directorate for Program and
Financial Control; seasonal adjustment by Bureau of
Economic Analysis
(54,91)

II-D, Government Activities

588. Value of manufacturers' shipments, defense products
(M).-Source 2
(54,91)

500. Federal Government surplus or deficit; national income
and product accounts (Q)-Source 1
(52,90)

II-E, U.S. International Transactions

501. Federal Government receipts; national income and product accounts (Q).-Source 1
(52,90)

602. Exports, excluding military aid shipments, total (M).—
Source 2
(56,92)

502. Federal Government expenditures; national income and
product accounts (Q).-Source 1
(52,90)

604. Exports of agricultural products (M).—Source 2;
seasonal adjustment by Bureau of Economic
Analysis
(56,92)

452. Civilian labor force participation rate, females 20 years
and over (M).-Sources 2 and 3
(51,89)

510. State and local government surplus or deficit; national
income and product accounts (Q).—Source 1 (52,90)
511. State and local government receipts; national income
and product accounts (Q).—Source 1
(52,90)
512. State and local government expenditures; national
income and product accounts (Q).—Source 1 (52,90)
517. Defense Department gross obligations incurred (M).—
U.S. Department of Defense, OSD, Comptroller,
Directorate for Program and Financial Control; seasonal
adjustment by Bureau of Economic Analysis (53,90)
525. Defense Department military prime contract awards for
work performed in the United States (M).-U.S.
Department of Defense, OSD, Comptroller, Washington
Headquarters Services; seasonal adjustment by Bureau
of Economic Analysis
(53,90)
543. Defense Department gross unpaid obligations
outstanding (EOM).-U.S. Department of Defense, OSD,
Comptroller, Directorate for Program and Financial
Control; seasonal adjustment by Bureau of Economic
Analysis
(53,90)
548. Value of manufacturers' new orders, defense products
(M).- Source 2
(53,90)
557. Output of defense and space equipment (M).— Source

(56,92)

614. Imports of petroleum and petroleum products (M).—
Source 2; seasonal adjustment by Bureau of Economic
Analysis
(56,92)
616. Imports of automobiles and parts (M).-Source 2;
seasonal adjustment by Bureau of Economic
Analysis
(56,92)
618. Merchandise exports, adjusted, excluding military grants
(Q).-Source 1
(57,93)
620. Merchandise imports,
(Q).-Source 1

adjusted, excluding military
(57,93)

622. Balance on merchandise trade (Q).-Source 1 (57,93)

726. France, index of industrial production (M).-lnstitut
National de la Statistique et des Etudes Economiques
(Paris)
(58,94)

728. Japan, index of industrial production (M).—Ministry of
International Trade and Industry (Tokyo)
(58,94)
732. United Kingdom, index of consumer prices (M).—
Ministry of Labour (London); percent changes seasonally adjusted by Bureau of Economic Analysis (59,95)
733. Canada, index of consumer prices (M).—Statistics
Canada (Ottawa); percent changes seasonally adjusted
by Bureau of Economic Analysis
(59,96)
735. West Germany, index of consumer prices (M).—
Statistisches Bundesamt (Wiesbaden); percent changes
seasonally adjusted by Bureau of Economic Analysis

(59,95)
736. France, index of consumer prices (M).—Institut
National de la Statistique et des Etudes Economiques
(Paris); percent changes seasonally adjusted by Bureau
of Economic Analysis
(59,95)
737. Italy, index of consumer prices (M).- Institute Centrale
di Statistica (Rome); percent changes seasonally
adjusted by Bureau of Economic Analysis
(59,96)
738. Japan, index of consumer prices (M).—Office of the
Prime Minister (Tokyo); percent changes seasonally
adjusted by Bureau of Economic Analysis
(59,95)

652. Income on foreign investments in the United States
(Q).-Source 1
(57,93)

743. Canada, index of stock prices (M).-Statistics Canada
(Ottawa)
(59,96)

667. Balance on goods and services (Q).-Source 1(57,93)

745. West Germany, index of stock prices (M).—Statistisches
Bundesamt (Wiesbaden)
(59,96)

(54,91)

669. Imports of goods and services, total (Q).-Source
1
(57,93)

561. Value of manufacturers' unfilled orders, defense products (EOM).-Source 2
(54,91)

II-F. International Comparisons




725. West Germany, index of industrial production (M).—
Deutsche Bundesbank (Frankfurt)
(58,94)

742. United Kingdom, index of stock prices (M).-The
Financial Times (London)
(59,96)

559. Value of manufacturers' inventories, defense products
(EOM).-Source 2
(54,91)

564. Federal Government purchases of goods and services for
national defense (Q).—Source 1
(55,91)

723. Canada, index of industrial production (M),-Statistics
Canada (Ottawa)
(58,94)

651. Income on U.S. investments abroad (Q).-Source
1
(57,93)

668. Exports of goods and services, excluding transfers under
U.S. military grants (Q).-Source 1
(57,93)

4

722. United Kingdom, index of industrial production (M).—
Central Statistical Office (London)
(58,94)

727. Italy, index of industrial production (M).—Institute
Centrale di Statistica (Rome)
(58,94)

606. Exports of nonelectrical machinery (M).—Source 2;
seasonal adjustment by Bureau of Economic
Analysis
(56,92)
612. General imports, total (M).-Source 2

721. Organization for Economic Cooperation and
Development, European countries, index of industrial
production (M).-Organization for Economic Cooperation and Development (Paris)
(58,94)

19. United States, index of stock prices, 500 common stocks
(M).-Standard & Poor's Corporation (13,28,59,69,96)

746. France, index of stock prices (M).—Institut National de
la Statistique et des Etudes Economiques (Paris)

(59,96)
747. Italy, index of stock prices (M).—Instituto Centrale di
Statistica (Rome)
(59,96)
748. Japan, index of stock prices (M).-Tokyo Stock
Exchange (Tokyo)
(59,96)

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