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BUSINESS
CONDITIONS
DIGEST
JULY 1981
"-•i-:
U.S. DEPARTMENT OF COMMERCE
Malcolm Baldrige, Secretary
William A. Cox, Acting Chief Economist for the Department of Commerce
BUREAU OF ECONOMIC ANALYSIS
George Jaszi, Director
Allan H. Young, Deputy Director
Charles A. Waite, Acting Associate Director for
National Analysis and Projections
Fellks 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 a r e Barry A. Beckman—Technical supervision and review
Brian D. Kajutti—Composite indexes
Morton Somer—Seasonal adjustments
Betty F. Tunstall—Data collection and compilation (Phone: 202-523-0541)
The cooperation of government and private agencies that provide data is gratefully
acknowledged. Agencies furnishing data are indicated in the list of series titles and sources
at the back of this report.
This publication is prepared under the general guidance of a technical committee under the
auspices of the Office of Federal Statistical Policy and Standards. The Committee consists of
the following persons:
Beatrice N. Vaccara, Chairman, Bureau of Industrial Economics, U.S. Department of
Commerce
Joseph W. Duncan, Office of Federal Statistical Policy and Standards
Ronald E. Kutscher, Bureau of Labor Statistics, U.S. Department of Labor
J. Cortland Peret, Board of Governors of the Federal Reserve System
Charles A. Waite, Bureau of Economic Analysis, U.S. Department of Commerce
ABOUT THIS REPORT
BUSINESS CONDITIONS DIGEST (BCD) provides
a monthly look at many of the economic time
series found most useful by business analysts
and forecasters.
The original BCD, which began publication
in 1961 under the title Business Cycle Develop-
ments, emphasized the cyclical indicators approach to the analysis of business conditions
and prospects. The report's contents were based
largely on the list of leading, roughly coincident,
and lagging indicators maintained by the
National Bureau of Economic Research, Inc.
In 1968, BCD was expanded to increase its
usefulness to analysts using other approaches to
business conditions analysis. Principal additions
to the report were series from the national income and product accounts and series based on
surveys of businessmen's and consumers' anticipations and intentions. The composite indexes were added at that time, and the report's
present title was adopted.
The dominant feature of the current BCD is
the cyclical indicators section, in which each
business cycle indicator is assigned a three-way
timing classification according to its behavior at
peaks, at troughs, and at all turns. This section is
supplemented by a section containing other important economic measures. The method of
presentation is explained in the introductory text
which begins on page 1.
Annual subscription price: $55.00 domestic,
$68.75 foreign. Single copy price: $4.75
domestic, $5.95 foreign. Foreign airmail rates
are available upon request. Address all
corresDondence concerning subscriptions to the
Most of the data contained in this report
also are published by their source agencies. A
series finding guide and a complete list of series
titles and sources can be found at the back of the
report.
Cyclical Indicators are economic time series
which have been singled out as leaders, coinciders, or laggers based on their general conformity to cyclical movements in aggregate
economic activity. In this report, cyclical indicators are classified both by economic process
and by their average timing at business cycle
peaks, at business cycle troughs, and at peaks
and troughs combined. These indicators have
been selected primarily on the basis of their
cyclical behavior, but they also have proven
useful in forecasting, measuring, and interpreting short-term fluctuations in aggregate
economic activity.
Other Economic Measures provide additional in-
formation 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.
Superintendent of Documents, U.S. Government
Printing Office, Washington, D.C. 20402. Make
checks payable to the Superintendent of
Documents.
BUSINESS CONDITIONS DIGEST
New Features and Changes for This Issue
BCII
iii
METHOD OF PRESENTATION
Seasonal Adjustments
MCD Moving Averages
Reference Turning Dates
Part I. Cyclical Indicators
Part II. Other Important Economic Measures
How To Read Charts
How To Locate a Series
Summary of Recent Data and Current Changes
1
1
1
1
4
5
5
6
JULY 1 9 8 1
Data Through June
Volume 21, Number 7
PART I.
CYCLICAL INDICATORS
no
j
LA4J
COMPOSITE INDEXES A N D
THEIR C O M P O N E N T S
Composite Indexes
Leading Index Components
Coincident Index Components
Lagging Index Components
Chart
10
12
14
15
Table
60
—
—
—
16
19
21
23
26
28
31
61
63
64
65
68
69
71
36
—
39
74
77
—
CYCLICAL INDICATORS
BY ECONOMIC PROCESS
[ZBT
UB2L.B3
B4
B5
F 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
DIFFUSION INDEXES
AND RATES OF CHANGE
fcT
C2
[ C2
i
Diffusion Indexes
Selected Diffusion Index Components
Rates of Change
The Secretary of Commerce has determined
that the publication of this periodical is
the transaction of the public
necessary in
http://fraser.stlouisfed.org/ by law of this Department. Use
business required
Federal Reserve Bank of St. Louis
of funds for printing this periodical has been approved by the Director of the Office of
Management and Budget through September 1,
1983.
KCII
PART IL
OTHER IMPORTANT
ECONOMIC MEASURES
B |
^ri
[ A3_
A3_(
;
A4 !
A5 j
A6 "*
A7~:
A8 s
MM
Bl *
B2
§eg
Cl
NATIONAL INCOME
A N D PRODUCT
GNP and Personal Income
Personal Consumption Expenditures
Gross Private Domestic Investment
Government Purchases of Goods and Services
Foreign Trade
National Income and Its Components
Saving
Shares of GNP and National Income
Chart
40
41
42
43
44
45
46
47
Table
80
80
81
81
82
82
82
83
48
49
84
87
51
89
52
53
90
90
56
57
92
93
58
59
59
94
95
96
PRICES, WAGES,
AND PRODUCTIVITY
Price Movements
Wages and Productivity
FORCE, EMPLOYMENT,
AND UNEMPLOYMENT
LABCR
Civilian Labor Force and Major Components
GOVERNMENT ACTIVITIES
Dl !
D2 "'
Receipts and Expenditures
Defense Indicators
El~;
E2 :
Merchandise Trade
Goods and Services Movements
U.S. INTERNATIONAL TRANSACTIONS
INTERNATIONAL COMPARISONS
Fl i
F2 ;
F3 1
Industrial Production
Consumer Prices
Stock Prices
PART II!, APPENDIXES
A. MCD and Related Measures of Variability (January 1981 issue)
QCD and Related Measures of Variability (January 1981 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
F. Specific Peak and Trough Dates for Selected Indicators (April 1981 issue)
G. Experimental Data and Analyses
Alphabetical Index—Series Finding Guide
Titles and Sources of Series
97
98
103
104
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
Changes in this issue are as follows:
concept, composition,
comparability, coverage,
1. The Business Cycle Dating Committee of the National
Bureau of Economic Research, Inc., has identified July 1980
as the most recent business cycle trough. The committee reaffirmed its earlier identification of January 1980 as the
prior peak in business activity. The new recession has been
added to the BCD charts (pages 10-59) and to the business
cycle chronology (appendix E). The cyclical comparisons in
appendix G have been changed to show business expansions.
2. The data on establishment employment have been revised by the source agency to reflect a new benchmark (March
1980) and updated seasonal adjustment factors. In addition,
the indexes of average hourly earnings (series 340 and 341)
are now shown with 1977 (instead of 1967) as the reference
base year. The beginning dates of these revisions are as
follows:
1964 - Series 340 and 341
1976 - Series 1-4, 21, 40, 41, 961, and 963
1979 - Series 48 and 570.
Revised data for the other series affected by these revisions (series 26, 63, 345, 346, 358, 370, and the unit
labor cost and implicit price deflator series shown in appendix G) will be published in a subsequent issue.
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.
(Continued on page iv.)
The August issue of BUSINESS CONDITIONS DIGEST is scheduled
for release on September 1.
in
seasonal adjustment
methods, benchmark
data, etc. Changes may
result in revisions of
data, additions or
deletions of series,
changes in placement of
series in relation to
other series, changes
in composition of
indexes, etc.
3. Data from the survey of "Manufacturers' Shipments, Inventories, and Orders" (M3-1) have been revised by
the source agency for the period 1958 to date. These revisions reflect (a) benchmarking to the 1977 Census of
Manufactures and the 1978 Annual Survey of Manufactures and (b) recomputation of seasonal adjustment factors.
The following series have been revised in this issue:
Series 6-8, 20, 25, 38, 65, 78, 96, and 964 for the period 1958 to date.
Series 10, 24, 27, 69, 548, 559, 561, and 588 for the period 1968 to date.
Revised data for the other series (31, 36, 56, 57, 70, 71, and 77) that include data from the M3-1 Survey
will be published in a subsequent issue.
NOTE:
Series 8, 20, and 69 include additional revisions as follows:
Series 8 incorporates, beginning with 1958, updated (December 1980) 1972 relative weights of producer price
indexes used to deflate individual industry components of the aggregate series.
Series 20 incorporates revised deflators for the contracts component, beginning with 1948. These deflators
include the Implicit price deflator for gross private domestic investment, nonresidential structures (revised in January 1981 but not used before now) and implicit price deflators from the Census Bureau's data
on Value of construction put in place (see item 4, below).
Series 69 incorporates revisions from 1977 to date in data on Value of construction put in place.
item 4, below).
(See
Further information concerning the M3-1 revisions may be obtained from the U.S. Department of Commerce,
Bureau of the Census, Industry Division.
4. Data on Value of construction put in place have been revised by the source agency for the period 1964 to
date. These revisions reflect (a) the incorporation of newly available Department of Agriculture data on private
nonresidential farm structures (from 1964 to date) and (b) new seasonal adjustment factors (from 1977 to date).
For use in BCD, data for the period prior to 1964 have been adjusted, where necessary, to the level of the revised
data. These revisions, along with those in the M3-1 Survey data (see item 3, above), have been incorporated in
the data for series 20 and 69.
Further information concerning this revision may be obtained from the U.S. Department of Commerce, Bureau
of the Census, Construction Statistics Division.
5. The series based wholly or in part on U.S. money stock measures (series 85, 102, and 104-108) have been
revised by the source agency to reflect (a) the incorporation of data from the June, September, and December 1980
call reports and other sources and (b) the inclusion of travelers' checks of nonbank issuers, which were not included previously because of lack of data availability. These revisions cover the period 1959 to date. In BCD,
data for the period prior to 1959 have been adjusted to the levels of the newly revised data.
Further information concerning these revisions may be obtained from the Board of Governors of the Federal
Reserve System, Division of Research and Statistics, Banking Section.
6. The Industrial production indexes for OECD Europe (series 721) and West Germany (series 725) have been
revised to reflect the recomputation of seasonal adjustment factors for West Germany. The beginning dates for
these revisions are 1977 for OECD Europe and 1962 for West Germany.
Further information concerning these revisions may be obtained from the Organization for Economic Cooperation
and Development, Paris.
7. The series on Per capita gross national product (series 217) and Per capita disposable personal income
(series 227) have been revised for the period 1970 to date to reflect revised population estimates based on the
1980 Census of Population.
Further information concerning these revisions may be obtained from the U.S. Department of Commerce, Bureau
of the Census, Population Division, and Bureau of Economic Analysis, Statistical Indicators Division.
8. Appendix C contains historical data for series 29, 33, 47, 73-76, 742, 743, and 745-748.
9. Appendix G contains cyclical comparisons for series 1,8, 41, 47, 910, and 920.
METHOD OF PRESENTATION
adjustment is occasionally required for holidays
with variable dates, such as Easter. An additional
adjustment is sometimes necessary for series
This report is organized into two major parts.
which contain considerable variation due to the
Part I, Cyclical Indicators, includes about 150 time
series which have been found to conform well to number of working or trading days in each month.
broad fluctuations in comprehensive measures of As used in this report, the term "seasonal
economic activity. Nearly three-fourths of these are adjustment" includes trading-day and holiday
individual indicators, the rest are related analytical adjustments where they have been made.
Most of the series in this report are presented in
measures: Composite indexes, diffusion indexes,
seasonally adjusted form and, in most cases, these
and rates of change. Part II, Other Important
Economic Measures, covers over 140 series which are the official figures released by the source
are valuable to business analysts and forecasters agencies. However, for the special purposes of this
but which do not conform well enough to business report, a number of series not ordinarily published
cycles to qualify as cyclical indicators. (There are a in seasonally adjusted form are shown here on a
few exceptions: Four series which are included in seasonally adjusted basis.
part I are also shown in part II to complete the
systematic presentation of certain sets of data, MCD Moving Averages
such as real GNP and unemployment.) The largest
Month-to-month changes in a series are often
section of part II consists of quarterly series from
dominated by erratic movements. MCD (months for
the national income and product accounts; other
sections relate to prices, labor force, government cyclical dominance) is an estimate of the approand defense-related activities, and international priate span over which to observe cyclical
movements in a monthly series. (See appendix A.)
transactions and comparisons.
It is the smallest span of months for which the
The two parts are further divided into sections
average change in the cyclical factor is greater than
(see table of contents), and each of these sections
that in the irregular factor. The more erratic a
is described briefly in this introduction. Data are
series is, the larger the MCD will be; thus, MCD is 1
shown both in charts and in tables. Most charts
begin with 1956, but those for the composite for the smoothest series and 6 for the most erratic.
indexes and their components (part I, section A) MCD moving averages (that is, moving averages of
begin with 1948, and a few charts use a two-panel the period equal to MCD) tend to have about the
format which covers only the period since 1969. same degree of smoothness for all series. Thus, a
Except for section F in part II, charts contain 5-term moving average of a series with an MCD of 5
shading which indicates periods of recession in will show its cyclical movements about as clearly
general business activity. The tables contain data as the seasonally adjusted data for a series with an
for only the last few years. The historical data for MCD of 1.
The charts in this report generally include
the various time series are contained in the 1977
centered MCD moving averages for those series
Handbook of Cyclical Indicators.
In addition to the charts and tables described with an MCD greater than 4. The seasonally
above, each issue contains a summary table which adjusted data are also plotted to indicate their
variation about the moving averages and to provide
shows the current behavior of many of the series.
Appendixes present seasonal adjustment factors, observations for the most recent months.
measures of variability, specific cycle turning
dates, cyclical comparison charts, and other Reference Turning Dates
information of analytical interest. An index appears
The historical business cycle turning dates used
at the back of each issue. It should be noted that
in this report are those designated by the National
the series numbers used are for identification
purposes only and do not reflect precise Bureau of Economic Research, Inc. (NBER). They
relationships or order. However, all series mark the approximate dates when, according to
considered as cyclical indicators are numbered in NBER, aggregate economic activity reached its
cyclical high or low levels. As a matter of general
the range 1 to 199.
practice, neither new reference turning dates nor
the shading for recessions will be entered on the
charts until after both the new reference peak and
Seasonal Adjustments
the new reference trough bounding the shaded area
Adjustments for average seasonal fluctuations have been designated.
are often necessary to bring out the underlying
The historical reference turning dates are subject
trends of time series. Such adjustments allow for to periodic review by NBER and on occasion are
the effects of repetitive intrayear variations changed as a result of revisions in important
resulting primarily from normal differences in economic time series. The dates shown in this
weather conditions and from various institutional publication for the 1948-1970 time period are those
arrangements. Variations attributable to holidays determined by a 1974 review. Since then, NBER has
are usually accounted for by the seasonal designated turning points for the 1973-1975 recesadjustment process; however, a separate holiday sion and the 1980 recession.
Part I. CYCLICAL INDICATORS
Business cycles have been defined as sequences
of expansion and contraction in various economic
processes that show up as major fluctuations in aggregate economic activity—that is, in comprehensive measures of production, employment,
income, and trade. While recurrent and pervasive,
business cycles of historical experience have been
definitely nonperiodic and have varied greatly in
duration and intensity, reflecting changes in
economic systems, conditions, policies, and
outside disturbances.
One of the techniques developed in business
cycle research and widely used as a tool for analyzing current economic conditions and prospects is
the cyclical indicators approach. This approach
identifies certain economic time series as tending
to lead, coincide with or lag behind the broad
movements in aggregate economic activity. Such
indicators have been selected and analyzed by
NBER in a series of studies published between
1938 and 1967. During the 1972-75 period, a new
comprehensive review of cyclical indicators was
carried out by the Bureau of Economic Analysis
(BEA) with the cooperation of the NBER research
staff. The present format and content of part I of
BCD are based on the results of that study.
Section A. Composite Indexes and
Their Components
All cyclical indicators have been evaluated according to six major characteristics: Economic
significance, statistical adequacy, consistency of
timing at business cycle peaks and troughs,
conformity to business expansions and
contractions, smoothness, and prompt availability
(currency). A formal, detailed weighting scheme
was developed and used to assess each series by all
of the above criteria. (See articles in the May and
November 1975 issues of BCD.) The resulting
scores relate to cyclical behavior of the series
during the period 1947-70. This analysis produced
a new list of indicators classified by economic
process and typical timing at business cycle peaks
and troughs. (See tables on page 2 and text below
relating to section B.)
This information, particularly the scores relating
to consistency of timing, served as a basis for the
selection of series to be included in the composite
indexes. The indexes incorporate the best-scoring
series from many different economic-process
groups and combine those with similar timing
behavior, using their overall performance scores as
weights. Because they use series of historically
tested usefulness and given timing characteristics
(for example, leading at both peaks and troughs),
with diversified economic coverage and a minimum
of duplication, composite indexes give more
reliable signals over time than do any of the
individual indicators. Furthermore, much of the
1
Cross-Classification of Cyclical Indicators by Economic Process and Cyclical Timing
A. Timing at Business Cycle Peaks
\v
Economic
XProcess
Cyclical
Timing
\
N.
LEADING (L)
INDICATORS
(62 series)
ROUGHLY
COINCIDENT(C)
INDICATORS
(23 series)
LAGGING (Lg)
INDICATORS
(18 series)
TIMING
UNCLASSIFIED
(U)
1.
EMPLOYMENT
II.
Ml.
IV.
PRODUCTION
CONSUMPTION,
TRADE,
ORDERS, AND
DELIVERIES
(13 series)
FIXED
CAPITAL
INVESTMENT
(18 series)
Capacity
utilization
(2 series)
New and
unfilled orders
and deliveries
{6 series)
Consumption
(2 series)
Formation of
business
enterprises
(2 series)
Business
investment
commitments
(5 series)
Residential
construction
(3 series)
Comprehensive
output and
real income
(4 series)
Industrial
production
(4 series)
Consumption
and trade
(4 series)
Backlog of
investment
commitments
(1 series)
Business
Investment
expenditures
(5 series)
AND
AND
UNEMPLOYMENT
(18 series)
INCOME
(10 series)
Marginal
employment
adjustments
(6 series)
Job vacancies
(2 series)
Comprehensive
employment
(1 series)
Comprehensive
unemployment
(3 series)
Comprehensive
employment
(1 series)
Duration of
unemployment
(2 series)
Business
investment
expenditures
(1 series)
Comprehensive
employment
(3 series)
Trade
(1 series)
(8 series)
V.
VI.
INVENTORIES
PRICES, COSTS,
AND PROFITS
(17 series)
AND
INVENTORY
INVESTMENT
(9 series)
1nventory
investment
(4 series)
Inventories on
hand and on
order
(1 series)
Stock prices
(1 series)
Commodity
prices
(1 series)
Profits and
profit
margins
(7 series)
Cash flows
(2 series)
VII.
MONEY
AND CREDIT
(26 series)
Money flows
(3 series)
Real money
supply
(2 series)
Credit flows
(4 series)
Credit
difficulties
(2 series)
Bank reserves
(2 series)
interest rates
(1 series)
Velocity of
money
(2 series)
Interest rates
(2 series)
Unit labor costs
and labor share
(4 series)
Interest rates
(4 series)
Outstanding
debt
(3 series)
Commodity
prices
(1 series)
Profit share
(1 series)
Interest rates
(1 series)
V.
INVENTORIES
AND
INVENTORY
INVESTMENT
(9 series)
VI.
PRICES, COSTS,
AND PROFITS
(17 series)
VII.
MONEY
AND CREDIT
(26 series)
Inventory
investment
(4 series)
Stock prices
(1 series)
Commodity
prices
(2 series)
Profits and
profit margins
(6 series)
Cash flowsl
(2 series)
Money flows
(2 series)
Real money
supply
(2 series)
Credit flows
(4 series)
Credit
difficulties
(2 series)
Profits
(2 series)
Money flow
(I series)
Velocity of
money
(1 series)
Unit labor costs
and labor share
(4 series)
Velocity of
money
(1 series)
Bank reserves
(1 series)
Interest rates
(8 series)
Outstanding debt
(3 series)
Inventories on
hand and on
order
(4 series)
Business
investment
commitments
(1 series)
B. Timing at Business Cycle Troughs
N. Economic
^Process
CyclicalV
Timing
N^
LEADING (L)
INDICATORS
(47 series)
ROUGHLY
COINCIDENT(C)
INDICATORS
(23 series)
LAGGING (Lg)
INDICATORS
(40 series)
TIMING
UNCLASSIFIED
(U)
(1 series)
II.
PRODUCTION
AND
INCOME
(10 series)
IV.
III.
CONSUMPTION, FIXED
TRADE,
CAPITAL
ORDERS, AND
INVESTMENT
DELIVERIES
(18 series)
(13 series)
Marginal
employment
adjustments
(3 series)
Industrial
production
(1 series)
New and unfilled
orders and
deliveries
(5 series)
Consumption
and trade
(4 series)
Formation of
business
enterprises
(2 series)
Business
investment
commitments
(4 series)
Residential
construction
(3 series)
Marginal
employment
adjustments
(2 series)
Comprehensive
employment
(4 series)
Comprehensive
output and
real income
(4 series)
Industrial
production
(3 series)
Capacity
utilization
(2 series)
Consumption
and trade
(3 series)
Business
investment
commitments
(1 series)
Unfilled orders
(1 series)
Business
Investment
commitments
(2 series)
Business
investment
expenditures
(6 series)
EMPLOYMENT
AND
UNEMPLOYMENT
(18 series)
Marginal
employment
adjustments
(1 series)
Job vacancies
(2 series)
Comprehensive
employment
(1 series)
Comprehensive
and duration
of
unemployment
(5 series)
Inventories on
hand and on
order
(5 series)
Bank reserves
(1 series)
independent measurement error and other "noise"
in the included series are smoothed out in the
index as a whole. The indexes include only monthly
series that are acceptable in terms of relatively
prompt availability and reasonable accuracy.
The main composite indexes are distinguished by
their cyclical timing. Thus, there is an index of
leading indicators, series which historically reached
their cyclical peaks and troughs earlier than the
corresponding business cycle turns. There is an
index of roughly coincident indicators, consisting
of series which historically reached their turning
points at about the same time as the general
economy, and an index of lagging indicators, which
includes series that typically reached their peaks
and troughs later than the corresponding business
cycle turns.
The leading index contains series with long as
well as short leads, but each series leads on the
average over time and shows a frequency of leads
at the individual turns exceeding that attributable
to chance, given the historical distribution of
cyclical timing. (An analogous statement applies to
the components of the lagging index.) Since 1948,
leads were generally more frequent and longer at
peaks than at troughs of business cycles, while lags
were generally more frequent and longer at troughs
than at peaks. The adopted system of scoring and
classifying the indicators takes into account these
well-established differences in timing.
Consequently, rough coincidences include short
leads (-) and lags ( + ) as well as exact
coincidences (0). (For monthly series, the range is
from -3 through + 1 at peaks and from -1 through
+ 3 at troughs, where minus denotes leads and
plus denotes lags in months.)
indicators to the index of lagging indicators, a
series known to have a useful pattern of early
cyclical timing. Numbers entered on the charts of
the composite indexes show the length, in months,
of leads (-) and lags ( + ) at each of the reference
turning dates covered.
The next set of data consists of series included
in the principal composite indexes. These are the
12 components of the leading index, the 4
components of the coincident index, and the 6
components of the lagging index. Following the title
of each series, its typical timing is identified by
three letter symbols in a small box. The first of
these letters refers to the timing of the given
indicator at business cycle peaks, the second to its
timing at business cycle troughs, and the third to
its timing at all turns, i.e., at peaks and troughs
combined. " L " denotes a tendency to lead, "C" a
tendency to roughly coincide with the business
cycle turns (as represented by the NBERdesignated reference dates), and "Lg" a tendency
to lag. Since these series have been selected for the
consistency of their timing at both peaks and
troughs, all components of the leading index are
denoted "L,L,L," all components of the coincident
index "C,C,C," and all components of the lagging
index "Lg,Lg,Lg." It should be remembered that
these classifications are based on limited evidence,
namely the performance of the indicators during
the business cycles of the 1948-70 period, which
included five peaks and five troughs. While the
timing classifications are expected to agree with
the patterns prevailing in the near future, they will
not necessarily hold invariably in every instance.
The timing of the series in the post-1970 period can
be determined by inspection of the charts, where the
1973-1975 recession and the 1980 recession are
shaded according to the dates of the NBER reference
cycle chronology.
August '57, April '60, and December '69); crossclassification B, on their behavior at five business
cycle troughs (October '49, May '54, April '58,
February '61, and November 70). Each tabulation
distinguishes seven major economic processes and
four types of cyclical timing. The titles in the cells
identify subgroups of the given economic process
with the given timing characteristic. The number of
series in each such group is given in parentheses
following the title. Complete information on how
individual indicators are classified by timing at
peaks, troughs, and all turns, along with selected
measures and scores, is provided in the 1977
Handbook of Cyclical Indicators.
Section C. Diffusion Indexes and Rates of Change
Many series in this report are aggregates
compiled from numerous components. How the
individual components of an aggregate move over a
given timespan is summarized by a diffusion index
which indicates the percentage of components that
are rising (with half of the unchanged components
considered rising). Cyclical changes in these
diffusion indexes tend to lead those of the
corresponding aggregates. Since diffusion indexes
are highly erratic, they are computed from changes
measured over 6- or 9-month (or 3- or 4-quarter)
spans, as well as 1-month (or 1-quarter) spans.
Longer spans help to highlight the trends underlying the shorter-term fluctuations. Diffusion indexes
are shown for the component series included in
each of the three composite indexes and for the
components of some of the aggregate series shown
in section B.
Diffusion measures can be derived not only from
For purposes of constructing a composite index,
actual data but also from surveys of anticipations
each component series is standardized: The monthor intentions. Indexes based on responses of
to-month percent changes in a given series are
business executives about their plans and
divided by the long-run average (without regard to Section B. Cyclical Indicators by Economic Process expectations for several operating variables are
sign) of those changes. Thus, the more volatile
presented, along with the corresponding indexes
series are prevented from dominating the index.
This section covers 111 individual time series, based on actual data, as the last set of diffusion
The coincident index is calculated so that its long- including the 22 indicators used in the series.
term trend (since 1948) equals the average of the construction of the composite indexes. The peak
This section also records rates of change for the
trends of its four components. This trend, which is and trough timing classifications are shown on the three composite indexes (leading, coincident, and
similar to that of GNP in constant dollars, can be charts in the same manner as described above, but lagging) and for four indicators of aggregate
viewed as a linear approximation to the secular this section includes series with different timing at economic activity: GNP in constant dollars
movement (at an average growth rate) in aggregate peaks and at troughs, as well as series where the (quarterly), industrial production, employee hours
economic activity. The indexes of leading and lag- timing is not sufficiently consistent to be classified in nonagricultural establishments, and personal
ging indicators have been adjusted so that both as either L,C, or Lg according to the probabilistic income less transfers in constant dollars. Rates of
their trends and their average month-to-month measures and scoring criteria adopted. Such series change are shown for 1- and 3-month spans or for
percent changes (without regard to sign) are ap- are labeled U, i.e., unclassified as to timing at 1-quarter spans.
proximately equal to those of the coincident index. turning points of the given type. Eight series are
Although movements in diffusion indexes and in
(For a more detailed description of the method of unclassified at peaks, one series at troughs, and 19 rates of change for the same aggregates are
constructing the composite indexes, see the 1977 series at all turns (of the 19, 15 have definite but generally positively correlated, these two measures
Handbook of Cyclical Indicators.)
different timing at peaks and at troughs). No series present information about two related but distinct
In addition to these principal composite indexes, that is classified as U both at peaks and at troughs aspects of economic change. Diffusion indexes
differentiated according to cyclical timing, there is included in the list of cyclical indicators.
measure the prevailing direction or scope of
are five indexes based on leading indicators which
The classification scheme which groups the change, while rates of change measure the degree
have been grouped by economic process. Taken
indicators of this section by economic process and as well as the overall direction. As is the case for
together, these additional indexes include all 12 cyclical timing is summarized in the two diffusion indexes, cyclical movements in the rates
component series of the overall leading index, plus tabulations on page 2. Cross-classification A is of change tend to lead those of the corresponding
a few related series. Also shown in this section is based on the observed behavior of the series at five indexes or aggregates, and thus, they tend to lead
the ratio of the index of roughly coincident
business cycle peaks (November '48, July '53, at the business cycle turns as well.
Gross private domestic investment (A3) is fixed
capital goods purchased by private business and
nonprofit institutions and the value of the change
This part is divided into six sections which cover in the physical volume of inventories held by
a wide range of quarterly and monthly time series private business. The former include all private
measuring various aspects of economic activity. purchases of dwellings, whether purchased for
Some of these series are very comprehensive, tenant or owner occupancy. Net purchases of used
pertaining to the U.S. economy as a whole, others goods are also included.
Government purchases of goods and services
have to do with particular sectors or markets, and
(A4) is the compensation of government employees
still others relate to U.S. international transactions
or to selected foreign countries. The represented and purchases from business and from abroad. It
variables include incomes, outputs, and excludes transfer payments, interest paid by
expenditures; prices, earnings, and productivity; government, and subsidies. It includes gross
labor resources; government receipts, investment by government enterprises but excludes
expenditures, and defense-related activities; ex- their current outlays. It includes net purchases of
ports and imports; and selected indicators for a few used goods and excludes sales and purchases of
land and financial assets.
key foreign countries.
Net exports of goods and services (A5) is exports
less imports of goods and services. Exports are part
Section A. National Income and Product
of the national production; imports are not, but are
The national income and product accounts, included in the components of GNP and are
compiled by BEA, summarize both receipts and therefore deducted. More detail on U.S.
final expenditures for the personal, business, international transactions is provided in section E.
foreign, and government sectors of the economy.
National income (A6) is the incomes that
Section Al shows the gross national product, originate in the production of goods and services
final sales, and personal and disposable personal attributable to labor and property supplied by
income. The four major components of the gross residents of the United States. Thus, it measures
national product—personal consumption the factor costs of the goods and services proexpenditures, gross private domestic investment, duced. It consists of the compensation of
government purchases of goods and services, and employees, proprietors' income, rental income of
net exports of goods and services—are presented in persons, corporate profits, and net interest.
sections A2 through A5. Most of the series in
Saving (A7) is the difference between income
section A are presented in current as well as and expenditures during an accounting period.
constant dollars. There are also a few per capita Total gross saving includes personal saving,
series. The national income and product accounts, business saving (mainly undistributed corporate
briefly defined below, are described more fully in profits and capital consumption allowances), and
the Survey of Current Business, Part I, government surplus or deficit.
January 1976.
Shares of GNP and national income (A8).—The
Gross national product (GNP) is the market major expenditure components of GNP
value of final goods and services produced by the (consumption, investment, etc.) are expressed as
labor and property supplied by residents of the percentages of GNP, and the major income
United States, before deduction of allowances for components of national income (compensation of
the consumption of fixed capital goods. It is the employees, corporate profits, etc.) are expressed as
most comprehensive measure of aggregate percentages of national income.
economic output. Final sales is GNP less change in
business inventories.
Personal income is the income received by
persons (individuals, owners of unincorporated Section B. Prices, Wages, and Productivity
businesses, nonprofit institutions, private trust
funds, and private noninsured welfare funds) from
The important data on price movements include
all sources. It is the sum of wage and salary the monthly consumer and producer price indexes
disbursements, other labor income, proprietors' and their major components. Based largely on
income, rental income of persons, dividends, these series are the quarterly price indexes from
personal interest income, and transfer payments, the national income and product accounts, notably
less personal contributions for social insurance.
the GNP implicit price deflator (with weights
Disposable personal income is the personal reflecting the changing proportions of different
income available for spending or saving. It consists expenditure categories in GNP) and the fixedof personal income less personal taxes and nontax weighted price index for the gross business prodpayments to government.
uct. Data on both levels and percent changes are
Personal consumption expenditures (A2) is presented for the period since 1969.
The group of series on wages and productivity
goods and services purchased by individuals,
operating expenses of nonprofit institutions, and consists of data on average hourly earnings and
the value of food, fuel, clothing, rent of dwellings, average hourly compensation (including earnings
and financial services received in kind by in- and other benefits) in current and constant dollars,
dividuals. Net purchases of used goods are also in- output per hour of work in the business sector, and
rates of change for most of these measures.
cluded.
Part II. OTHER IMPORTANT ECONOMIC
MEASURES
Section C. Labor Force, Employment, and
Unemployment
This section contains measures of the civilian
labor force and its major components: Total
numbers of employed and unemployed persons.
The number of unemployed is subdivided into
selected categories defined by sex, age, and class
of worker. Also included are data on participation
rates for a few principal segments of the labor
force.
Section D. Government Activities
Receipts, expenditures, and their balance (surplus or deficit) are shown quarterly on two levels:
(1) Federal Government and (2) State and local
government. Also shown is a selection of series
from the discontinued Defense
Indicators.
These series measure defense activities which
influence short-term changes in the national
economy. Included are series relating to
obligations, contracts, orders, production,
shipments, inventories, outlays, and employment.
These series are grouped according to the time at
which the activities they measure occur in the
defense order-production-delivery process. Series
measuring activities which usually precede production, such as contract awards and new orders,
are classified as "advance measures of defense
activity." Series measuring activities which tend to
coincide with production, such as employment, and
activities which usually follow production, such as
shipments, are classified as "intermediate and final
measures of defense activity."
Section E. U.S. International Transactions
This group includes monthly series on exports
(excluding military aid) and general imports, plus a
few selected components of these aggregates. Also
shown are the balances between receipts and
expenditures for goods and services, merchandise,
and investment income.
Section F. International Comparisons
This section is designed to facilitate a quick
review of basic economic conditions in six of the
nations with which we have important trade
relationships. The U.S. business cycle shading has
been omitted from these charts. Data on industrial
production, consumer prices, and stock prices for
Canada, the United Kingdom, France, West Germany, Japan, and Italy are compared with the corresponding U.S. series. Also included is an industrial production index for the European
countries in the Organization for Economic
Cooperation and Development (OECD). The industrial production series provide cyclically sensitive output measures for large parts of the
economies covered. Changes in consumer price indexes (plotted for the period since 1969) provide
important measures of the rates of inflation in the
major industrialized countries. Stock prices (also
shown beginning in 1969) tend to be significant as
leading indicators.
HOW TO READ CHARTS
Peak (P) of cycle indicates
end of expansion and beginning of recession (shaded
area) as designated by NBER.
Basic Data
(Nov.)
P
Trough (T) of cycle indicates
end of recession and beginning of expansion as designated by NBER.
(Mar.)
T
Solid line indicates monthly
data. (Data may be actual
monthly figures or moving
averages.)
Arabic number indicates latest
month for which data are
plotted. ("9" = September)
9 .
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
!00«|
Solid line indicates monthly
data over 6- or 9-month
spans.
Broken line indicates monthly
data over 1-month spans.
Arabic number indicates latest
month for which data are
used in computing the indexes.
Broken line with plotting
points indicates quarterly
data over 1-quarter spans.
Roman
number indicates
latest quarter for which data
are used in computing the indexes.
Solid line with plotting points
indicates quarterly data over
various spans.
Diffusion indexes and rates
of change are centered within
the spans they cover.
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.
Dotted line indicates anticipated quarterly data over
various spans.
Rates of Change
Solid line indicates percent
changes over 3- or 6-month
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, o r -
2. See TITLES AND SOURCES OF SERIES at the back of
the report where series are listed numerically according to
series numbers within each of the report's sections.
Table 1. Summary of Recent Data and Current Changes for Principal Indicators
Basic data'
Series title
Timing
classification3
Unit
of
vneasure
Percent change
Average
4th Q
1980
1979
1st Q
1981
Apr.
1981
2dQ
1981
Apr.
to
May
1981
Junt
1981
My
a
1981
1980
May
to
June
1981
4th Q
to
1st Q
1981
lstQ
to
2dQ
1981
|
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 and financial flows
L,L,L
C,C,C
Lg,Lg,Lg
1967=100 . .
do. . . .
.....do. . . .
140.1
145.1
166.4
131. 3
140. 4
17 6 . 8
136.2
141.0
178.1
13 5 . 7
142. 7
185.2
135.6
142.4
186.2
137.6
142.7
178.7
135.5
142.5
18 9 . 1
133.8
142.1
190.7
-1.5
- 0 . 1
5.8
- 1 . 3
-0.3
0.8
-0. 4
1.2
4.0
-0. 1
-0.2
0. b
910
920
93U
do. . . .
do. . . .
do. . . .
96.8
113.5
105.9
91. 7
145.5
92.9
107.3
101.1
90. 7
135.6
94.1
107.9
10 3.4
92. 1
139!3
94.1
106.0
10 3.3
NA
139.9
94. 3
105.4
104.0
NA
136.0
94. 7
106.3
104.9
NA
138.0
94.0
105.8
104.1
NA
135.1
94.2
10 4 . 0
10 3 . 0
NA
135.0
-0.7
-0.5
-0.8
0.2
-1.7
-1.1
0.
-1.8
-0.1
0. 2
-0.6
0.7
913
914
915
-2.1
NA
-0.1
NA
0.4
NA
-2.8
916
917
39.7
2.8
3.5
485
1.7
1.5
39.8
2.9
3.6
415
1.3
1.4
39.9
2.9
3.5
413
1.3
1.4
40.2
3.0
3.3
412
1.2
1.3
40.2
2.9
3.4
408
1.1
1.3
40.3
3.1
3.1
411
1.3
1. 3
4 0.1
3.0
3.4
418
1.3
1.4
0.2
0.2
-0.3
-0.7
-0.2
0.
-0.5
-0.1
0. 3
-1.7
0.
0.1
0.3
0.
-0.1
0.5
0.
0.
0.8
0. 1
-0.2
0. 2
0.1
-0.1
1
21
2
5
3
4
0.520
129
0.491
130
0.487
127
0.449
119
0.453
118
0.430
118
0.463
121
-U.02 3
0.
0 . U33
2.5
U. 004
-2.3
^U.038
-6. 3
60
46
Ib9.84
93,960
90,564
25,718
170.28
93,925
90,820
25,594
172.22
94,692
91,232
25,670
170.89 170.56
95,507 95,513
91,501 91,458
25,721 25,700
171.4 3
95,882
91,53U
25,690
170.69
95,127
91,516
25,774
0.5
U.4
0.1
0.
1.1
0.8
0.5
0. 3
-0.8
0.9
0. 3
0 . 2
48
42
41
40
0.25
0.32
90
L,L,L
L,L,L
L,L,L
L L L
L,L,L
do
do. . . .
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 . . . .
5. Avg. weekly initial claims (inverted 4 )
*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,C,L
L,L,L
L,Lg,U
Hours
do. . . .
Percent
Thousands. .
Percent
do. . . .
Job Vacancies:
60. Ratio, help-wanted advertising to persons
unemployed 2
46 Help-wanted advertising
L,Lg,U
L,Lg,U
Ratio
1967=100...
0.786
158
U,C,C
C,C,C
L,C,U
A.r., bil. hrs..
Thousands. .
do. . . .
do. . . .
169.63
93,648
89,823
2 6,461
U,Lg,U
Percent
59.25
58.51
58.18
58.43
58.75
58.89
58.97
58.40
0.08
-0.57
Thousands. .
Percent
do. . . .
Weeks
Percent
5,963
5.8
2.9
10.8
1.2
7,448
7.1
3.9
11.9
1.7
7,897
7.5
3.8
13.5
2.2
7,788
7.3
3. 3
14.3
2.1
7,900
7.4
3. 3
13.7
2.1
7,746
7.3
3.3
13.7
2.0
8,171
7.6
3.3
13.2
2.0
7,784
7.3
3.4
14.2
2.2
-5.5
-0.3
0.
3.6
0.
4.7
0. 3
-0.1
-7.6
-0.2
1.4
0. 2
0.5
-5.9
0.1
-1.4
-0.1
0.
4.2
0.
37
43
45
91
44
C,C,C
C,C,C
C,C,C
A.r., bil. dol.
.'.."..do. . . .
do. . . .
1483.0
1197.4
1043.8
1480.7
1207.5
1043.2
148 5 . 6
1220.0
1050.3
1516.4
1230.6
1061.1
1509.1
1236.0
1066.9
1234.9
1065.7
1237.0
10 6 8 . 0
0.2
0.2
-0.1
-0.1
2. 1
0.9
1.0
-0. 5
0.4
0.5
50
52
51
C,C,C
do. . . .
247.2
2 31.0
231.0
2 3 3.3
2 31.8
232.2
232.0
231.3
-0.1
-0.3
1.0
-0.6
53
C,C,C
1967=100...
do. . . .
do. . . .
A.r., bil. dol.
152.5
146.4
164.0
674.5
147.1
13 6 . 6
161.1
665.2
149.1
138.6
163.4
662. 9
151.8
141.4
Ib5.6
688. 9
152.6
143.0
166.2
683. 2
152.2
14 2 . 6
1b6 . 2
152.8
14 3.6
1bb . 4
152.7
142.7
Ib5.9
0.4
0.7
0.1
-0.1
-U.6
-U. 3
1.8
2.U
1. 3
3 . 9
U. b
1.1
U.4
—U . 8
47
73
74
49
85.6
82
87.4
79.0
78
79.8
79.2
78
80.0
79.9
78
81.7
79. 9
NA
81.1
0 . 7
1. 7
0 .
NA
-0 . 6
82
83
84
79.32
42.54
37.55
3. 57
293.67
63
7 9 . 32
38. 30
33.73
1.26
308.82
40
84.64
39.57
35.37
1.56
308.82
45
85.46
39.42
34.76
1.26
312.60
49
87.60
39.66
35.64
0.51
314.15
52
87.18
39.75
35.59
0.85
313.45
56
8 8.16
39.88
35.49
1.5 0
314.95
52
87.46
39.34
35.83
-0.81
314.15
48
1.1
0.3
-0.3
0.65
0.5
-4
-0.8
-1.4
1.0
-2.31
-0.3
-4
1.0
-0.4
-1.7
- 0 . 30
1.2
4
2.5
0.6
2.5
-0.75
0.5
3
6
7
8
25
96
32
312.04 331.39
153.35 155.77
145.5
147.4
79,721 82,586
43,656 43,781
61.8
6 6.1
64.4
72.1
346.20
158.10
147.4
86,627
45,039
75.6
68.3
NA 3 4 5 . 6 8
NA 1 5 7 . 1 7
149.5
149.2
85,847 85,855
44,062 44,164
63. 0
73.9
72.4
34 4 . 1 5
155.29
149.8
85,313
43,818
NA
NA
149.4
86,372
44,203
-0.4
-1.2
0.4
-0. 6
-0.8
NA
NA
-0. 3
1.2
0.9
76.3
73.1
5.4
-4.2
4.5
1.5
0.
4. 9
2.9
14.4
-5.3
NA
NA
1.4
-0. 9
-2.2
-16. 7
8.2
56
57
75
54
59
55
58
12.1.1
120.0
44,337 4 7 , 4 7 0
117.b
47,151
NA
NA
NA
NA
NA
NA
-2. 0
-o!7
NA
NA
12
13
B. Cyclical Indicators by Economic Process
B1. Employment and Unemployment
Comprehensive Employment:
48. Employee hours in nonagri. establishments . . .
42. Persons engaged in nonagri. activities
* 4 1 . Employees on nonagri. payrolls
40. Employees in mfg., mining, construction . . . .
90. Ratio, civilian employment to total population of working age2
u,c,c
Comprehensive Unemployment:
37. Total unemployed (inverted 4 )
L,Lg,U
43. Unemployment rate, total (inverted 4 ) 2
L,Lg,U
45. Avg. weekly insured unemploy.rate (inv. 4 ) 2 . . L,Lg,U
* 9 1 . Avg. duration of unemployment (inverted 4 ) . . Lg.Lg.Lg
44. Unemploy. rate, 15 weeks and over (inv. 4 ) 2 . . Lg,Lg,Lg
40.2
3. 3
4.0
3 81
1.1
2.0
-0.4
-0.8
0.
0. 3
B2. Production and Income
Comprehensive Output and Income:
50 GNP in 1972 dollars
52. Personal income in 1972 dollars
* 5 1 . Pers. income less transfer pay., 1972 dollars . .
53. Wages and salaries in mining, mfg., and construction, 1972 dollars
Industrial Production:
*47. Industrial production, total
73. Industrial production, durable mfrs
74. Industrial production, nondurable mfrs
49 Value of goods output, 1972 dollars
Capacity Utilization:
82. Capacity utilization rate, mfg., FRB 2
83. Capacity utilization rate, mfg., BEA 2
84. Capacity utilization rate, materials, FRB 2 . . . .
c,c,c
C,L,L
C,C,C
L,C,U
L,C,U
Percent
do.
do.
L,L,L
L,L,L
L,L,L
L,L,L
L,Lg,U
L,L,L
Bil. dol
do.
do.
do.
Bil. dol.,
Percent
c,c,c
c,c,c
C,L,C
C,L,U
U.L.U
L,C,C
L,L,L
Bil. dol
do. . . .
1967=100...
Mil. dol
do. . . .
A.r., bil. dol.
I Q"i966=100
288.22
159.46
150.8
74,529
45,172
L,L,L
L,L,L
1967=100...
Number. . . .
131.7
43,714
1236.2
10 6 7 . 1
o
B3. Consumption, Trade, Orders, and
Deliveries
Orders and Deliveries:
6. New orders, durable goods
7. New orders, durable goods, 1972 dollars
*8. New orders, cons, goods and mtls., 1972 dol. .
25. Chg. in unfilled orders, durable goods2
96. Mfrs.' unfilled orders, durable goods5
*32 Vendor performance2 ©
Consumption and Trade:
56. Manufacturing and trade sales
*57. Manufacturing and trade sales, 1972 dollars . .
75. Industrial production, consumer goods
54 Sales of retail stores
59. Sales of retail stores, 1972 dollars
55 Personal consumption expend., autos
58 Index of consumer s e n t i m e n t ©
...
...
...
EOP
65.3
66.0
B4. Fixed Capital Investment
Formation of Business Enterprises:
*12 Net business formation
13. New business incorporations
NA
NA
117.9
NA
NA
NA
Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data1
Series title
Timing
classification 3
Unit
Average
of
measure
Apr.
4th Q
1980
1st Q
1981
2dQ
1981
Apr.
1981
1979
May
1981
June
1981
May
1981
May
to
June
1981
4th Q
lstQ
1st Q
1981
2d Q
1981
I. CYCLICAL INDICATORS-Con.
B4. Fixed Capital Investment-Con.
Business Investment Commitments:
10. Contracts and orders, plant and equipment ..
*20. Contr. and orders, plant and equip.,
1972 dol
24. New orders, cap. goods indus., nondefense ..
27. New orders, capital goods industries, nondefense, 1972 dollars
9. Construction contracts, commercial and industrial buildings, floor space
11. New capital appropriations, mfg
97. Backlog of capital appropriations, mfg. 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.
L,L,L
Bil. dol
do. . . .
do. .
L,L,L
L,L,L
L,L,L
..do.
L,C,U Mil. sq.ft. . .
U,Lg,U Bil. dol
C,Lg,Lg Bil. dol., EOP
26.35
15.17
22.52
27.79
13.95
22.55
26.91
27.55
27.83
26.69
28.12
-4.1
5.4
14.54
23.21
13.84
23.49
13.80
23.77
13.95
24.72
13.48
23.86
13.97
22.74
-3.4
-3.5
3.6
-4.7
-5.1
13.20
12.40
12.50
12.35
12.18
12.61
12.27
11.65
-2.7
90.52
22.20
76.66
77.96
26.36
91.87
85.24
25.81
91.8
84.3
29.88
96.48
81.66
NA
NA
77.53
82.86
84.60
6.9
2.1
182.1
334.91
183.2
NA
183.0
0.1
0.6
NA
-0.1
1,332
95.8
1,159
94. 3
1,0 3
77.8
-13.0
-1.6
C,Lg,Lg A.r., bil. dol.
282.12 310.98 320.09 329.35
171.3
173.3 174.9
179.2
163.3
158.4
157.0
162.0
L,L,L
L,L,L
L,L,L
A.r., thous. .
1967=100...
A.r., bil. dol.
L,L,L
do.
1,745
123.6
59.1
1, 292
96. 6
48.1
1,535
106.8
50.6
NA
182.8
159.5
1,391
95.1
51.0
1,174
89.3
48.2
-1.4
NA
NA
NA
-0.3
1.2
-11.0
-17.5
-1.2
-1.4
-1.0
15.8
5.0
-3.2
NA
NA
-0.1
2.9
2.5
3.2
2.0
-1.5
-9.4
-11.0
0.8
-15.b
-b.l
-5.5
5.8
9.7
-7.33
42.7
0.43
-4.8
1.2
4. 2
270.46 295.63 299.58 312.24 311.87
do. . .
C,Lg,Lg
C,Lg,U 1967-100..
C,Lg,C A.r., bil. dol.
-3.2
11.1
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 (smoothed 6 ) 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. 5
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
order 5
L,L,L
L,L,L
L,L,L
do.
do.
Bil. dol. .
Lg,Lg,Lg Bil. dol., EOP
do. . . .
Lg,Lg,Lg
do. . . .
Lg,Lg,Lg
Lg,Lg,Lg Ratio
L,Lg,Lg Bil. dol., EOP
B6. Prices, Costs, and Profits
10.2
-2.9
-7.
10.49
46.2
2.65
-9.60
30.0
0. 38
-0.9
8.8
0.6
426.80 461.72 461.72 472.39
265.44 262.97 262.9
262.64
76.56
71.38
79.25
76.56
1.69
1.66
1.66
1.7 3
218.24
213.73 218.24
219.52
Sensitive Commodity Prices:
*92. Chg. insensitive prices (smoothed 6 ) 2
23. Spot market prices, raw industrials (u)
L,L,L
U,L,L
1967=100...
Stock Prices:
*19. Stock prices, 500 common s t o c k s ®
L,L,L
194143=10.
Profits and Profit Margins:
16. Corporate profits after taxes
18. Corp. profits after taxes, 1972 dollars . . . . . .
79. Corp. profits after taxes with IVA and CCAdj . .
80
do
in 1972 d o l . . .
15. Profits (after taxes) per dol. of sales, mfg. 2 ..
26. Ratio, price to unit labor cost, nonfarm bus
L,L,L
L,L,L
L,C,L
L,C,L
L,L,L
L,L,L
A.r., bil. dol.
do. . . .
do. . . .
Cash Flows:
34. Net cash flow, corporate
35. Net cash flow, corporate, 1972 dollars
L,L,L
L,L,L
A.r., bil. dol.
Lg,Lg,Lg
1977=100..
119.9
132.3
137.0
Dollars. . . .
1967=100..
1.092
17 5.8
1.196
195.1
1.230
200.1
1.244
204.0
Lg,Lg,Lg
Percent
75.4
5.06
39.1
1.18
3.63
13.0
0.02
NA
NA
NA
NA 474.56 477.82
NA 263.15 264.08
NA
7 9.19 80.39
NA
1.67
1.70
NA
220.69 221.86
0.7
0.4
1.5
NA
NA
NA
0.03
-6.41
33.9
-0.19
2.3
-0.1
3.5
-0.03
0.5
NA
NA
NA
NA
NA
NA
NA
NA
139.5
Lg,Lg,Lg
Lg,Lg,Lg
1.4 3
26.1
1.16
75.2
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 income 2
do. ...
Cents
1977 = 100..
1.98
293.0
1. 49
298.0
2.28
301.3
2.91
288.5
1.77
NA
2.86
29 3.0
1.68
288.9
0.7b
NA
-1.18
-1.4
-0.90
NA
0.63
-4.2
103.01 118.78 133.12 131.5] 132.81 134.43 131.7 3 13 2.28
167
99.6
109
65
5.7
96.8
163.2
-1.14
NA
1.0
100
55
4.9
96.3
164
86
98
52
4.9
96.4
168.0
87.2
111.9
58.4
5.0
96.6
NA
NA
NA
NA
NA
NA
11.9
0.1
0.2
NA
NA
NA
NA
NA
NA
265.4
141.1
141. 1
14 2.9
• NA
NA
2.6
1.3
NA
NA
74.4
2.3
1.8
NA
207.1
207. 3
0.4
208.1
1.1
1.9
NA
1. 5
-0.12
0.06
0.03
-1.3
-0.3
0.50
0.48
0.12
-1.4
-0.5
-0.57
-0.37
0.211
0.010
0.079
0.008
25.21
47.44
11.25
-0.9
NA
44.75
NA
NA
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 (smoothed 6 ) 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.
113.
110.
Flows:
Change in mortgage debt 2
Change in business loans2
Change in consumer installment credit2
Total private borrowing
Percent.
do.
do.
Bil. dol. .
do.
U.58
0.69
0.97
218.3
848.6
0.52
0.76
0.77
204.4
813.8
0. 31
0.49
0.94
203.4
811.6
0.81
0.97
1.06
200.6
807.3
0.24
0.60
0.69
201. 3
813.8
1.12
0.79
203.8
816.7
-0.51
0.31
0.62
201.4
813.7
-0.63
0.37
0.65
198.8
811.0
- 2 . 37
-0.81
-0.17
-1.2
-0.4
C,C,C
C,Lg,C
Ratio
6.371
1. 319
6.521
1.347
6.548
1.356
6.759
1.366
6.680
1.358
1.354
1. 358
1.362
0.004
L,L,L
L,L,L
L,L,L
L,L,L
A.r., bil, dol.
do. ..
do. ...
do. ..,
85.26
61.25 80.11 54.90
22.88 19.60
35.54 -11.90
38.69
2.90 12.64 23.89
356.98 286.18 335.65 3 32.51
NA
32.85
NA
NA
52.67
29.29
27.97
37.48
49.40
16.15
NA
19.87
NA
-15.19
20.11
-11.82
L,L,L
L,C,U
L,L,L
L,L,L
L.L,L
do. ..
1.86
NA
•29.53
NA
-0.37
0. 3
0.8
Table 1. Summary of Recent Data and Current Changes for Principal Indicators —Continued
Basic data1
Timing
classification 3
Series title
Unit
of
measure
Percent change
Average
4th Q
1980
1979
1st Q
1981
Apr.
1981
2dQ
1981
1980
June
1981
May
1981
Apr.
to
May
1981
May
to
June
1981
j»
4th Q
to
1st Q
1981
1st Q
to
2dQ
1981
E
s
M
1. CYCLICAL INDICATORS-Con.
B7. Money and Credit-Con.
Credit Difficulties:
14. Liabilities of business failures ( i n v . 4 ) ©
39. Delinquency rate, instal. loans (inv. 4 ) 2 5 . . . .
L.L.L
L,L,L
Mil.dol
Percent, EOP
222.28
2.64
38b.26
2.57
295.63
2.57
NA
2.53
Bank Reserves:
93 Free reserves ( i n v e r t e d 4 ) 2 ©
94. Borrowing from the Federal Reserve2 ©
L,U,U
L,Lg,U
Mil.dol
do. . . .
-1,131
1,338
-1,141
-1,269
1,70 3
-872
1,229
Interest Rates:
119. Federal funds r a t e 2 ©
114. Treasury bill r a t e 2 ©
115. Treasury bond y i e l d s 2 ©
116. Corporate bond y i e l d s 2 ©
117. Municipal bond y i e l d s 2 ©
118. Mortgage yields, residential 2 ©
67. Bank rates on short-term bus. l o a n s 2 ©
..
*109. Average prime rate charged by b a n k s 2 ©
L,Lg,Lg
C,Lg,Lg
C,Lg,Lg
Lg,Lg,Lg
U,Lg,Lg
Lg,Lg,Lg
Lg Lg Lg
Lg,Lg,Lg
Percent
do.
do.
do.
do.
do.
do.
do.
...
...
...
...
...
...
11.19
10.04
8.74
10.05
6.52
10.89
13. 18
12.67
1,420
13.36
11.61
10.81
12.77
8.60
13.42
15. 17
15.27
15.85
13.71
11.64
13.88
9.62
14. 31
15.71
16.73
16.57
14.37
12.01
14.37
9.98
14.69
19. 91
19.21
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
0.04
NA
NA
14
39
-1,609 -1,317
1,845 1,34 3
-2,023
2,154
-1,488
2,038
706
811
-535
-116
- 3 97
-474
7 37
616
93
94
119
114
115
116
117
118
67
109
17.78
14.83
12.66
15.22
10.69
16.18
19. 99
18.9 3
15.72
13.63
12.62
15.00
10.6 2
15.91
18.52
19.10
16.30
12.96
15.68
10.78
16. 3 3
14.56
12.39
14.98
10.67
16.31
2.80
2.67
0.34
0.68
0.16
0.42
0.58
-1.74
-0.57
-0.70
-0.11
-0.02
0.72
0.66
0 . 37
0.49
0.36
0 . 38
4 20
1.21
0.46
0.65
0.85
0.71
1.49
0 08
17.15
19.61
20.03
2.46
0.42
2.48
-0.28
314.78 316.12
Outstanding Debt:
6 6 . Consumer installment credit 5
Lg,Lg,Lg
*72. Commercial and industrial loans outstanding,
weekly reporting large comm. banks
Lg,Lg,Lg
*95. Ratio, consumer install, credit to pers. income2 . Lg,Lg,Lg
Bil. dol., EOP
303.58
306.47
306.47
312.45
NA
Bil.dol
Percent
147.06
14.79
16 3 . 7 6
14.14
17 0.91
13.52
172.87
13.35
176.95
NA
1972=100...
1967=100...
Percent
1967=100...
162.8
217.4
1.0
234.5
177.4
246.8
1.0
254.6
183. 8
256.2
1.0
267.4
188. 1
262.9
0.8
270.7
190. 9
269.0
0.6
271.4
2b6.8
0.4
271.6
do.
do.
do.
do.
do.
...
...
...
...
...
235.6
282.2
242.8
216.7
215.7
268.8
304.6
280.3
239.8
248.9
279.2
328.7
290.4
249. 5
258.6
287.3
329.4
299.0
255.8
264.8
293.7
332.0
305.6
262.3
270.2
1977 = 100...
116.8
127.3
131.8
134.9
137.5
do. . . .
do. . . .
do. . . .
do
97.4
118.6
99.1
99.4
93.5
13 0 . 1
95.7
9 9. 1
93.0
134.7
9 5.1
98. 9
92.8
138.3
95. 1
99. 8
93.0
NA
NA
NA
9 3.1
102.91 104.72
97.27
96.94
7 , 448
5,963
3,261
2,223
2,547
2,213
1,640
1,528
105.17
97.28
7,897
3,496
2,734
1,66 7
105.80
98.01
7,788
3,323
2,718
1,747
106.77
98.87
7,900
3,411
2,763
1 , 7 26
79.2
5.1.4
56.4
78.9
51.9
56.9
79.4
52.4
56.3
NA
669.4
NA
NA
378.0
NA
NA
0.4
NA
2.0
NA
66
173.66 111 .11 179.4 3
13.37 1 3 . 3 5
NA
2.4
-0.02
0.9
NA
1.1
-0.17
2.4
NA
72
95
269.0
0.7
271. 0
271.3
0.7
271. 5
0. 8
0.3
-0. 2
0.9
0.
0 2
2 3
2.6
-0.2
1 2
1 5
2. 3
-0.2
0 3
310
320
320
322
292.8
331.8
304.3
260.1
269.3
293.7
3 30.1
305.9
262.4
269.9
294.5
3 34.1
306.7
264.3
27.1.3
0.3
-0.5
0.5
0.9
0.2
0.3
1.2
0.3
0.7
0.5
2.9
0.2
3.0
2.5
2.4
2.2
0.8
2.2
2.5
2.0
330
3 31
3 32
333
334
136.7
137.6
138.2
0.4
2.4
1.9
340
93.0
92.9
-0. 1
-0.1
-0.2
2.7
0.
0 9
0.2
NA
NA
NA
341
345
346
370
106.72
98.98
7,746
3,262
2,721
1,763
107.41
99.24
8,171
3,546
2,838
1,787
106.18
98. 39
7,784
3,425
2,731
1,628
0.6
0.3
5. 5
8.7
4.3
1.4
-1.1
-0.9
-4.7
-3.4
-3.8
-8. 9
0.6
0.8
-1.4
-4. 9
-0.6
4.8
0.9
0.9
1.4
2.6
1.7
-1.2
4 41
442
37
444
445
446
79.4
52. 3
57.7
79.8
52.6
57.4
78.9
52.4
53.7
0.4
0. 3
-0.3
-0.9
-0.2
-3.7
-0.3
0.5
0.5
0.5
0.5
-0.6
4 51
452
45 3
II. OTHER IMPORTANT ECONOMIC
MEASURES
B. Prices, Wages, and Productivity
B1. Price Movements
310
320.
320c.
322
330.
331.
332.
333.
334.
Implicit price deflator GNP
Consumer prices (CPI), all i t e m s ©
Change in CPI, all items, S/A 2 . . . .
CPI food
Producer prices (PPI), all commodities©
PPI, crude materials
PPI, intermediate materials
PPI, capital equipment
PPI, finished consumer goods
B2. 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 b u s . . .
346. Real avg. hourly comp., nonfarm business . . .
370. Output per hour, private business sector
0.7
C. Labor Force, Employment, and
Unemployment
441.
442.
37.
444.
445.
446.
Labor
451
452.
453.
Total civilian labor force.
Total civilian employment
Number of persons unemployed
Unemployed males, 20 years and over
Unemployed females, 20 years and over
Unemployed persons, 16-19 years of age
Millions
do. . . .
Thousands. .
do. . . .
do. . . .
do. . . .
Force Participation Rates:
Males 20 years and over2
Females, 20 years and over2
Both sexes, 16-19 years of age2
Percent
do. . .
do. . . .
79.8
50.6
58.1
79.4
5.1.4
56.9
A.r., bil.dol.
do. . . .
do. . . .
.
..do. . . .
do. . . .
do. . . .
494.4
509.2
-14.8
35.1.2
324.4
26.7
540.8
602.0
-61.2
384.0
355.0
29.1
573. 2
641. 1
-67.9
403.4
366. 3
37. 1
620.7
664.0
-43.3
411.8
374.7
37.0
Mil.dol
do. . . .
do. . . .
A r., bil. dol.
11,141
5,356
3,374
111.2
13,392
6,961
4,662
131.7
13,905
7,010
4,111
141.6
15,370
7 , 6 31
5,210
145. 2
Mil.dol.
do.
do.
do.
do.
do.
15,137
2,886
3,009
17,160
4,676
1,853
18,390
3,435
3,788
20,417
6,139
2,030
19,060
3,596
3,968
20,548
6,060
2,133
20,008
4,158
4,188
22,022
7,123
2,044
D. G o v e r n m e n t A c t i v i t i e s
D1. Receipts and Expenditures
501
502
500
511
512
510
Federal Government receipts
Federal Government expenditures
Federal Government surplus or deficit 2
State and local government receipts
State and local government expenditures . . . .
State and local govt surplus or deficit 2 '
517.
525.
548.
564
Defense Department obligations
Military prime contract awards
New orders, defense products
National defense purchases
8
3
24
2
2
-0
3
6
6
1
3
1
NA
0 8
NA
NA
0 9
NA
501
502
500
511
512
5 10
D2. Defense Indicators
NA 1 5 , 2 1 0
NA
8,916
4,735
3,976
148. 1
15,708
NA
5,383
NA
NA
4,847
3.3
NA
35.4
NA
NA
-10.0
10.5
8.9
26.7
2 5
NA
NA
-9.1
2 0
517
525
548
564
19,818 18,869
3,604
3,708
4,311
4,160
22,289 21,310
6,919
6,329
2,042
2,299
NA
NA
NA
NA
NA
NA
-4.8
2.9
-3.5
-4.4
-8.5
12.6
NA
NA
NA
NA
NA
NA
5.0
15.6
5.5
NA
NA
NA
NA
NA
NA
602
604
606
E. U.S. International Transactions
E1. Merchandise Trade
602.
604.
606.
612.
614.
616.
Exports, total except military aid
Exports of agricultural products
Exports of nonelectrical machinery
General imports, total
Imports of petroleum and products
Imports of automobiles and parts
...
...
...
...
...
...
NA
NA
NA
NA
NA
NA
7.2
17.5
-4.2
612
614
bib
Table 1. Summary of Recent Data and Current Changes for Principal Indicators—Continued
Basic data1
Series title
Unit
of
measure
Average
1st Q
2dQ
Percent change
3dQ
1980
4th Q
1980
1st Q
1981
1978
1979
35,514
43,953
-8,440
10,816
5,466
55,256
57,508
-2,252
46,118
52,955
-6,836
16,675
8,310
72,232
70,480
1,752
55,992
62,327
-6,335
18,985
10,794
86,168
83,472
2,696
54,898
65,024
-10,126
20,465
10,629
85,764
85,981
-217
55,667
62,411
-6,744
16,860
10,342
83,617
82,830
787
,252
,154
,902
,850
,697
,655
rl77
,478
57,149
62,719
-5,570
19,764
11,507
88,636
84,902
3,734
61,117
65,719
-4,602
21,420
12,551
94,159
89,560
4,599
1436.9
2156.1
1422.9
1462.9
981.5
6,454
4,487
1483.0
2413.9
1472.9
1641.7
1011.5
6,588
4,584
1480.7
2626.1
1483.6
1821.7
1018.4
6,504
4,571
1501.9
2571.7
1502.8
1765.1
1021.0
6,624
4,503
1463.3
2564.8
1462.0
1784.1
1008.2
6,437
4,435
1471.9
2637.3
1476.9
1840.6
1018.5
6,456
4,468
1485.6
2730.6
1492.7
1897.0
1025.8
6,499
4,488
1516.4
2853.0
1517.8
1947.8
1033.3
6,620
4,511
2dQ
1981
3dQ
to
4th Q
4th Q
to
1st Q
1981
lstQ
to
2dQ
1981
II. O T H E R I M P O R T A N T E C O N O M I C
MEASURES-Con.
E2. Goods and Services Movements Except
Transfers Under Military Grants
618.
620.
622.
651.
652.
668.
669.
667.
Merchandise exports
Merchandise imports
Merchandise trade balance2
Income on U.S. investments abroad
Income on foreign investment in the U.S
Exports of goods and services
Imports of goods and services
Balance on goods and services2
Mil.dol.
..do.
. .do.
..do.
..do.
..do.
..do.
1.6
NA
6.0
NA
NA -2,668
4.8
NA
7.6
NA
2.3
NA
5.9
NA
NA -2,744
6.9
4.8
968
8.4
9.1
6.2
5.5
865
NA
NA
NA
NA
NA
NA
NA
NA
618
620
622
651
652
668
669
667
A. National Income and Product
A 1 . G N P a n d Personal Income
50.
200.
213.
224.
225.
217.
227.
GNP in 1972 dollars
GNP in current dollars
Final sales, 1972 dollars
Disposable personal income, current dollars . .
Disposable personal income, 1972 dollars
Per capita GNP in 1972 dollars
Per capita disposable pers. income, 1972 dol..
A.r., bil.
dol.
do. .
. .do. .
do. .
do..
A.r., dollars.
do. .
1509.1
2881.0
1499.4
1985.4
1036.6
6,575
4,516
0.9
3.5
1.1
3.1
0.7
0.7
0.4
2.1
4.5
1.7
2.7
0.7
1.9
0.5
1.0
-1.2
1.9
0.3
-0.7
0.1
50
200
213
224
225
217
227
904.8 930.9 935.1 943.4 919.3 930.8 9 4 6 . 8 9 6 0 . 2 955.6
146.3 146.6 135.8 145.4 126.2 132.6 1 3 9 . 1 1 4 6 . 8 137.3
345.7 354.6 358.4 361.5 356.6 354.9 360.4 3 6 4 . 5 365.9
412.8 429.6 440.9 436.5 436.5 443.3 4 4 7 . 3 4 4 8 . 9 452.4
1348.7 1510.9 1672.8 1631.0 1626.8 1682.2 1751.0 1810
1830
199.3 212.3 211.9 220.9 194.4 208.8 2 2 3 . 3 238.3 226.7
529.8 602.2 675.7 661.1 664.0 674.2 7 0 3 . 5 726.0 732.7
619.6 696.3 785.2 749.0 768.4 799.2 8 2 4 . 2 845.8 870.9
1.7
4.9
1.5
0.9
4.1
6.9
4.3
3.1
1.4
5.5
1.1
0.4
3.4
6.7
3.2
2.6
-0.5
-6.5
0.4
0.8
1.1
-4.9
0.9
3.0
231
233
238
239
230
232
236
237
2.7
3.7
-2.2
5.5
5.6
-1.4
5.5
2.6
5.8
9.9
4.2
21.9
2.7
-2.5
11.1
3.8
0.2
15.9
241
243
30
240
242
245
1.2
1.7
0.9
0.2
-0.9
0.9
261
263
267
260
262
266
A 2 . Personal Consumption Expenditures
231. Total, 1972 dollars
233. Durable goods, 1972 dollars
238. Nondurable goods, 1972 dollars
239. Services, 1972 dollars
230. Total, current dollars
232. Durable goods, current dollars
236. Nondurable goods, current dollars
237. Services, current dollars
A.r.,bil.dol.
do. .
do. .
..do.
..do.
..do.
. .do.
. .do.
A3. Gross Private Domestic Investment
241.
243.
30.
240.
242.
245.
Total, 1972 dollars
Total fixed investment, 1972 dollars
Change in business inventories, 1972 dol. 2
Total, current dollars
Total fixed investment, current dollars
Chg. in bus. inventories, current dol. 2
. .do. .
. .do. .
..do..
229.7
215.8
14.0
375.3
353.2
22.2
232.6
222.5
10.2
415.8
398.3
17.5
203.6
206.6
-2.9
395.3
401.2
-5.9
218.3
219.2
-0.9
415.6
413.1
2.5
200.5
199.2
1.3
390.9
383.5
7.4
195,
200.
-5,
377.
393.
-16.0
200.5
207.6
-7.2
397.7
415.1
-17.4
211.6
213.1
-1.4
437.1
432.7
4.5
217.4
207
9.7
453.8
433.4
20.4
..do.
..do.
..do.
..do.
. .do.
..do.
277.8
99.8
178.0
432.6
153.4
279.2
281.8
101
180.1
473.8
167.9
305.9
290.0
108.1
181.9
534.7
198.9
335.8
290.1
107.6
182.5
516.8
190.0
326.8
291.9
110.7
181.2
530.0
198.7
331.3
288.2
106.9
181.3
533.5
194.9
338.6
289.8
107.4
182.4
558.6
212.0
346.6
293.6
111.2
182.5
576.5
221.6
354.9
290.1
109.3
180.8
577.6
219.5
358.1
0.6
4.7
8.8
2.4
1.3
3.5
0.1
3.2
4.5
2.4
..do.
..do.
..do.
..do.
127.5
103.0
24.6
219.8
220.4
-0.6
146.9
109.2
37.7
281.3
267.9
13.4
161.1
109.1
52.0
339.8
316.5
23.3
165.9
115.8
50.1
337.3
329.1
8.2
160.5
108.9
51.7
333.3
316.2
17.1
160.5
102.8
57.6
342.4
297.9
44.5
157.4
108.9
48.5
346.1
322.7
23.3
162.5
111.6
50.9
367.4
338.2
29.2
160.3
114.3
46.0
366.2
346.9
19.4
-1.9
5.9
-9.1
1.1
8.3
-21.2
3.2
2.5
2.4
6.2
4.8
5.9
-1.4
2.4
-4.9
-0.3
2.6
-9.8
256
257
255
252
253
250
1745.4 1963.3 2121.4 2088.5 2070.0 2122.4 2204.8 2291.1
NA
1299
1460.9 1596.5 1558.0 1569.0 1597.4 1661.8 1722.4 1751.0
117.1 131.6
130.6 133.7 124.9 129.7 134.0 132.1 134.3
185.5
182.7 200.2 169.3 177.9 183.3 203
196.8
NA
27.4
30.5
31.8
31.2
31.5
32.7
32.0
32.4
33.3
115.8
143.4
179.8 165.4 175.3 185.3 193.3 200.8 211.0
4.0
3.3
3.0
1.2
4.3
3.9
3.6
-1.4
10.7
0.9
3.9
NA
1.7
1.7
NA
1.8
5.1
220
280
282
286
284
288
NA
1.2
NA
1.4
106.0 -12.4
NA
14.8
5.3" -1.0
8.9
5. 7
-8.9
24.6
-0.5
NA
NA
19.2
NA
0.7
290
295
292
298
293
..do.
..do.
. .do.
A4. Government Purchases
of Goods and Services
261. Total, 1972 dollars
263. Federal Government, 1972 dollars
267. State and local governments, 1972 dollars
260. Total, current dollars
262. Federal Government, current dollars
266. State and local governments, current dollars . . .
A5.
256.
257.
255.
252.
253.
250.
Foreign Trade
Exports of goods and services, 1972 dollars . .
Imports of goods and services, 1972 dollars . .
Net exports of goods and serv., 1972 dol. 2 . . .
Exports of goods and services, current dol. . . .
Imports of goods and services, current.dol. . . .
Net exports of goods and serv., current dol. 2 .
..do.
..do.
A6. National Income and Its Components
220.
280.
282.
266.
284.
288.
National income
Compensation of employees
Proprietors' income with IVA and CCAdj
Corporate profits with IVA and CCAdj . .
Rental income of persons with CCAdj . .
Net interest
A7.
290.
295.
292.
298.
293.
. .do. ,
. .do. ,
. .do. .
..do.
..do.
..do.
Saving
Gross saving (private and govt.) .
Business saving
Personal saving
Government surplus or deficit 2 .
Personal saving rate2
do
do
do
do
Percent
355.2
279.1
76.3
-0.2
5.2
411.9
312.7
86.2
11.9
5.2
401.9
331.6
101.3
-32.1
5.6
404.5
326.7
86.4
-9.6
4.9
394.5
325.8
110.0
-42.5
6.2
402.0
334.6
111.4
-45.6
6.1
406.7
339.3
97.6
-30.8
5.1
442.7
358.8
88.9
-6.2
4.6
NOTE: Series are seasonally adjusted except tor those indicated b y ® , 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.
2
Differences rather than percent changes are shown for this series.
3
The three-part timing code inaicates the timing classification of the series at 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 genetol butinati activity, signs of the changes are f t w i e d .
5
End-of-period series. The annual figures (and quarterly figures for monthly seritt) 8f§th« last figures for the period.
6
This series is a weighted 4-term moving average (with weights 1, 2, 2,1) placed i t the terminal month of the span.
CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS
Chart A l . Composite Indexes
.Ju!v)'Mdy.
PI
. A . f .;, •
Pi
(Apr.) (f et;
' >
P
T
I
Index: 1967=100
-15
910. Index of twelve leading indicators (series 1, 3, 8, 12, 19, 20, 29, 32, 36, 92, 104, 106)
-9
-i
*
-4
-n
-23
TTeT
-4
920. I n t o of four roughly coincident indicators (series 41, 47, 51, 57)
-6
-2
/
^7~
930, Index of six lagging Indicators (series 62,70,72,91,95,109)
•15
ZZL
80-
60-
50-
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 73 74 75 76 77 78 79 80 1981
entered on the chart indicate length of leads ( - )
NOTE: Numbers
Current data for these
http://fraser.stlouisfed.org/ series are shown on page 60.
Federal Reserve Bank of St. Louis
and lags (+) in months from reference turning dates.
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart Al. Composite Indexes—Continued
P
(Aug.)(Apr.)
P T
I
(Apr >(Feb.;
P I
(uec..)(Nov.)
P
F
913. Marginal employment adjustments (series 1, 2, 3, 5)
toll
(Jan.) (July)
P T
(Nov ; ( M a r )
P
T
Index: 1967=100
914. Capital investment commitments (series 12, 20, 29)
-30, . . I I
-1j IIS
915. lnvenh§|nv«tmeri||d purchasing (series 8, 32, 36, 92)
916. Profitability (series 19, 26, 80) ! |
80
16 Ci
—to—
S K ! ryfi
';'x-V':
mm x ^ ^ M i - .
150
140
:•..':'..•,,
120 4
no-j
11
917. Mon^lnd finandijflows (seri« 104,
16 110)/-/V
0,
w
loo 4
90 "*|
£0 «j;
•I I
-22
B
I t ^y
Wif
70
.Iff
6 0 -•
if'
|p40. Ratio, coincldmt index to lagging i n ( | | |
SV1 *••!
Zilt
I
ilO-j
-34
\ B
ig
loo 4
90"
8070-
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 73 74 75 76 77 78
79 80 1981
NOTE: Numbers entered on the
series arechart indicate length of leads ( - ) and lags (+) in months from reference turning dates.
Current data for these
shown on page 60.
11
CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A2. Leading Index Components
(Nov.) (Oct.)
P
I
(July) (May)
P T
(Aug.) (Apr.)
P T
(Apr.) (Feb.)
P T
(Dec.)tNov.)
P
T
(Nov.) (Mar.)
P
T
(Jan.)(July)
P T
1. Average workweek, production workers,
m^sjacturing jfeirs) H I I
41-1
40-
3. Layoff rate, manufacturing (per 100 employees-inverted scale)
8. New orders for consumer goods and materials, 1972 dollars (Ml. dot.)
m
32. vendor performance, percent of companies receiving slower deliveries (percent)
EIE
14.. •
12. Net business formation (index: 1967=100)
d
•H
20. Contracts and orders for plant and equipment
dollars p p . aoi.)
1948 f9
50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 1981
for these series are shown on pages 61, 64, 65, and 66.
Current data
1O
CYCLICAL INDICATORS
A
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A2. Leading Index Components—Continued
(Nov.) (Oct.)
P
T
(July) (May)
P
T
(Aug.) (Apr.)
P
(Dec.)(Nov.)
(Apr.) (Feb.)
T
P
P
T
T
(Nov.)
(Mar.)
(Jan.)(July)
P
T
P T
, private housing units (index: 1967=
36. Net change in inventories on hand and on order, 1972 dollars, smoothed1 (ann. rate, bil. dol.)
92. Change in sensitive crude materials prices, smoothed1 (percent)
•lit
•:&
ets, smoothed1 (percent); U,
. • -Jiff. 104. Change in total
AfM J\ Jilt V\
Vw V
Mm
^
/
V
'A
#
lir
Wl
19. Stock prices, 500 common stocks
I f (index:' lif§§43*10)
I I iLLLlil!
106. Mol|suppiy^2~iri 1972 dollars (bil. dol.) :mm
LJLt
lit
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 73 74 75 76 77 78 79 80 1981
1
is a weighted 4-term moving average (with weights 1,2,2,1)
This series
Current data for
http://fraser.stlouisfed.org/ these series are shown on pages 67, 68, 69, and 7 1 .
Federal Reserve Bank of St. Louis
placed on the terminal month of the span.
CYCLICAL INDICATORS
A |
COMPOSITE INDEXES AND THEIR COMPONENTS—Continued
Chart A3. Coincident Index Components
i
P
P
I
41. Employees on nonagricultural payrolls (millions)
CXX
51. Personal income less transfer payments,
1972 dollars (ann. rate, bil. dol.)
47. Industrial production, total (index: 1967=100)
OCX
/
57. Manufacturing and trade sales,
1972 dollars (bil. dol.)
60 J
1948 49
50
51
52
53
54
55
56
57
58
59
Current data for these series are shown on pages 62, 63, and 65.
http://fraser.stlouisfed.org/
Federal 1)1
Reserve Bank of St. Louis
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
COMPOSITE INDEXES AND THEIR COMPONENTS-Continued
Chart A4. Lagging Index Components
P
(Aiii;j{Apr )
P T
I
(Apr.)fFen
>
T
P
(Nov.) (Mai..i
P
T
T
• Jan H J u l y )
PT
91. Average duration of unemployment (weeks-inverted scale)
70. Manufacturing and trade inventories, 1972 dollars (bil. dol.)
'•1
62. labor cost per unit of output, manufacturing (index: 1967=100)
109. Average prime rate charged by banks (percent)
7Z Commercial and industrial loans outstanding, weekly
I f reporting large commercial banks (bil. dol.)
40-*
IB]4«
1210-
95. Ratio, consumer installment
86-
1948 49
50
51
52
53
54
55
56
57
58
59
data for these series are shown on pages 62, 68, 70, and 73.
Current
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
CYCLICAL INDICATORS
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS
Chart Bl. Employment and Unemployment
lAug )(Apr )
P
T
(Apr )(F c f\
P f
(Jan.)(July)
P T
(Dec.) (Nov.)
P
T
I Marginal Employment Adjustments
1. Average workweek, production workers, manufacturing (hours)
21. Average weekly overtime hours, production workers, manufacturing (hours)
<?
11/
2. Accession rate, manufacturing (per 100 employees)
5. Average weekly initial claims, State unemployment insurance (thousands-inverted scale)
"V '
3. Layoff rate, manufacturing (per 100 employees-inverted scafe)
1956 57
58
59
Current data
for these series
60
61
62
63
are shown on page 6 1 .
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
CYCLICAL INQJCA'fOKS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B l . Employment and Unemployment—Continued
(Aug.) (Apr.)
P
T
P
T
1956 57 58 59 60 61 62 63 64
for these series are shown on pages 6 1 and 62.
Current data
(Nov)
P
(Jan.) (July)
(Mar.)
P
(Dec.) (Nov.)
(Apr.) (Feb.)
T
T
P
T
46. Hd[>wanted advertising (index: 1967=100)
43. Employee-hours in
(ann. rate, bil.
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart Bl. Employment and Unemployment—Continued
(Jan.; (July)
P T
| Comprehensive Employment—Con.|
"1
59-
T
90. Ratio, civilian employmenttototal population of worting age (percent)
i
[Comprehensive Unemployment 1
37. Number unemployed, total (millions-inverted scale)
[Dpi
f\r
\
43, Unemployment rate, total (percent-inverted scale)
z_
\
45, Average weekly insured unemployment gate (percent-inverted scale)
91. Average duration of unemployment (weeks-inverted scad)
8-
Lg.Lg.Lg
A
*
10-
J
12141618-
44. Unemployment rate, persons unemployed 15 weeks and over (percent-Hnverted scale)
1956 57 58 59 60 61 62 63
data for these series are shown on page 62.
Current
0123-
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
CYCLICAL INL'<-';. t ^
B
I
.
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B2. Production and Income
\\ig.) ' v Apr.)
P
I
(Apr ; (Feb.
P
I
(Nov.,
P
/Mar)
(Jan.; (juiy)
P T
T
.iiiil'"
| Cojijiehensive 0 |lift and Income |
N
50. G P in 1972 dollars.
(ana rate, bil.
•
•dlUll
. . iff
^^^
^«
si: [nj
lc.ee |
160015001400 •
3.30012001100-
• ^
900 «
5Z Personal income in 1972 ciollars (ann. rate, W. dol.)
51. Personal income less transfer payments in 1977ooEs~
(ann. rate, bil. doi.) ;
:ffM:
fcZcl
A •••
53. Wages and salaries in mining, manufacturing, and
construction in 1972 doilars (aiwi. rate,
1956
57
58
59
60
61
62
63
for these series are shown on page 63.
Current data
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
1981
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B2. Production and Income—Continued
(Aug.)(Apr.)
P
T
(Dec.) (Nov.:
P
T
(Apr.) (Feb.,
P
T
(Nov.)
P
(Mar.)
T
(Jan.) (July)
P T
[industrial Production
47. Industrial production, total (index: 1967=100)
74. Industrial production, nondurable manufactures
(Index: 1967=100)
73. Industrial production, durable manufactures
(indec 1967=100)
I
850
600
450-
49. Value of goods output in 1972 dollars, Q
(ann. rale, oil. dot.;
J
(Capacity Utilization}
100 «i
83. Rate of capacity utilization, manufacturing (BEA), Q (percent)
1956 57 58 59 60 61 62 63 64
for these series are shown on pages 63 and 64.
Current data
908070-
manufadunng (hkB), Q (percenl)
65
66
67
68
69
70
71
72
73
74
75
j
L C U
76
77
78
79
80 1981
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B3. Consumption, Trade, Orders, and Deliveries
(Aug.) (Apr.)
P T
(Jan.)(July)
P T
(Dec.) (Nov.)
P
T
(Apr.) (Feb.)
P
T
90-.
807060-
5040-
30-
4540353025-
+ 6-
25. Change in unfilled orders,
(bil. dol.; MCD moving avg.^-1
+ 4+ 20-
300260 220180-
96. Manufacturers' unfilled orders,
140 -
10G-
60 100 -
1956
57
58
59
60
61
62
Current data
for these series are shown on page
63
64.
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B3. Consumption, Trade, Orders, and Deliveries—Continued
(Jan.)(July)
P T
380-
z
1 Consumption and Trade]
340300260220-
180-
56. Manufacturing and trade sales in current dollars—,
140-
57. Manufacturing and trade sales
in 1972 dollars (bil. dol.)
100170160150 =•
140-
75. Industrial production, consumer goods
(index: 1967=100)
_-.._.
XT
54. Sates of retail stores in current dollars (bil. doi.)-— v
40-
59. Sales of retail stores hi 1972 dollars (bil. dol.)
|U,L,U|
,9% 57 58 59 60 61 62 63
for these series are shown on page 65.
Current data
H
55. Personal consumption expenditures,
automobiles, Q (arm. rate, bil dol.)
ll.C.r.l
58. Index of consumer sentiment (1st Q 1966=100)
IUU-I
SO
7060-
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
CYCLICAL
B
I
i^miATuPi
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B4. Fixed Capital Investment
\>K
-.Apr
(Dec.) ( N o v . ;
;Nov>
(Jan.;(Juiy)
(Ma?.)
1 Formation of Business Enterprises!
4
12. Net business formation (indec 1967=100)
-X s
iLLil
\
~\-
•
160 •
140-
10.
5J
13. New business incorporations (thousands)
[Business Investment Commitments]
20. Contracts and ordersforplant and equipment
in 1972 dollars (bif. dot.)
10. Contracts and orders for plant and equipment
Irs # r e n t dofers (H. doL) f£"[~
27. Manufacturers' new orders, capital goods industries,
nondefense, in 1972 dollars (bil. d d ) X
nwidefense, in current dollars (bil. dol.) i • • •
j LyL,L
1956 57 58
59 60
61
62 63
Digitized for 1 This is a copyrighted series used by permission;
FRASER
Current data for these series are shown on pages
64 65 66
67 68 69
70
71
72 73
74 75 76
77
78 79 80 1981
it may not be reproduced without written permission from McGraw-Hill Information Systems Company, F.W. Dodge Division.
65 and 66.
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B4. Fixed Capital Investment—Continued
:N:v ;
( O P : ) (Nov )
Aij>' J • A p r
'Mar,'
(Jan.)(July)
P T
I Business Investment Commitments—Con,
2824*
11. New capital appropriations, manufacturing, Q (Mi. do!.)
18-
DIP
,J r
97. Backlog of capital appropriations, manufacturing, Q
(bil. doL)
61. Business expenditures for new plant and equipment, Q
[Business Investment Expenditures!
•H
69. Machinery and equipment sales and business
construction expenditures (ana rate, bil. dol.)
200 «*
76. Industrial production, business equipment
(index: 1967=100)
80-
1956
57
58
59
Digitized for
http://fraser.stlouisfed.org/
Federal ReserveO/l
Bank of St. Louis
60
81
82
63
64
Current
FRASER data for these series are shown on pages 66 and 67.
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
1981
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B4. Fixed Capital Investment—Continued
(Aug.) (Apr,)
P
(Apr.) (Feb.)
T
P
(Nov.)
P
T
(Mar.)
(Jan.)(July)
P
(Dec.) (Nov.)
T
I
P T
I B ipfess- Investr^BI}Expenditures—CgnT
Nonresidential fixed investment in 1972 dollars, Q (aim.
iRellUntial Consi§|ion Commitments and Investment I
if
II
•
;
28. New private housing unite started, total (ann. rate, tuitions)
? 6 -•
2.42.22.0 1.3-
] .4 «
i ?•
.1.0*
29. New building pemits, private housing units (index: 1967-100)
9. Residential feed invesimait total, in 1972 doBaJpl
(ann.rate,M. doL)
i||
_»*^v « l l i
1956 57
58
59
60
61
62
63
urn
64
65
66
67
68
69
70
71
50 -
1/
1
V
Current data for these series are shown on page 6 7 .
60-
1
1
/
72
73
74
75
40 -
76
77
78
79
80 1981
CYCLICAL INDICATORS
CYCLICAL I N D I C A T O R S BY E C O N O M I C PROCESS — C o n t i n u e d
C h a r t B5. Inventories a n d Inventory I n v e s t m e n t
I Inventory Investment]
30. Change in business inventories, 1972 dollars, Q (ann. rate, bit, dol)
36. Net change in inventories on hand and on order. 1972 dollars
(ann. rate, bil. dol.; moving avg.-4tem*1) \ n i \ K
31. Change in book value, manufacturing
(am. rate, bil. dd; MCD moving avg.
38. Change in stocks of materials and supplies on hand and on order,
manufacturing (bil. dol.; MCD moving avg.-4-term)
1956 57
58
62
63
64
This series
is a weighted 4-term moving average (with weights
Current data for these series are shown on page 68.
9R
1
65
66
67
68
6?
7
O
71
1,2,2,1) placed on the terminal month of the span.
74
75
76
11
78
79
8G 1981
CYCLICAL INDICATOR
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B5. Inventories and Inventory Investment—Continued
. \a^ >»Apr >
PI
(Apr ) (Fob )
(Ncv )
P
(Uei »(Nov )
PI
P
T
(Mar.)
T
(Jan.) (July)
P T
500450-
[in^jories on Hj||and on Order)
400350 -
71. Book value, manufacturing and trade grventories,
currmt dotto (bil. doL)
^ff7
300-
250-
70. Manufacturing and trade inventories, 1972 dollars
200 90 -I
858075 70
65 bf -
454P-
* "
7 7
DM&M
JIJJ1JJJI.II
U H M M U M M
4W
firttjMt'
± 1 JH LIttuijulimilIJ»
1
. H J
//. Ratio, deflated inventories to sateSr manutactunng anfl
AX"
IS J
J li *!
78. Stocks of materials and supplies on teHKf and on order,
m»Hjfedu«tng (ML dol.)
lL,Lg,Lgf
1956
L
57 58 59 60 6 1 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 68.
97
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B6. Prices, Costs, and Profits
(Aug.) (Apr.)
P T
(Apr.) (Feb.)
P
T
(Dec.) (Nov.)
P
T
(Jan.) (July)
P T
92. Change in sensitive crude materials prices (percent; moving avg.^-term 1 )
,
19. Stock prices, 500 common stocks (index: 194143=10)
[XI
16. Corporate profits after taxes, m m ddlou, Q
(ann. rate, bit. dol.)
[Profits and Prof it Margins [
corporate profits alter taxes,
(ann. rate, bil. dol.)
80. Corporate profits after taxes with 1VA and CCJtdj,
1972 dollars, Q (ann. rate, bil. dol.)
79. Corporate profits after taxes with IVA and CCAdj,
current dollars, Q (ann. rate, ML dA)
1956 57
58
59
Digitized for
9Q
60
61
62
63
64
65
66
87
68
69
70
71
This series
FRASER 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.
1
72
73
74
75
76
77
78
79
80 1981
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B6. Prices, Costs, and Profits—Continued
(Aug.)(Apr.)
P T
(Dec.) (Nov.)
P
T
(Apr.) (Feb.)
P
T
(Nov.)
P
(Mar.)
T
(Jan.)(July)
P T
|P.f^g::ind;
§§|ff;.
22. Ratio, corporate
II
^-v
•:•
pip
Will
tl§tf«
SHI
A
81 Ratio
y
^aftpr faxi*\ with invpntnrv vAlimtinn jmrf
i adjustrnents to total ajrpof^te domestic income,
15. Profits (after taxes) per dollar of sales, all
J
26. Ratio, price to unit labor cost, nonfarm
(index:
ICasMlowsl
35. Net cash flow.
(ami rate, by. doL
Current data for
these series are shown on pages 69 and 70.
34. Net cash flow, corporate, in current dollars, Q
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY E C O N O M I C P R O C E S S — C o n t i n u e d
C h a r t B6. Prices, Costs, a n d Profits—Continued
[Unit Labor Costs and Labor Share 1
63. Unit labor cost, private business sector, Q
(index: 1977=100)
—i
68. Labor cost (current dollars) per unit of gross domestic product
(1972 dollars), nonfinancial corporations, Q (dollars)
-±L
6Z Labor cost per unit of output, manufacturing (index; 1967=100)
SQ-j
64. Compensation of employees as a percent of national income, Q (percent)
78-
76 -
in
70 J
1956
57
58
59
60
61
62
63
Current
data for these series are shown on page 70.
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
1981
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B7. Money and Credit
(Aug.) (Apr.)
P
(Dec.) (Nov.)
P
T
(Apr.) (Feb.)
T
P
T
(Jan.)(July)
P
T
In money supply Ml-B
(percent; MCD moving avg.—6-term) J
102. Change in money supply M2
(percent; MCD moving av«.~6-term) L,C,U
104. Change in total liquid assets (percent; moving
i l l , Money supply-Ml-B-in 1972 dollars flft dot)
m
106, Money supply—M2—HI
(»
111
Jl
250-1
240230220210200190 J
900850800750700650600-
107. Ratio, GNPtomonilippfy Ml-B, Q (ratte)
1956 57
58
59
60
61
62
63
This series is weighted 4-term moving average
a these series are shown on page 7 1(with
Current data for
.
1
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
weights 1,2,2,1) placed on the terminal month of the span.
Q1
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B7. Money and Credit—Continued
I Credit Flows I
33. Change in mortgage debt (ann. rate, bil. dol.)
H Z Change in bank loans to businesses (ann. rate, bil.dol.; ;i
MCD moving avg.-6-term) f T T T
113. Change in consumer installment credit (ann. rate, bil. dol.)
Current
data for these series are shown on pages 71 and 72.
110. Total private borrowing, Q (am. rate, bil. dol.)
full
B
CYCLICAL INDICATORS BY ECONOMIC P R O C E S S — C o n t i n u e d
C h a r t B7. Money a n d C r e d i t — C o n t i n u e d
1 Credit Difficulties 1
Current data
for these series are shown on page 72.
14. Current liabilities of business failures (ml. dol.inverted scale; MCD moving avg.—6-term)
39. Delinquency rate, 30 days and over, consumer installment loans
(percent-inverted scale)
JTXX1
93. Free reserves (by. doL—inverted scale)
94. Member bank borrowing from
the Federal Reserve (bil. dol.)
QQ
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
Chart B7. Money and Credit—Continued
(Aug.) (Apr.)
P
(Apr.) (Feb.)
T
P
(Dec.) (Nov.)
T
P
(Nov.)
(Jan.)(July)
(Mar.)
P
T
T
P
T
|lnt|rjst Rates
119. Federal funds rate (percent)
116. Corporate bond yields (percent)
1716-
115. Treasury bond yields (percent)
15141312-
118. Secondary market yields on FHA mortgages (percent)
*v-^
»
J&X
-Jt—7
JL
r\
r
m
1110-
•m
6 •"
117. Municipal bond yields (percent)
43-
1956 57
58
59
http://fraser.stlouisfed.org/
Federal Reserve16. of St. Louis
Bank
60
61
62
63
64
Current data for these series are shown on pages 72 and 73.
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
B
CYCLICAL INDICATORS BY E C O N O M I C P R O C E S S — C o n t i n u e d
C h a r t B7. Money and Credit—Continued
P
T
[interest Rates—Con]
67. Bank
on short-term business loans (percent)
109. Average prime rate charged by banks (percent)
]Outstanding Debt)
66. Consumer installment credit (bil. dol.)
J
72. Commercial and industry loans outstanding,
weekly reporting large convnercial
banks (H. dd)
^;||
z
Ratio, consumer installment credit to personal income (percent)
14-
ill-1
1956
57
58
59
60
61
62
63
Digitized forCurrent data for these series are shown on page 73.
FRASER
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
1981
CYCLICAL INDICATORS
C
I
DIFFUSION INDEXES AND RATES OF CHANGE
Chart C l . Diffusion Indexes
(Aug.) (Apr.)
P
T
(Apr.) (Feb.)
P
(Dec.) (Nov.)
T
P
T
(Nov.)
(Mar.)
P
T
(Jan.)(July)
P
T
Percent rising
950. Twelve leading indicator components (6-mo. s p a n — , 1-mo. s p a n — )
lOO-i
5G-
951. Four roughly coincident indicator components (6-mo. s p a n — , 1-mo. s p a n — )
1! V1 \
1
i
r
!!
t
m PI
n
iiii
95Z Six lading Indlcalor componerts (6-mo. s p a n — , 1-mo. s p o i — - )
961. Average won\week, production worters, manufacturing-20 industries (9-mo. s p a n — , 1-mo. s p a n — )
962. initial claims, State unemployment insurance—51 areas (percent declining; 9-mo, s p a n — , 1-mo. span — )
Current
data for these series are
http://fraser.stlouisfed.org/
Federal Reserveno
Bank of St. Louis
963. Employees on private nonagricufairal payrolk-172 industries (6-mo. s p a n — , 1-mo. span—-)
shown on page 74.
CYCLICAL INDICATORS
C
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
Chart C l . Diffusion Indexes—Continued
(Aug.) (Apr.)
P
T
(Apr.) (Feb.)
P
T
(Nov.)
P
(Dec.) (Nov.)
P
T
(Jan.)(July)
P T
(Mar.)
T
rercent nsmg
964. New orders, durable goods industries-35 industries (9-mo. s p a n — , 1-mo. s p a n — )
100-
50-
0-
965. Newly approved capital appropriations, deflated—17 industries (4-Q moving a v g . ^ - , 1-Q span •—•)
90-
70-
50-
30-
966. industrial production-24 industries (&mo. span—-, 1-mo. s p a n — )
100-
50-
0-
7. Spot market prices, raw industrials—13 industrial materials (9-mo. s p a n — , 1-mo. s p a n — )
100-
50-
0-
968. Slock prices, 500 common stocks-5JI2 industries (9-mo. $p»»*-—, 1-mo. s p a n — )
100-
50-
0-
1
960. Net profits, manufacturing-about 700 companies (4-Q span)
90-
70-
50-
30-
1956 57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
This is a copyrighted series used by permission; it may not be reproduced without written permission from
Digitized for 1FRASER
Current data for these series are shown on page 75.
72
73
74
Dun & Bradstreet, Inc.
75
76
77
78
79
80 1981
CYCLICAL INDICATORS
C
I
DIFFUSION INDEXES A N D RATES OF C H A N G E — C o n t i n u e d
Chart C l . Diffusion Indexes—Continued
Percent rising
Actual
**Anticipated ••••••
Percent rising
Actual
•
Anticipated*
970. Business expenditures for new plant and
equipment—18 industries (1-Q span)
(a) Actual expenditures
974. Number of employees, manufacturing and trade (4-Q span)1
x
(b)Later anticipations^ 4
975. Level of inventories, manufacturing and trade (4-Q span)1
(a) Actual expenditures
971. New orders, manufacturing (4-Q span)1
976. Selling prices, manufacturing (44} span)1
972. Net profits, manufacturing and trade (4-Q span)1
977. Selling prices, wholesale trade (4-Q span)1
i
W
V*
973. Net sales, manufacturing and trade (4-Q span)1
1
This is a copyrighted series used by permission; it may
1,400 business executives.
http://fraser.stlouisfed.org/ series are shown on page 76.
Current data for these
Federal Reserve Bank of St. Louis
978. Selling prices, retail trade (4-Q span)1
not be reproduced without written permission from Dun & Bradstreet, Inc.
Dun & Bradstreet diffusion indexes are based on surveys of about
CYCLICAL INDICATORS
C
I
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
Chart C3. Rates of Change
(Aug.) (Apr.)
P
T
(Jan.) (July)
P T
(Apr.) (Feb.)
P
T
Percent changes at annual rate
1-rno. s p a n — H j
3«mo. span — p
910c. Composite index of
930c. Composite index of w
liHI
50c. GNP in constant (1W2)
48c, Employee-hours in nonagriq^Bl establishments f g
51c. Personal income less transfer
payments in
1956 57
58
59
60
61
62
63
64
Digitized for NOTE: Data for these percent changes are shown occasionally
FRASER
were published.
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
in appendix C. The "Alphabetical Index—Series Finding Guide" indicates the latest issue in which the data for each series
O T H E R I M P O R T A N T E C O N O M i C IVIEAS! J
A
I
NATIONAL INCOME AND PRODUCT
Chart A l . G N P and Personal Income
for these series are shown on pages 63 and 80.
Current data
200. GNP in current defers, Q (ann. rate, rj. doL)
223. Personal income m current dollars
(ann. rate, bil. doL)
^*-224. Disposable personal income in current
dollars, Q (ann. rate, bil. dol.)
§72 dollars, Q (anfT rate, thcik dS.)
OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
Chart A2. Personal Consumption Expenditures
ug.M.Apr.
P
T
(Apr ) \\ nb
P
T
(Ma
(Dec.) (Nov.)
P
T
Annual rate, billion dollars (current)
Personal consutr^ibon expenditures—
23Z Durabte jpods, Q
> ^ *
S
Annual rate, billion dollars (1972)
70
Current data for these series are shown on pages 8 0 and 8 1 .
OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
Chart A3. Gross Private Domestic Investment
(Aug.) (Apr.)
P
T
(Apr.) (Feb.)
P
T
(Dec.) (Nov.)
P
T
(Nov.)
P
(Mar.)
T
(Jan.) (July)
P T
[ Annual rate, billion dollars (current)
Gross private domestic investment—
245. Change in business inventories, Q
Annual rate, billion dollars (1972)
N
243. Total fixed investment, Q
30. Change in business inventories, Q
1956 57
58
59
Digitized for
60
61
62
63
Current
FRASERdata for these series are shown on page 81.
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
Chart A4. Government Purchases of Goods and Services
iAug./(Apr ;
(Apr M.felU
PI
P
(Dec.) (Nov.)
P
1
T
Nfiv'.j
(Mar.)
P
1
(Jan.) (July)
P
I '
Annual rate, billion dollars (current)
6 "'I-
government purchases of goods and services—
266. State and local
governments, Q
262. Federal Government, Q
Annual rate, billion dollars (1972)
267. State and local governments, Q
263. federal Government, Q
i ,N>
bf
58
b-»
b','
(• i
6^
b
Current data for these series are shown on page 8 1 .
OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
Chart A5. Foreign Trade
(Aug.)(Apr.)
P
T
(Apr.) (Feb.)
P
T
(Dec.) (Nov.)
P
T
(Nov.)
P
(Mar.)
T
(Jan.)(July)
P T
253. Imports of goods and services, Q
billion
(1972)
200180160140-
n
256. Exports of
12010080-
60-
257, Imports of goods and services, Q
+70+60+ 50+40+30-
255. Net exports of goods aid services, Q
+20+100-10-
1956 57
58
59
60
61
62
Current
data for these series are shown on page
http://fraser.stlouisfed.org/
Federal Reserve A
A Bank of St. Louis
63
82.
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
Chart A6. National Income and Its Components
(Aug.)(Apr.)
P
T
(Apr.) (Feb.)
P
T
(Dec.) (Nov.)
P
T
(Nov.)
P
(Jan.) (July)
P T
(Mar.)
T
i rate, billion dollars (current)
280026002400220020001800160014001200-
220. National income, Q
1000900800700600-
. ftmipensafatg
500400-
'MM
300-
ils
200180160140120 -
286. Corporate profits with inventory valuation and
1009080706050?%? PrnnriptaiV inmm<» with inuw^mv uahtafinn
and capital consumption adjustments, Q
4030-
20284. Rental income of persons with capital
consumptkMi ^jjustment, Q
^
io J
1956 57
58
59
60
61
62 63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
Current data for these series are shown on page 82.
Kill
45
OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
Chart A7. Saving
(Jan.)(July;
P T
(Apr m e t
P
T
Annual rale, billion dollars (current)
500
450
400350300-
298. Government surplus or deficit, Q
• y
-
•-
( '
;w
fc'i
64
Current data for these series are shown on pages 82 and 83.
46
OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
Chart A8. Shares of GNP and National Income
(Aug.) (Apr.)
P
T
(Apr.) (Feb.)
P
T
(Nov.)
P
(Jan.)(July)
P T
(Mar.)
T
65-
60J
20-|
15-
10-
5-
. V •••?•. I l l l l i
1. Net exports of goods and sen/ices, Q
80-1
75-
70-
65
J
15-1
10-
5-
Rental income of persons with caDrtal consumption
1956 57
58
59
60
61
62
63
64
65
66
67
68
0J
69
70
71
72
73
74
75
76
77
78
79
80 1981
Current data for these series are shown on page 83.
47
OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY
Chart Bl. Price Movements
(Nov.)
i. Mar
(Jan.
i (juiy)
P
Index: 1972=100
190 380-
310c. Implicit price deflator,
GNP (142 span)
Percent changes at annual rate
+ 15-V
+10 -i --
310. Implicit price deflator, GNP, Q311c Fixed-weighted price index, gross busin
product (1-Q span)
311. Fixed-weighted price index,
gross business product, Q
331. Crude materials
• - X:
~:
Current data for these
series are shown on pages 84, 85, and 86.
http://fraser.stlouisfed.org/
FederalAQ
Reserve Bank of St. Louis
1
334c. Finished consumer goods
OTHER
B
I
IfV'PO^-!r-'' ;i - !
:;.^- ^ a ' V ; C ^ L - ^ 4 ? <;:
PRICES, WAGES, AND PRODUCTIVITY—Continued
Chart B l . Price Movements—Continued
(Jan.)(Jiify.)
P T
300 T
?60 ?40 -
Consumer prices—
Percent changes at annual rate
320c All items (6-month span)
Chart B2. Wages and Productivity
Index: 1977=100
341. Real average hourly earnings of production
workers, private nonfarm economy1
340. Average hourly earnings of production workers,
private nonfarm economy (current dollars)1
346. Real average hourly compensation, ail employees,
1
overtime (in manufacturing only) and interindustry employment
Adjusted for
Current data for
http://fraser.stlouisfed.org/ these series are shown on pages 84, 87, and 88.
Federal Reserve Bank of St. Louis
345. Average hourly compensation, all employees,
nonfarm business sector, Q (current dollars)
shifts and seasonality.
OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND PRODUCTIVITY—Continued
Chart B2. Wages and Productivity—Continued
(Aug.) (Apr.)
P
T
(Apr.) (Feb.)
P
T
(Jan.)(July)
P T
[Wages—COTL]
Change in average hourly earnings of production
workers, private nonfarm economy1 —
1 l^
1l m
340c Current-dollar earnings $ t
wrwm
341c Real earnings . / i L S J ^ I i l l ^ ^ ^
6-month spans (ann. rate)
Change in average hourly compensation, all employees,
nonfarm business sector, Q—
345c Current-dollar compensation
;|
1-quarter spans (ann. rate)
Negotiated wage and benefit decisions, all industries—
348. First year average changes, Q (ann.
349. Average changes over life of
contract, Q (ann. rate)
358. Output per hour, all persons,
nonfarm business sector, Q
370. Output per hour, all persons,
private business sector, Q
370c Change in output per hour, private business 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 annualized 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.
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
Rfl
i
C
|
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
Chart C l . Civilian Labor Force and Major Components
u'an )i inly)
P 1
110105100-
441. Civilian labor force, total (millions)
Labor force participation rates (percent)—
453. Both sexes 16-19 years of age
452. Females 20 years and over
Number unemployed (millions)—
444. Males 20 years and over
445. Females 20 years
and over
448. Number employed part-time for economic
b (mllllurib)
workers (millions)
1981
Current data for these series are shown on page 89.
OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES
Chart D l . Receipts and Expenditures
(Aug.)(Apr.)
P
(Apr.) (Feb.)
T
P
(Nov.)
P
(Jan.) (July)
(Mar.)
P
(Dec.) (Nov.)
T
T
T
P
T
Annual rate, billion dollars (current)
502. Federal Government expenditures, Q
501. Federal Government receipts, Q
500. Federal Government surplus or deficit Q
511. State and local government receipts, Q
51Z State and local government expenditures, Q
510. State and local government surplus or deficit Q
1956 57
58
59
R9
60
61
62
63
Current data for these series are shown on page 9 0 .
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators
(Aug.) (Apr.)
P
T
(Apr.) (Feb.)
P
T
(Dec.) (Nov.)
P
T
(Nov.)
P
(Mar.)
T
(Jan.) (July)
P T
18-
[Advance Measures of Defense Activity]
16-
517. Defense Department gross obligations incurred
(bil. dol.; MCD moving avg.-6-term)
141210-
6-J
8°
525. Defense Department military prime contract awards
(bil. do).; MCD moving avg.-6-term)
76r, ^.
4-
100 -
543. Defense Department gross unpaid obligations outstanding (bil. dol.) y f
A
v
V
y
*vj"
Current data
for these series are shown on page 90.
«TA
548. Manufacturers' new orders, defense produgts
(bil. dol.; MCD moving avg.-6-term)
OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators—Continued
1 Intermediate and Final Measures of Defense Activity]
557. Output of defense and space equipment (index: 1967=100)
559. Manufacturers' inventories, defense products (bil. dol.)
561. Manufacturers' unfilled orders, defense products (bil. dol.)
580. Defense Department net outlays, military fundions and i t | | a 3 L - - - J I I l j
assistance (bil. dol.; MCD moving avg.^6-tenu)
itf*^
588. Manufacturers' shipments, defense products
(bil. dol.; MCD moving avg.-4-term)
1956
57
58
59
Current data
for these series
60
61
62
63
are shown on page 9 1 .
64
65
86
67
68
69
70
71
72
73
74
75
76
77
78
79
80
1981
OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued
Chart D2. Defense Indicators—Continued
(Aug,)(Apr.)
P
T
(Apr.) (Feb.)
P
T
(Nov.)
P
(Dec.) (Nov.)
P
T
(Jan.)(July)
P T
(Mar.)
T
] l n f t | e d i a t e and f t j a l Measures of Defense Activity—Con, 1
570. Employment in defense products industries (millions)
1.0
J
Defense Department personnel (millions)—
577. Military, active duty
3.53.02.52,0-
578. Civilian, direct hire employment
1.5-
1.0-
0.5-J
160-
[Nalfaiial Defense flfchasesl
140-
564. Federal Government purchases of goods and services
drf
Q (am. n | | | J L doL)
'
120-
H
100-
60-
40 J
565. National defense purchases as a percent of 6NP, Q (percent)
109-
6 •"
54-
1956
57
58
59
60
61
62
63
Digitized for Current data for these series are shown on page 91.
FRASER
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
1981
E
U.S. INTERNATIONAL TRANSACTIONS
Chart E l . Merchandise Trade
60Z Exports, «duding military aid shipments
bil. doJ.; MCD moving avg.-5-term)
604. Exports of agricultural products,
total (bil. dot.)
606. Exports of nonelectrical machinery (bil. dol.)
612. General imports (bil. dol.; MCD moving avg.-4-term)
Current data
for these series are shown on page 92.
614. Imports of petroleum and petroleum products (bil. dol.)
616. Imports of automobiles and parts (bil. dol.)
U.S. INTERNATIONAL T R A N S A C T I O N S — C o n t i n u e d
C h a r t E2. Goods a n d Services M o v e m e n t s
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, Q
618. Exports, Q -
Investment income—
651. Income on U.S. investments abroad,
" " - 6 5 2 . Income on foreign investments in the U.S., Q
NOTE: Annual totals are shown for the period prior to 1960.
for these series are shown on page 93.
Current data
http://fraser.stlouisfed.org/
IMHl
Federal Reserve Bank of St. Louis
R7
OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS
Chart F l . Industrial Production
(Aug.)(Apr.)
P
(Apr.) (Feb.)
T
P
(Nov.)
P
(Jan.) (July)
(Mar.)
P
(Dec.) (Nov.)
T
T
T
P
T
Index: 1967=100
280
260
240
220
Industrial production—
200-
728. Japan•^
180
160
721. OECD European countries
v
140120
100
722. United Kingdom
47. United States
60-»
1956
57
58
59
Current data
for these series
Rfi
60
61
62
63
are shown on page 94.
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80 1981
OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS—Continued
Chart F3. Stock Prices
Chart F2. Consumer Prices
(Nov )
P
(Dec.) (Nov.:
(Mar.)
1
Uan } ( i u l y )
p 1
Percent changes at annual rate
!' I
6-month spans
Index: 1967=100
Stock prices-
Consumer prices—
19. United States
ill
745. West Germany
736c. France
+20 i
743. Canada
IZJ
4-10-
1969
70
71
72
for these series
Current data
73
74
75
76
77
are shown on pages 95 and 96.
78
79
80 1981
1969 70
71
72
73
74
75
76
77
78
79
80 1981
CYCLICAL INDICATORS
COMPOSITE INDEXES AND THEIR COMPONENTS
| M
920. Index of
4 roughly
coincident indicators (series
41, 47, 51, 57)
(1967 = 100)
Year
and
month
910. Index of
12 leading indicators (series
1, 3, 8, 12, 19,
20, 29, 32, 36,
92, 104, 106)
(1967 = 100)
930. Index of
6 lagging indicators (series
62, 70, 72,
91, 95, 109)
940. Ratio,
coincident
index to
lagging index
COMPOSITE INDEXES
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)
(1967 = 100)
(1967 = 100)
(1967 = 100)
(1967 = 100)
(1967 = 100)
916. Profitability (series
19, 26, 80)
(1967 = 100)
917. Money
and financial
flows (series
104, 106, 110)
(1967 = 100)
1979
January
February
March
142.6
142.3
143.2
144.8
144.9
146.6
157.4
158.5
158.4
92.0
91.4
92.6
98.5
98.4
98.0
113.9
113.9
115.5
107.4
108.3
108.8
93.2
92.2
92.2
148.6
145.6
144.5
April
May
June
140.3
141.4
141.6
144.1
145.6
145.0
161.8
162.5
163.6
89.1
89.6
88.6
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
141.2
140.1
140.1
145.4
145.0
144.9
164.8
166.4
170.6
88.2
87.1
84.9
96.4
96.0
96.4
113.6
112.9
114.0
106.1
105.7
104.6
91.7
92.0
91.8
148.6
148.3
146.2
October
November
December
137.8
135.6
135.2
145.1
145.0
145.2
175.9
179.1
177.9
82.5
81.0
81.6
96.6
96.1
96.3
112.7
112.0
112.4
103.3
102.3
102.3
90.8
90.3
90.6
143.9
140.4
138.3
January
February
March
134.7
134.1
131.5
146.1
145.2
143.5
178.4
180.8
190.0
81.9
80.3
75.5
96.3
96.4
94.5
111.6
109.9
107.8
102.7
102.1
101.6
90.9
91.6
89.6
137.2
138.7
136.4
April
May
June
126.2
123.0
123.9
140.5
138.0
136.7
196.2
183.5
168.5
71.6
75.2
81.1
90.3
88.3
89.6
104.3
103.2
104.5
100.3
98.8
97.7
88.7
88.5
89.7
131.8
126.4
128.9
July
August
September
r!28.1
rl30.8
H34.5
H36.5
136.9
138.4
163.6
161.7
164.2
83.4
H>84.7
84.3
r91.7
r92.2
r92.9
H06.1
rl07.0
90.6
91.4
91.5
H33.5
137.4
H)rlO8.9
98.5
99.6
101.7
October
November
December
H35.2
r!36.7
H36.6
H40.1
H41.2
rl41.7
168.3
175.3
190.6
r83.2
r80.5
r74.3
r93.6
r94.2
r94.5
HO7.3
H03.3
r!08.2
H08.3
r!03.6
103.4
91.7
92.1
92.4
H39.1
r!39.7
rl39.0
H35.3
r!35.2
r!36.7
rl42.4
H)rl42.9
r!42.8
188.9
186.0
180.7
r75.4
r76.8
r79.0
r94.2
r94.1
r93.9
H06.6
H05.3
rlO6.2
r!02.2
103.4
104.2
92.9
H>92.9
(NA)
rl39.9
B)rl40.2
H39.6
0)137.6
Mas.5
2
133.8
H42.7
142.5
3
142.1
r!78.7
189.1
[H>A190.7
r79.9
r75.4
p74.5
E>r94.7
r94.0
p94.2
r!06.3
H05.8
p!04.0
B)rlO4.9
rlO4.1
p!03.0
1980
r!38.8
1981
January
February
March
April
May
June
rl38.0
H35.1
pl35.0
July
August
September
October
November
December
NOTE: Series are seasonally adjusted except for those, indicated by ® , that appear to contain no seasonal movement. Current high values are indicated by [H); for 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 listed at the back
of this issue. The " r " indicates revised; " p " , preliminary; " e " , estimated; " a " , anticipated; and "NA", not available.
Graphs of these series are shown on pages 10 and 11.
Excludes series 12 for which data are not yet available.
2
Excludes series 12 and 36 for which data are not yet available.
3
Excludes series 57 for which data are not yet available.
'•Excludes series 70 and 95 for which data are not yet available.
60
JULY 1981
not
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS
MAJOR ECONOMIC
PROCESS
0 1
Minor Economic
Process
L, L,L
L, C, L
L, L,L
2. Accession
rate, manufacturing
1. Average
workweek of
production
workers,
manufacturing
21. Average
weekly overtime
hours, production workers,
manufacturing
(Hours)
(Hours)
(Per 100 employees)
Revised 2
L, C, L
5. Average
weekly initial
claims, State
unemployment
insurancex
Revised 2
1979
Revised2
L, Lg, U
L, L, L
3. Layoff rate,
manufacturing
4. Quit rate,
manufacturing
(Per 100 employees)
(Per 100 employees)
Revised 2
(Thous.)
Comprehensive
Employment
Job Vacancies
Marginal Employment Adjustments
Timing Class
Year
and
month
EMPLOYMENT AND UNEMPLOYMENT
L, Lg, U
60. Ratio, helpwanted advertising to persons
unemployed
L, Lg, U
46. Index of
help-wanted
advertising
in newspapers
Revised 2
(Ratio)
(1967 = 100)
U, C, C
48. Employeehours in nonagricultural
establishments
(Ann. rate,
bil. hours)
Revised 2
January
February
March
40.5
40.5
40.6
3.6
3.6
3.6
4.1
4.1
4.0
344
334
347
0.9
0.9
0.9
2.2
2.1
2.1
0.805
0.785
0.780
161
158
156
168.70
168.89
170.04
April
May
June
39.3
40.3
40.2
2.9
3.5
3.4
4.0
4.0
4.1
434
350
375
1.0
1.0
1.1
2.1
2.0
2.0
0.780
0.794
0.796
155
154
153
166.24
169.23
169.79
July
August
September
40.3
40.2
40.2
3.4
3.3
3.3
3.9
3.9
3.9
395
390
387
1.1
1.4
1.2
2.0
2.0
1.9
0.804
0.762
0.793
155
155
159
169.87
170.01
170.48
October
November
December
40.1
40.0
40.0
3.3
3.2
3.1
3.9
3.9
3.8
395
409
407
1.2
1.3
1.3
2.0
2.0
1.8
0.811
0.771
0.755
167
158
159
170.39
170.67
171.25
January
February
March
40.1
40.0
39.7
3.1
2.9
3.0
3.9
3.8
3.7
402
375
440
1.4
1.3
1.4
1.9
1.9
1.8
0.705
0.696
0.660
154
151
145
172.49
172.14
171.18
April
May
June
39.8
39.5
39.3
3.0
2.6
2.5
3.2
3.1
3.4
569
635
617
2.7
3.2
2.6
1.6
1.5
1.4
0.504
0.420
0.438
122
112
115
170.19
169.04
167.98
July
August
September
39.2
39.5
39.6
2.5
2.7
2.7
3.5
3.6
3.7
535
502
501
1.6
1.8
1.5
1.4
1.4
1.3
0.438
0.439
0.466
118
117
122
167.04
168.13
169.07
October
November
December
39.7
39.8
39.9
2.8
3.0
3.0
0)3.7
3.6
3.5
439
409
0)396
1.5
1.3
1.2
1.3
1.4
1.5
0.475
0)0.502
0.497
127
0)134
130
169.66
170.06
171.12
40.1
39.8
39.9
3.0
2.8
2.8
3.5
3.5
3.4
417
402
421
1.4
1.3
1.3
1.4
1.4
1.3
0.486
0.495
0.479
128
129
125
0)172.87
171.65
172.14
40.2
0)40.3
p40.1
2.9
H>3.1
p3.0
3.4
3.1
p3.4
408
411
p418
0)1.1
1.3
1.3
pi.4
0.453
0.430
pO.463
118
118
p!21
170.56
171.43
p!70.69
1980
1981
January
February
March
April
May
June
1.3
pi.3
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 12, 16, and 17.
*Data exclude Puerto Rico, which is included in figures published by the source agency.
See "New Features and Changes for This Issue," page iii.
2
http://fraser.stlouisfed.org/
Federal Reserve BankJULY 1981
of St. Louis
61
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
Q j
Minor Economic
Process
Timing Class
EMPLOYMENT AND UNEMPLOYMENT-Continued
Comprehensive Employment—Continued
Comprehensive Unemployment
C, C,C
L, C, U
U, Lg, U
42. Persons
engaged in nonagricultural
activities, labor
force survey
41. Employees
on nonagricultural payrolls,
establishment
survey
40. Employees
in goodsproducing industries (mining, mfg., construction)
90. Ratio,
civilian employment to total
population of
working age
(Thous.)
Year
and
month
U, C, C
(Thous.)
(Thous.)
(Percent)
Revised
1979
2
Revised
L, Lg, U
L, Lg, U
37. Number of
persons unemployed, labor
force survey
43. Unemployment rate,
total
45. Average
weekly insured unemployment rate,
State programsl
91. Average
duration of
unemployment
44. Unemployment rate,
persons unemployed 15
weeks and over
(Thous.)
(Percent)
(Percent)
(Weeks)
(Percent)
L, Lg, U
Lg, Lg, Lg
Lg, Lg, Lg
2
January
February
March
92,781
93,088
93,318
88,693
88,946
89,329
26,239
26,279
26,465
59.13
59.27
59.31
5,958
5,993
5,956
5.8
5.9
5.8
3.0
3.0
3.0
11.2
11.3
11.7
1.2
1.2
1.3
April
May
June
93,061
93,364
93,562
89,348
89,699
89,958
26,444
26,526
26,603
59.07
59.16
59.24
5,918
5,776
5,718
5.8
5.6
5.6
2.9
2.8
2.8
11.0
10.9
10.5
1.2
1.2
1.1
July
August
September
93,995
93,706
94,189
90,080
90,228
90,276
26,637
26,568
26,547
59.43
59.21
59.43
5,738
6,057
5,971
5.6
5.9
5.8
2.8
2.9
2.9
10.3
10.6
10.6
1.0
1.1
1.1
October
November
December
94,153
94,123
94,458
90,402
90,442
90,536
26,494
26,382
26,397
59.24
59.21
59.30
6,132
6,104
6,272
5.9
5.9
6.0
3.0
3.1
3.1
10.5
10.6
10.6
1.1
1.2
1.2
January
February
March
94,421
94,488
94,291
90,687
90,865
90,871
26,385
26,363
26,238
59.18
59.18
58.99
6,500
6,454
6,543
6.2
6.2
6.3
3.2
3.2
3.4
10.6
10.7
11.0
1.3
1.2
1.3
April
May
June
93,963
93,764
93,548
90,817
90,446
90,087
25,971
25,662
25,402
58.68
58.54
58.26
7,202
7,944
7,811
6.9
7.6
7.5
3.7
4.2
4.6
11.2
10.6
11.7
1.5
1.6
1.7
July
August
September
93,732
93,793
93,781
89,960
90,219
90,461
25,151
25,322
25,445
58.30
58.23
58.27
8,021
7,942
7,800
7.6
7.6
7.4
4.4
4.3
4.3
11.8
12.5
13.0
1.8
2.0
2.2
October
November
December
93,887
93,999
93,888
90,668
90,844
90,949
25,521
25,629
25,631
58.21
58.22
58.11
7,961
7,946
7,785
7.6
7.5
7.4
4.1
3.8
3.5
13.3
13.6
13.5
2.2
2.2
2.3
94,294
94,646
95,136
91,091
91,258
91,347
25,647
25,657
25,705
58.30
58.38
58.61
7,847
7,754
7,764
7.4
7.3
7.3
3.4
14.4
14.4
14.0
2.2
2.1
2.1
95,513
[0)95,882
95,127
91,458
0)91,530
p91,516
25,700
25,690
58.89
[H>58.97
58.40
7,746
8,171
7,784
7.3
7.6
3.3
3.3
p3.4
13.7
0)13.2
14.2
0)2.0
2.2
1980
1981
January
February
March
April
May
June
0)p25,774
E>7.3
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 14, 15, 17, and 18.
*Data exclude Puerto Rico, which is included in figures published by the source agency.
2
See "New Features and Changes for This Issue," page iii.
62
JULY 1981
2.0
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
Q
Minor Economic
Process
Timing Class
Year
and
month
PRODUCTION AND INCOME
Industrial Production
Comprehensive Output and Income
c, c, c
C, C, C
50. Gross national product
in 1972 dollars
C, C, C
52. Constant
(1972) dollars
51. Personal
income, less
transfer payments, in 1972
dollars
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
53. Wages and
salaries in
mining, mfg.,
and construction in 1972
dollars
(Ann. rate,
bil. dol.)
Persona income
223. Current
dollars
(Ann. rate,
bil. dol.)
C, C, C
(Ann. rate,
bil. dol.)
C, C, C
47. Index of
industrial
production,
total
(1967 = 100)
C, C, C
73. Index of
industrial
production,
durable manufactures
(1967 = 100)
C, L, L
74. Index of
industrial
production,
nondurable
manufactures
(1967 = 100)
C, C, C
49. Value of
goods output
in 1972 dollars
(Ann. rate,
bil. dol.)
1979
January
February
March
1,479'.9
1,845.9
1,863.0
1,884.8
1,184.0
1,185.1
1,190.7
1,033.9
1,035.8
1,040.8
251.1
251.3
252.6
152,0
152.5
153.5
147.0
147.2
148.6
161.6
162.9
164.0
681'8
April
May
June
1,473^4
1,891.9
1,903.4
1,923.5
1,188.4
1,188.1
1,193.2
1,037.1
1,037.5
1,043.3
251.4
249.5
248.2
151.1
152.7
153.0
144,5
147.6
147.6
162.6
163.6
163.7
669 " l
July
August
September
1,488^2
1,954.0
1,974.8
1,987.9
1,202.5
1,206.4
1,203.3
1,045.2
1,048.4
1,046.3
247.3
245.1
244.4
153.0
152.1
152.7
147.2
144.4
145.9
164.8
165.2
165.4
673^6
October
November
December
1,490.6
2,011.3
2,032.7
2,051.8
1,205,8
1,209.9
1,211,9
1,049.0
1,053.6
1,055.3
242.9
241.5
241.7
152.7
152,3
152.5
146.0
145.2
144.8
164.8
165.0
165.3
673!3
January
February
March
1,501!9
2,077.2
2,086.4
2,101.0
1,216.2
1,207.4
1,199.2
1,056.5
1,050.9
1,044.0
240.6
239.2
236.3
152.7
152.6
152.1
144.7
144.1
143.4
166.0
165.9
164.7
682 J
April
May
June
1,463*3
2,102.1
2,114.1
2,127.1
1,194.4
1,195.1
1,195.0
1,037.6
1,036.0
1,035.1
231.9
228.2
225.1
148.3
144.0
141.5
138.4
133.3
129.9
161.6
158.0
155.3
658.1
July
August
September
1,471!9
2,161.2
2,179.4
2,205.7
1,206.7
1,207.4
1,208.6
1,033.8
1,036.2
1,036.9
224.2
226.2
227.7
140.4
141,8
144.1
128.3
129.4
131.7
154.7
156.9
160.3
657.' 5
October
November
December
1,485.6
2,234.3
2,257.6
2,276.6
1,216.3
1,221.0
1,222.7
1,045.5
1,051.6
1,053.7
229.4
231.5
232.1
146.9
149.4
151.0
135.8
139.3
140.6
161.8
163.3
165.0
662^9
E>1.516*4
2,300.7
2,318.2
2,340.4
1,227.7
1,231.1
1,233.1
1,057.8
1,062.0
1,063.5
E>234.9
232.6
232.5
151.7
151.5
152.2
141.4
140.7
142.2
165.2
166.1
165.5
0)688.9
pi,509.1
r2,353.7
r2,367.6
B)p2,382.1
rl,234.9
H)rl,237.0
pi,236.2
rl,065.7
H>rl,068.0
pi,067.1
r232.2
r232.0
p231.3
rl52.2
E)152.8
p!52.7
H42.6
[H>rl43.6
pl42.7
H66.2
E>rl66.4
p!65.9
P683.2
1980
1981
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 14, 19, 20, and 40.
http://fraser.stlouisfed.org/ 1981
JULY
Federal Reserve Bank of St. Louis
63
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS . .
Q |
Minor Economic
Process
L, C, U
83. Rate of
capacity
utilization,
manufacturing
(BEA)
82. Rate of
capacity
utilization,
manufacturing
(FRB)
(Percent)
(Percent)
Orders and Deliveries
L, C, U
January
February
March
L, L,L
L, L, L
Value of manufacturers' new
orders, durable goods industries
84. Rate of
capacity
utilization,
materials
6. Current
dollars
(Percent)
(Bil. dol.)
Revised 1
1979
April
May
June
CONSUMPTION, TRADE, ORDERS, AND DELIVERIES
Capacity Utilization
Timing Class
Year
and
month
| Q
PRODUCTION AND INCOME-Continued
L, L, 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.)
Revised 1
Revised 1
Revised 1
L, L, L
32. Vendor
performance,
companies receiving slower
deliveries ®
(Percent
reporting)
Revised 1
86.9
88.4
79.46
82.10
84.53
44.67
45.69
46.65
39.59
39.07
39.46
5.73
7.62
7.66
256.55
264.17
271.84
69
77
78
85.'9
87.*5
77,58
80.39
79.07
42.34
43.55
42.53
37.96
38.74
37.93
4.57
2.46
3.83
276.41
278.87
282.70
76
76
70
85.' 3
87*.2
77.94
77.20
79.10
41.61
41.11
41.59
36.91
36.81
36,88
1.85
0.59
3.02
284.54
285.14
288.15
60
55
51
84.4
86." 3
77.59
78.32
78.56
40.18
40.31
40.19
36.40
35.63
35.23
0.54
2.49
2.49
288.69
291.18
293.67
50
47
49
83'.4
85.5
83.58
83.15
79.39
41.75
41.10
39.26
36.67
36.84
33.95
3.92
2.50
1.88
297.58
300.08
301.96
48
42
45
77.*9
1Z.1
73.38
69.00
70.33
36.16
33.89
34.21
31.22
30.26
30.04
-1.34
-3.30
-1.58
300.62
297.33
295.75
40
32
28
75,*7
74^9
80.21
76.78
82.16
38.66
36.76
39.11
32.53
32.71
34.39
[H>4.66
1.30
2.43
300.40
301.70
304.13
32
34
39
79.2
80.6
83.36
83.97
86.58
39.21
39.31
D40.19
35.74
35.35
35.03
0.84
0.74
3.10
304.98
305.72
308.82
44
45
47
H>8l!7
84.21
85.45
86.73
38.95
39.41
39.91
33.72
35.59
34.96
0.88
1.23
1.67
309.70
310.93
312.60
46
50
52
87.18
E>88.16
p87.46
39.75
39.88
p39.34
35.59
35.49
0.85
1.50
p-0.81
313.45
H>314.95
p314.15
E>56
p81'. 1
*84
.
*83
July
August
September
October
November
December
*82
*81
1980
January
February
March
"80
April
May
June
*76
July
August
September
October
November
December
*76
*78
1981
January
February
March
April
May
June
79.9
H>P78
B>p79.*9
(NA)
E)p35.83
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 12, 20, and 21.
x
See "New Features and Changes for This Issue," page i i i .
64
JULY 1981
52
48
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
Q |
Minor Economic
Process
C, C, C
C, C,C
Manufacturing and trade sales
56. Current
dollars
(Mil. dol.)
57. Constant
(1972) dollars
(Mil. dol.)
C, L, C
75. Index of industrial production, consumer
goods
(1967 = 100)
C, L, U
U, L, U
Sales of retail stores
54. Current
dollars
(Mil. dol.)
FIXED CAPITAL
INVESTMENT
Formation of Business Enterprises
Consumption and Trade
Timing Class
Year
and
month
• •
l i l
CONSUMPTION, TRADE, ORDERS, AND DELIVERIES—Continued
59. Constant
(1972) dollars
(Mil. dol.)
L,C, C
55. Personal
consumption
expenditures,
automobiles
L, L, L
58. Index of
consumer,
sentiment ©
L, L, L
12. Index of
net business
formation
(Ann. rate,
bil. dol.)
(1st Q
1966 = 100)
(1967 = 100)
L, L, L
13. Number of
new business
incorporations
(Number)
1979
January
February
March
274,091
274,844
283,741
160,037
158,967
162,650
151.3
151.8
153.4
71,402
71,702
72,590
45,421
45,152
45,312
69.2
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
157,009
160,851
158,198
149.3
152.2
152.1
72,610
73,198
73,496
44,960
44,990
44,787
6^9
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
296,761
159,890
160,066
160,125
151.2
148.7
150.0
74,211
75,623
76,815
44,922
45,501
45,778
65^0
60.4
64.5
66.7
131.8
130.3
132.5
44,655
42,911
44,687
October
November
December
298,452
298,949
302,117
159,305
157,932
158,464
150.0
149.1
148.6
76,428
76,946
77,475
45,144
45,077
45,017
6^2
62.1
63.3
61.0
131.9
131.4
133.9
46,478
44,811
43,579
January
February
March
312,458
315,394
310,300
161,386
158,817
154,642
147.9
148.4
148.6
79,561
78,899
77,603
45,751
44,931
43,524
71'.6
67.0
66.9
56.5
131.0
129.8
125.8
44,447
44,583
42,615
April
May
June
294,998
292,478
294,203
149,415
147,355
147,687
145.3
142.4
142.1
76,404
75,975
77,843
42,660
42,279
43,007
5CL7
52.7
51.7
58.7
120.5
117.8
114.8
42,461
41,974
39,746
July
August
September
304,154
308,019
318,321
150,468
149,586
153,574
142.0
142.7
144.3
79,491
79,829
80,620
43,700
43,433
43,251
58*. 7
62.3
67.3
73.7
115.3
117.7
120.6
44,058
43,266
46,488
October
November
December
325,838
328,983
339,357
155,507
155,676
156,123
146.6
148.0
147.7
81,552
82,764
83,443
43,518
43,907
43,917
66.1
75.0
0)76.7
64.5
119.6
119.2
0)121.3
47,225
46,888
0)48,297
345,578
346,446
0)346,581
r!57,483
H>rl58,898
rl57,930
147.2
146.9
148.2
85,463
86,810
0)87,608
44,768
45,166
0)45,182
E>75;6
71.4
66.9
66.5
118.1
117.1
pl!7.7
45,864
47,662
p47,927
r345,682
p344,151
(NA)
rl57,170
pl55,294
(NA)
H49.2
H>rl49.8
pl49.4
r85,855
r85,313
p86,372
r44,164
r43,818
p44,203
72.4
76.3
73.1
e!17.9
(NA)
(NA)
p63.0
1980
1981
January
February
March
April
May
June
July
August
September
Octbber
November
December
See note on page 60.
Graphs of these series are shown on pages 12, 14, 22, and 23.
http://fraser.stlouisfed.org/
l l St. Louis
Federal Reserve BankI lof V 1QQ1
urn
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
| j y | FIXED CAPITAL INVESTMENT—Continued
Minor Economic
Process
Timing Class
Business Investment Commitments
L, L, L
L, L, L
L, L, L
20. Constant
(1972) dollars
10. Current
dollars
(Bil. dol.)
1978
Revised3
3
Revised 3
(Millions)
(Bil. dol.)
Revised
9. Construction contracts for commercial and industrial buildings*
Square feet of
floor space
27. Constant
(1972) dollars
(Bil. dol.)
(Bil. dol.)
Revised
24. Current
dollars
U, Lg, U
L, C, U
Value of manufacturers' new orders,
capital goods industries, nondefense
Contracts and orders for plant
and equipment
Year
and
month
L, L, L
Square meters of
floor space2
(Millions)
C Lg, Lg
11. Newly
approved capital
appropriations,
1,000 manufacturing corporations
97. Backlog of
capital appropriations, 1,000
manufacturing
corporations
(Bil. dol.)
(Bil. dol.)
3
January
February
March
26.19
26.30
30.28
15.43
15.67
18.35
21,25
23.30
25.78
12.74
14.05
15.95
85.78
104.38
94.15
7,97
9.70
8.75
2 1 ! 61
April
May
June
26.14
23.60
25.28
15.23
13.69
14.69
21.38
22.06
22.33
12.70
12.88
13.15
96.06
89.32
86.61
8.92
8.30
8.05
2l!20
July
August
September
26.51
24.53
25.31
14.96
13.79
14.14
21.92
21.77
22.36
12.60
12.39
12.66
92.79
84.75
91.05
8.62
7.87
8.46
22! 69
October
November
December
24.59
29.11
28.38
13.78
16.49
15.85
21.52
23.45
23.17
12.27
13.72
13.32
95.23
81.97
84.18
8.85
7.62
7.82
23.28
January
February
March
28.27
24.20
26.63
15.52
13.34
14.28
24.84
21.98
23.09
13.88
12.30
12.62
94.57
84.27
80.55
8.79
7.83
7.48
29.' 50
April
May
June
24.43
21.83
24.43
13.10
11.88
13.41
22.44
20.23
21.10
12.18
11.14
11.91
73.39
67.09
71.39
6.82
6.23
6.63
25.*86
July
August
September
26.78
25.87
25.52
14.79
13.61
13.80
23.52
21.28
22.52
13.32
11.54
12.45
71.40
68.63
68.47
6.63
6.38
6.36
24.'29
October
November
December
24.82
28.97
0)29.59
12.89
15.27
0)15.46
21.62
23.35
24.66
11.46
12.77
0)13.28
72.12
86.15
0)97.45
6.70
8.00
0)9.05
27.70
24.33
28.71
14.32
12.64
14.57
0)24.82
21.18
24.46
13.06
11.26
12.72
78.70
84.41
90.00
7.31
7.84
8.36
0)p29.'88
27.83
26.69
p28.12
13.95
13.48
pl3.97
24.72
23.86
p22.74
12.61
12.27
pi 1.65
77.53
82.86
84.60
7.20
7.70
7.86
(NA)
67^63
69!95
73.*45
76.66
1979
84.09
87^94
89^72
25^81
91.87
1980
January
February
March
April
May
June
0)p96.*48
(NA)
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 12, 23, and 24.
x
This is a copyrighted series used by permission; it may not be reproduced without written permission from McGraw-Hill Information Systems
Company, F.W. Dodge Division.
2
Converted to metric units by the Bureau of Economic Analysis.
3
See "New Features and Changes for This Issue," page iii.
66
1 • 11 v/ 1 n o
itrn
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
2 1 FX D CAPITAL INVESTMENT-Continued
IE
Minor Economic
Process
Timing Class
Year
and
month
Residential Construction
Commitments and Investment
Business Investment Expenditures
C Lg, Lg
61. Business
expenditures
for new plant
and equipment,
total
(Ann. rate,
bil. dol.)
C Lg, Lg
C Lg, U
76. Index of
69. Machinery
industrial proand equipment
sales and business duction, business
equipment
construction
expenditures
(Ann. rate,
bil. dol.)
(1967 = 100)
C Lg, C
Lg, Lg, Lg
C Lg, C
Nonresidential fixed investment i I 1972 dollars
86. Total
(Ann. rate,
bil. dol.)
87. Structures
(Ann. rate,
bil. dol.)
88. Producers'
durable equipment
(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.)
Revised 1
1979
January
February
March
255.55
263.23
265.09
276.90
168.2
169.3
171.0
161-4
45.*8
115.6
1,672
1,444
1,817
118.0
120.5
138.9
6o!8
April
May ,
June
265!24
271.62
277.71
276.90
168.7
171.2
171.2
161 ".3
48!6
113.2
1,760
1,867
1,891
129.0
136.0
132.5
59*. 1
July
August
September
273." 15
285.01
291.45
290.86
171.3
171.6
173.4
166.4
49*.4
117.6
1,758
1,777
1,844
123.9
128.5
132.3
58.6
October
November
December
284!30
294.99
291.39
300.25
172.3
172.6
174.1
164J
50*7
113.5
1,697
1,502
1,563
119.6
103.1
101.3
58.'1
January
February
March
291.39
306.87
313.92
311.56
174.9
176.0
176.1
165* 0
5CL5
114.5
1,389
1,273
1,040
105.2
96.6
80.6
54.2
April
May
June
294.36
303.73
305.60
305.91
174.2
171.9
169.8
156J
48.' 7
107.'4
1,044
938
1,184
66.6
69.8
88.4
43.'1
July
August
September
296^23
307.06
299.58
317.20
170.1
170.3
170.5
155*.5
46.' 8
108*8
1,277
1,411
1,482
99.5
109.5
44.'7
0)122.6
October
November
December
299.58
317.03
320.32
322.93
172.3
174.5
177.8
157.0
47.8
109.3
1,519
1,550
1,535
109.1
110.3
100.9
50.6
0)312.24
326.16
325.22
0)336.68
178.9
178.3
180.5
0)162.0
0)49.6
H>112.4
H)l,660
1,215
1,297
98.1
94.1
93.1
0)51.0
April
May
June
a311.87
334.62
p334.91
(NA)
rl82.1
0)H83.2
p!83.0
pl59*.5
p49!i
piio'.i
rl,332
rl ,159
95.8
94.3
77.8
p48!2
July
August
September
a322.88
October
November
December
a333.'o9
1980
1981
January
February
March
pi,032
See note on page 60.
Graphs of these series are shown on pages 13, 24, and 25.
x
See "New Features and Changes for This Issue," page iii.
http://fraser.stlouisfed.org/
Federal Reserve Bank JULY 1981
of St. Louis
67
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
INVENTORIES AND INVENTORY INVESTMENT
Minor Economic
Process
Timing Class .
Year
and
month
Inventories on Hand and on Order
Inventory Investment
L, L, L
L, L, L
L, L, L
L, L, L
30. Change in
business inventories in 1972
dollars
36. Change in inventories on
hand and on order, 1972 dollars
31. Change
in book value
of mfg. and
trade inventories, total
38. Change
in stocks of
materials and
supplies on
hand and on
order, mfg.
(Ann. rate,
bil. dol.)
Monthly
data
(Ann. rate,
bil. dol.)
Smoothed
data1
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Bil dol.)
Lg, Lgf Lg
Lg. Lg,
Manufacturing and trade
inventories
71. Current
dollars
(Bil dol.)
70. Constant
(1972) dollars
(Bil dol.)
Lg, Lg, Lg
L, Lg, Lg
65. Manufacturers' inventories of
finished
goods, book
value
77. Ratio,
constantdollar inventories to
sales, mfg.
and trade
78. Stocks of
materials and
supplies on
hand and on
order, mfg.
(Bil dol.)
(Ratio)
(Bil dol.)
Revised 2
Revised 2
1979
Lg, Lg, Lg
Revised 2
32.51
18.43
16.04
20.32
23.34
22.92
56.8
47.2
39.8
4.79
3.63
3.61
385.38
389.31
392.63
259.85
260.51
261.52
65.95
66.80
67.07
1.62
1.64
1.61
186.75
190.38
193.99
25.91
-3.61
17.57
21.23
16.45
13.04
68.1
43.7
57.3
4.40
1.54
2.71
398.31
401.94
406.72
262.97
263.77
265.08
67.86
68.10
68.90
1.67
1.64
1.68
198.39
199.93
202.64
16.84
0.37
-15.23
11.78
10.93
6.13
82.3
42.6
16.0
1.46
2.56
1.33
413.58
417.13
418.46
267.21
267.56
266.29
69.52
69.81
70.79
1.67
1.67
1.66
204.10
206.66
207.99
-0.7
-1.00
-13.30
-18.31
-2.31
-7.57
-10.36
51.0
38.9
10.1
2.30
2.29
1.16
422.71
425.95
426.80
267.02
266.63
265.44
70.89
70.86
71.38
1.68
1.69
1.68
210.29
212.58
213.73
-0.9
-17.33
-15.35
4.90
-13.59
-16.66
-13.13
55.5
44.8
47.5
2.14
2.84
1.14
431.42
439.70
442.96
264.77
264.14
264.60
72.43
73.42
74.52
1.64
1.66
1.71
215.88
218.72
219.86
l!3
-4.54
-27.35
-24.61
-7.13
-7.00
-13.92
72.7
7.6
14.8
-0.92
-2.35
-2.24
445.17
445.80
447.03
266.02
265.24
264.73
75.99
76.67
77.10
1.78
1.80
1.79
218.94
216.59
214.35
July
August
September
-5*.b
-3.30
-6.23
-1.56
-18.63
-14.90
-7.54
29.7
29.3
31.4
2.07
-1.05
1.01
449.51
451.95
454.57
264.79
264.39
264.24
77.60
77.73
77.49
1.76
1.77
1.72
216.41
215.36
216.37
October
November
December
-7^2
7.45
-3.96
-12.14
-1.90
0.26
-1.12
23.6
17.4
-14.6
0.96
0.29
0.62
456.53
457.99
461.72
264.33
264.10
262.97
77.25
77.44
76.56
1.70
1.70
1.68
217.33
217.62
218.24
r-15.65
r6.78
r3.49
r-7.72
r-9.44
r-4.83
40.7
E>68.4
19.1
0.13
-1.4
H>1.40
-0.25
465.11
470.80
472.39
262.81
262.86
262.64
76.20
77.47
79.25
1.67
rl.65
rl.66
218.37
219.78
219.52
E>p9*.7
r3.70
H>p9.23
(NA)
rl.43
H)p5.06
(NA)
r26.1
P39.1
(NA)
1.16
pi.18
(NA)
r474.56
H>p477.82
(NA)
r263.15
0>p264.O8
(NA)
79.19
[H>p80.39
(NA)
rl.67
H>P].7O
(NA)
220.69
0>p221.86
(NA)
January
February
March
April
May
June
18.4
July
August
September
October
November
December
1980
January
February
March
April
May
June
1981
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 15, 26, and 27.
Series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
2
See "New Features and Changes for This Issue," page iii.
JULY 1981
CYCLICAL INDICATORS
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
Q |
Minor Economic
Process
Sensitive Commodity Prices
Timing Class
L, L, L
Year
and
month
(Percent)
(Percent)
L, L, L
23. Index of
Smoothed
data2
Monthly
data
Stock
Prices
U, L, L
92. Change in sensitive crude
materials prices
PRICES, COSTS, AND PROFITS
19. Index of
stock prices,
500 common
stocks @
spot market
prices, raw
industrials ©
(1967 = 100)
(1941-43 = 10)
Profits and Profit Marg ns
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 CCAdj l
79. Current
dollars
(Ann. rate,
bil. dol.)
80. Constant
(1972) dollars
(Ann. rate,
bil. dol.)
L, L, L
22. Ratio,
profits (after
taxes) to total
corporate
domestic income
(Percent)
1979
January
February
March
0.62
3.07
2.98
1.11
1.23
1.87
258.3
273.5
288.5
99.71
98.23
100.11
164^6
101."6
113*4
70." 1
11*9
0.88
2.67
3.25
2.27
2.24
2.22
294.5
293.8
293.9
102.07
99.73
101.73
164.6
98.9
no.*2
66\9
11.*5
July
August
September
1.18
0.38
3.39
2.32
1.98
1.63
297.3
298.1
297.3
102.71
107.36
108.60
173^6
1O1.*8
i I i'. i
65^7
n".4
October
November
December
2.79
1.98
2.11
1.92
2.45
104.47
103.66
107.78
168'.2
96'.7
102^2
59^4
ii !i
2.51
307.7
304.0
309.6
January
February
March
2.99
2.43
-1.22
2.33
2.44
1.96
316.2
322.5
316.9
110.87
115.34
104.69
18219
102*.6
106.6
6o!i
11."5
April
May
June
0.26
-0.09
0.02
0.94
0.07
-0.14
301.9
278.5
267.5
102.97
107.69
114.55
146\5
8CL3
97.8
54! i
9.'i
July
August
September
2.26
2.35
1.98
0.40
1.14
1.87
277.6
292.1
298.3
119.83
123.50
126.51
159J
85.*5
99.4
54.6
16.0
October
November
December
2.60
2.45
1.56
2.25
2.33
2.27
300.8
0)304.7
298.4
130.22
|H>135.65
133.48
164.3
86.6
98.1
52.2
0)10.3
2.49
E)r7.84
r-1.22
2.18
r3.06
(H)r3.50
291.6
284.2
289.8
132.97
128.40
133.19
16)168.0
H>87.*2
0)111.9
0)58.4
10.2
1.40
1.85
-0.58
r2.86
rl.68
0.78
293.0
288.9
(NA)
134.43
131.73
132.28
(NA)
(NA)
(NA)
(NA)
(NA)
April
May
June
. . .
1980
1981
January
February
March
April
May
June
July
August
September
3
128.86
October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 28, and 29.
1
IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.
2
Series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
3
Average for July 1, 8, 15, and 22.
http://fraser.stlouisfed.org/
JULY 1981
Federal Reserve Bank of St. Louis
ItCII
69
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
Minor Economic
Process
Timing Class
Year
and
month
B i
PRICES, COSTS, AND PROFITS-Continued
U, L, L
81. Ratio,
profits (after
taxes) with IVA
and CCAdj to
corp. domestic
income'
(Percent)
Unit Labor Costs and Labor Share
Cash Flows
Profits and Profit Margins-Continued
L, L, L
L, L, L
L, L, L
15. Profits (after
taxes) per dollar
of sales, all
manufacturing
corporations
26. Ratio, price
to unit labor
cost, nonfarm
business sector
(Cents)
(1977 = 100)
(Ann. rate,
bil.dol.)
L, L, L
Net cash flow, corporate
34. Current
dollars
35. Constant
(1972) dollars
(Ann. rate,
bil.dol.)
Lg, Lg, Lg
Lg, Lg, Lg
63. Index of
unit labor cost,
private business
sector
68. Labor cost
per unit of real
gross domestic
product, nonfinancial
corporations
(1977 = 100)
(Dollars)
Lg, Lg, Lg
62. Index of
labor cost per
unit of output,
manufacturing
(1967 = 100)
Lg, Lg, Lg
64. Compensation of employees as a percent
of national
income
(Percent)
1979
January
February
March
7*5
5.9
97*.6
247.4
14719
115*4
1.052
170.2
171.6
171.7
74*1
April
May
June
6.9
5*.6
97.0
252'.0
147*4
118.5
1.079
176.4
173.9
174.6
74*5
July
August
September
6.3
5^8
96\6
266.'1
152*5
121 ! 4
1 .104
175.7
177.3
177.7
74*3
October
November
December
5.7
5.*4
%.Z
262*9
148^6
124.2
1.1*35
178.9
180.0
181.7
74*7
January
February
March
5.5
5.*6
96.'5
280.'7
155*2
127.6
1.158
182.9
184.9
186.8
74!6
April
May
June
5*.5
95.8
246J
132 . 2
*
131.' 3
1.193
190.5
194.8
198.6
75*8
July
August
September
5*.4
4*.6
96.5
262.9
138^6
133.' 9
1.203
200.6
201.4
200.6
75.3
October
November
December
5.*3
4.9
9^4
272.0
141.1
137.0
1.230
199.9
200.0
200.3
75 ,*4
E>6.*2
H>5."6
H>p96'.6
H> 279*6
H>142!9
[H)pl39;5
H>1.244
202.8
204.4
r2O4.7
75.2
(NA)
(NA)
(NA)
(NA)
(NA)
(NA)
r206.0
r207.3
E>p208.1
(NA)
1980
1981
January
February
March
April
May
June
(NA)
July
August
September
October
November
December
See note on page 60.
Graphs of these series are shown on pages 15, 29, and 30.
X
1VA, inventory valuation adjustment; CCAdj, capital consumption adjustment.
70
JULY 1981
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
Q J
Minor Economic
Process
Timing Class
MONEY AND CREDIT
Money
L, C, U
L, L, L
85. Change in
money supply
(Ml-B)
Year
and
month
102. Change
in money
supply (M2)
L, L, L
Smoothed
data 1
(Percent)
(Percent)
Revised
2
1979
Revised
2
(Percent)
(Percent)
Revised
2
Revised
105. Money
supply (Ml-B)
in 1972
dollars
(Bil. dol.)
2
Revised
C, C, C
L, L, L
L, L, L
104. Change in total liquid assets
Monthly
data
Credit Flows
Velocity of Money
2
106. Money
supply (M2)
in 1972
dollars
(Ratio)
2
Revised
L, L, L
108. Ratio,
personal income
to money supply
(M2)
107. Ratio,
gross national
product to
money supply
(Ml-B)
(Bil. dol.)
Revised
C, Lg, C
33. Net change
in mortgage debt
held by financial
institutions and
life insurance
companies
(Ann. rate,
bil. dol.)
(Ratio)
2
Revised 2
January
February
March
0.16
0.30
0.82
0.53
0.62
0.84
0.86
0.88
1.06
1.09
1.03
0.94
222.4
220.8
220.6
860.7
857.4
856.8
6.386
1.308
1.312
1.316
100.76
82.08
88.07
April
May
June
1.52
0.00
1.07
0.98
0.68
0.95
1.07
1.06
1.38
0.97
1.03
1.12
221.9
219.6
219.7
857.0
853.9
853.2
6.319
1.308
1.307
1.308
74.04
91.75
94.55
July
August
September
0.98
0.60
0.49
0.85
0.85
0.77
0.84
0.86
1.16
1.13
1.06
0.99
219.3
218.3
216.8
850.7
848.9
845.5
6.358
1.318
1.321
1.319
87.29
85.08
87.31
October
November
December
0.21
0.39
0.46
0.27
0.42
0.53
0.55
0.37
0.49
0.90
0.78
0.58
215.0
213.4
211.9
838.7
833.0
827.7
6.421
1.331
1.340
1.345
103.60
77.03
51.55
January
February
March
0.56
1.07
-0.05
0.89
0.96
0.40
1.10
1.11
0.52
0.56
0.78
0.90
210.2
209.7
206.9
823.6
820.9
813.2
6.504
1.350
1.343
1.347
97.37
67.45
70.57
April
May
June
-1.44
0.08
0.92
-0.38
0.94
1.35
0.35
0.60
0.65
0.78
0.58
0.51
202.1
200.5
200.4
803.1
803.7
806.5
6.536
1.353
1.348
1.338
50.18
15.66
8.33
July
August
September
1.11
E>1.90
1.20
H>1.55
1.20
0.70
0.79
1.18
0.77
0.61
0.78
0.89
202.5
204.8
205.1
818.4
(H)822.0
819.2
6.496
1.339
1.334
1.341
43.44
65.82
75.84
October
November
December
1.09
0.67
-0.84
0.55
0.88
0.05
0.76
E>1.32
0.90
0.91
0.93
0.97
205.2
204.3
200.7
815.3
813.5
806.1
6.548
1.351
1.353
1.364
0)95.27
77.40
67.67
0.87
0.48
1.09
0.68
0.89
1.34
1.29
1.00
0.47
1.08
E>1.12
805.7
805.1
811.0
E>6.759
0.99
200.9
200.0
201.0
(0)1.369
1.367
1.362
58.14
62.82
43.74
1.86
-0.51
p-0.63
1.12
0.31
p0.37
0.49
e0.81
e0.82
0.79
e0.62
e0.65
203.8
201.4
p!98.8
816.7
813.7
p811.0
P6.680
1.354
1.358
pi.362
r52.67
p37.48
(NA)
1980
1981
January
February
March
April
May
June
July
August
September
3
0.35
October
November
December
See note on page 60.
Graphs of these series are shown on pages 13, 31, and 32.
1
2
Series is a weighted 4-term moving average (with weights 1,2,2,1) placed on the terminal month of the span.
See "New Features and Changes for This Issue," page iii.
Average for weeks ended July 1, 8, and 15.
3
71
CYCLICAL INDICATORS
B
I
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
Q
Minor Economic
Process
Timing Class
Year
and
month
Credit Difficulties
Credit Flows—Continued
L, L, L
112. Net change
in bank loans
to businesses
(Ann. rate,
bil. dol.)
L, L, L
113. Net
change in
consumer installment
credit
(Ann. rate,
bil. dol.)
MONEY AND CREDIT—Continued
L, L, L
110. Total
private
borrowing
(Ann. rate,
mil. dol.)
L, L, L
14. Current
liabilities
of business
failures ®
(Mil. dol.)
Bank Reserves
L, L, L
39. Delinquency
rate, 30 days
and over, consumer installment loans
(Percent)
Interest Rates
L, U, U
L, Lg, U
L, Lg, Lg
C, Lg, Lg
93. Free
reserves ®
94. Member
bank borrowing from the
Federal
Reserve ©
119. Federal
funds rate ©
114. Treasury
bill rate @
(Mil. dol.)
(Mil. dol.)
(Percent)
(Percent)
1979
January
February
March
39.31
33.07
5.76
50.57
50.64
40.20
347,904
182.22
177.09
187.76
2.12
2.31
2.33
-692
-764
-742
994
973
999
10.07
10.06
10.09
9.35
9.27
9.46
April
May
June
39.62
31.99
23.23
45.71
37.99
31.33
355,864
242.76
200.45
273.17
2.43
2.37
2.45
-899
-1,490
-1,175
897
1,777
1,396
10.01
10.24
10.29
9.49
9.58
9.05
July
August
September
40.55
30.54
43.36
33.79
32.77
48.10
414,400
212.20
287.44
186.20
2.45
2.47
2.59
-989
-904
-1,339
1,179
1,097
1,344
10.47
10.94
11.43
9.26
9.45
10.18
October
November
December
3.72
-21.10
4.55
36.40
32.33
24.40
309,748
395.75
184.31
138.02
2.45
2.50
2.64
-1,750
-1,751
-1,079
2,022
1,906
1,473
13.77
13.18
13.78
11.47
11.87
12.07
55.48
35.83
351,404
-1.52
32.72
28.84
7.85
243.15
190.79
274.24
2.37
2.32
2.53
-999
-1,465
-2,638
1,241
1,655
2,824
13.82
14.13
17.19
12.04
12.81
15.53
2.47
-38.96
2.14
-20.05
-32.12
-24.54
170,880
428.15
381.15
436.68
2.53
2.64
2.74
-2,261
-835
-169
2,455
1,018
380
17.61
10.98
9.47
14.00
9.15
7.00
July
August
September
13.06
30.23
29.86
-14.39
5.87
12.66
286,768
445.69
345.41
1,002.94
2.77
2.94
2.70
-111
-357
-1,055
395
659
1,311
9.03
9.61
10.87
8.13
9.26
10.32
October
November
December
29.81
35.66
41.15
8.42
10.07
19.43
0)335,652
359.24
0)239.34
288.30
2.53
2.66
2.57
p-1,018
p-1,201
p-1,587
pi,335
0)p2,156
pi,617
12.81
15.85
18.90
11.58
13.89
15.66
0.66
-13.32
-23.04
10.43
23.95
p332,512
0)37.30
421.36
789.20
(NA)
0)2.42
2.51
2.53
p-916
p-1,076
p-624
pi,405
pi ,278
pi,004
19.08
15.93
14.70
14.72
14.90
13.48
r29.29
0)r49.4O
pl9.87
27.97
16.15
(NA)
p-1,317
p i , 343
p2,154
p2,038
0)19.10
1980
January
February
March
April
May
June
1981
January
February
March
April
May
June
July
August
September
1
(NA)
(NA)
0)p-2,O23
p-1,488
2
51.04
-l,318
2
1,656
15.72
18.52
2
19.14
13.63
0)16.30
14.56
3
14.61
October
November
December
See note on page 60.
Graphs of these series are shown on pages
x
Average for weeks ended July
2
Average for weeks ended July
3
Average for weeks ended July
72
32, 33, and 34.
1, 8, and 15.
1, 8, 15, and 22.
2, 9, 16, and 23.
mi v IQQI
IU II
CYCLICAL INDICATORS
B
CYCLICAL INDICATORS BY ECONOMIC PROCESS—Continued
MAJOR ECONOMIC
PROCESS
MONEY AND CREDIT-Continued
Minor Economic
Process
Timing Class
Interest Rates—Continued
Lg, Lg, Lg
116. Corporate
bond yields @
C Lg, Lg
U, Lg, Lg
115. Treasury
bond yields ©
117. Municipal
bond yields ®
Year
and
month
(Percent)
(Percent)
(Percent)
Outstanding Debt
Lg, Lg, Lg
Lg, Lg, Lg
118. Secondary
market yields
on FHA
mortgages @
67. Bank rates
on short-term
business loans
(Percent)
(Percent)
®
Lg, Lg, Lg
Lg, Lg, Lg
109. Average
prime rate
charged by
banks ®
66. Consumer
installment
credit
(Percent)
(Mil. dol.)
Lg, Lg, Lg
72. Commercial
and industrial
loans outstanding, weekly
reporting large
commercial
banks
(Mil. dol.)
Lg, Lg, Lg
95. Ratio,
consumer installment credit
to personal
income
(Percent)
1979
January
February
March
9.47
9.52
9.65
8.43
8.43
8.45
6.47
6.31
6.33
10.24
10.24
10.26
12.27
11.75
11.75
11.75
269,107
273,327
276,677
134,984
137,740
138,220
14.58
14.67
14.68
April
May
June
9.69
9.82
9.51
8.44
8.55
8.32
6.29
6.25
6.13
(NA)
10.61
10.49
12^34
11.75
11.75
11.65
280,486
283,652
286,263
141,522
144,188
146,124
14.83
14.90
14.88
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
12.31
11.54
11.91
12.90
289,079
291,810
295,818
149,503
152,048
155,661
14,79
14.78
14,88
October
November
December
11.17
11.52
11.30
9.44
9.80
9.58
7.08
7.30
/.22
(NA)
12.41
12.24
15.'81
14.39
15.55
15.30
298,851
301,545
303,578
155,971
154,213
154,592
14,86
14.83
14.80
January
February
March
11.65
13.23
14.08
10.03
11.55
11.87
7.35
8.16
9.17
12.60
(NA)
14.63
15^67
15.25
15.63
18.31
306,305
308,708
309,362
159,215
162,201
162,074
14.75
14.80
14.72
Aprjl
May
June
13.36
11.61
11.12
10.83
9.82
9.40
8.63
7.59
7.63
13.45
11.99
11.85
17^75
19.77
16.57
12.63
307,691
305,014
302,969
162,280
159,033
159,211
14.64
14.43
14.24
July
August
September
11.48
12.31
12.74
9.83
10.53
10.94
8.13
8.67
8.94
12.39
13.54
14.26
1K56
11.48
11.12
12.23
301,770
302,259
303,314
160,299
162,818
165,306
13.96
13.87
13,75
October
November
December
13.17
14.10
14.38
11.20
11.83
11.89
9.11
9.56
10.20
14.38
14.47
14.08
15^ 71
13.79
16.06
304,016
304,855
306,474
167,790
170,762
174,191
13.61
13.50
13.46
14.01
14.60
14.49
11.65
12.23
12.15
9.68
10.10
10.16
14.23
14.79
15.04
19.'91
20.16
19.43
18.05
307,343
309,339
312,447
174,246
173,136
171,216
13.36
13.34
13.35
15.00
0)15.68
14.98
12.62
0)12.96
12.39
10.62
15.91
[H>16.33
16.31
314,778
0)10.78
10.67
r!73,657
r!77,774
13.37
pl3.35
(NA)
1980
0)20.35
1981
January
February
March
April
May
June
July
August
September
X
15.56
M2.93
2
11.06
17.15
19.61
20.03
[019.99
3
20.35
0)316,124
(NA)
0)pl79,43O
A
183,683
October
November
December
See note on page 60.
Graphs of these series are shown on pages 15, 34, and 35.
1
Average for weeks ended July 3, 10, 17, and 24.
2
Average for weeks ended July 2, 9, 16, and 23.
3
Average for July 1 through 24.
"•Average for weeks ended July 1, 8, and 15.
http://fraser.stlouisfed.org/
JULY 1981
Federal Reserve Bank of St. Louis
73
CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE
Q |
Year
and
month
950. Twelve leading
indicator components
(series 1, 3, 8, 12, 19,
20, 29, 32, 36. 92. 104.
106)
1-month
span
6-month
span
DIFFUSION INDEXES
952. Six lagging
indicator components
(series 62, 70, 72, 91,
95, 109)
951. Four roughly
coincident indicator
components (series
41, 47, 51, 57)
6-month
span
6-month
span
1979
1-month
span
9-month
span
Revised 2
1-month
span
1-month
span
961. Average workweek
of production workers,
manufacturing (20
industries)
962. Initial claims for
State unemployment
insurance, week including the 12thx
(51 areas)
Revised 2
963. Number of employees on private
nonagricultural payrolls
(172 industries)
9-month
span
1-month
span
6-month
span
Revised 2
1-month
span
Revised 2
January
February
March
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
30.0
57.5
72.5
22.5
17.5
20.0
11,8
72.5
68.6
46.1
27.5
25.5
65.1
66.0
64.2
72.1
71.8
70.1
April
May
June
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
83.3
100.0
100.0
2.5
90.0
47.5
12.5
35.0
27.5
7.8
66.7
66.7
56.9
49.0
31.4
54.1
60.5
62.5
64.8
59.6
54.4
July
August
September
45.8
29.2
54.2
37.5
33.3
45.8
100.0
50.0
50.0
100.0
50.0
75.0
66.7
83.3
75.0
100.0
83,3
75.0
62.5
37.5
52.5
45.0
20.0
70.0
37,3
54.9
86,3
21.6
23.5
47.1
57.0
53.2
49.1
56.7
51.5
52.0
October
November
December
16.7
20,8
41.7
41.7
45.8
16.7
62.5
50.0
100.0
75.0
75.0
25.0
83.3
41.7
50.0
50,0
66.7
50.0
32.5
52.5
45.0
27.5
12.5
17.5
8.8
53.9
68.6
35,3
33.3
5.9
61.6
49.4
49.7
50.6
51.2
47.7
January
February
March
41.7
29.2
33.3
0.0
16.7
8.3
100.0
25.0
0.0
25.0
0.0
0.0
41.7
66.7
50.0
50.0
58.3
33.3
65.0
32.5
5.0
15.0
2.5
0.0
23.5
60.8
46.1
2.0
2.0
9.8
52.6
53.2
49.4
40.4
33.4
30.8
April
May
June
12.5
33.3
50.0
16.7
r45.8
r41.7
0.0
0.0
25.0
0.0
0.0
0.0
66.7
33.3
33.3
41.7
50.0
33.3
70.0
22.5
25.0
15.0
7.5
20.0
3.9
33.3
70.6
19.6
3.9
7.8
34.6
32.8
31.4
24.7
26.2
28.2
83.3
1980
July
August
September
r83.3
91.7
75.0
100.0
r91.7
25.0
75.0
100.0
50.0
100.0
100.0
41.7
33.3
33.3
33.3
33.3
50.0
25.0
92.5
62.5
32.5
72.5
75.0
62.7
84.3
13.7
58.8
21.6
96.1
36.9
64.8
64.0
35.2
45.1
61.0
October
November
December
r62.5
75.0
50.0
r75.0
66.7
75.0
100.0
100.0
100.0
100.0
100.0
100.0
50.0
50.0
66.7
50.0
50.0
50.0
62.5
80.0
67.5
85.0
92.5
95.0
76.5
96.1
5.9
96.1
90.2
88.2
61.3
63.4
56.7
73.5
72.7
65.4
January
February
March
r!6.7
r41.7
70.8
66.7
45.5
MO.O
100.0
r75.0
r75.0
100.0
75.0
100.0
33.3
33.3
50.0
50.0
75.0
50.0
77.5
17.5
60.0
100.0
p87.5
86.3
39.2
31.4
p76.5
(NA)
59.6
55.8
52.3
68.6
68.9
p63.4
April
May
June
75.0
18.2
"45.0
1981
3
3
r62.5
75.0
5
16.7
5
6
83.3
83.3
75.0
6
75.0
72.5
p!2.5
64.7
p76.5
(NA)
69.8
60.2
p52.6
July
August
September
October
November
December
NOTE: Figures are the percent of series components rising. (Half of the unchanged components are counted as rising.) Data are centered within the spans: 1-month indexes are placed on the 2d month, 6month indexes on the 4th month, and 9-month indexes on the 6th month of the span; 1-quarter indexes are placed on the 1st month of the 2d quarter and 4-quarter indexes on the 2d month of the 3d quarter.
Series are seasonally adjusted except for those, indicated b y ® , that appear to contain no seasonal movement. Series numbers are for identification only and do not reflect series relationships or order. Complete titles and sources are listed at the back of this issue. The " r " indicates revised; " p " , preliminary; " e " , estimated; " a " , anticipated; and "NA", not available.
Graphs of these series are shown on page 36.
1
Figures are the percent of components declining.
2
See "New Features and Changes for This Issue," page iii.
3
Excludes series 12 for which data are not yet available.
^Excludes series 12 and 36 for which data are not yet available.
5
Excludes series 57 for which data are not yet available.
6
Excludes series 70 and 95 for which data are not yet available.
74
JULY 1981
licit
CYCLICAL INDICATORS
C
I
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
Q | DIFFUSION NDEXES—Continued
Year
and
month
964. Value of manufacturers' new orders,
durable goods industries (35 industries)*
1-month
span
1979
9-month
span
Revised 5
965. Newly approved
capital appropriations,
deflated (17 manufacturing industries)
1-quarter
span
4-Q moving
average
966. Index of industrial
production (24
industries)
6-month
span
967. Index of spot
market price >, raw
industrials (
(13 industria 1 materials)
968. Index of stock
prices, 500 common
stocks 2 ©
1-month
span
9-month
span
960. Net profits,
manufacturing3©
(about 700 companies)
1-month
span
9-month
span
61.5
76.9
76.9
96.2
96.2
88.5
94.8
35.5
85.5
18.2
32.7
57.4
71
Revised 5
January
February
March
51.4
57.1
67.1
80.0
77.1
67.1
48
April
May
June
31.4
71.4
31.4
68.6
60.0
57.1
45
July
August
September
42.9
45.7
65.7
60.0
42.9
74.3
48
October
November
December
42.9
54.3
54.3
61.4
57.1
37.1
53
January
February
March
68.6
48.6
37.1
22.9
22.9
42.9
71
April
May
June
17.1
37.1
45.7
45.7
62.9
37.1
15
July
August
September
77.1
42.9
82.9
45.7
62.9
82.9
39
October
November
December
71.4
57.1
58.6
85.7
88.6
82.9
48
45.7
42.9
52.9
85.3
p67.6
1-month
span
(4-quarter span)
'48
70.8
62.5
66.7
50.0
56.2
54.2
45.8
69.2
42.3
53.8
80.8
84.6
"91.7
80.0
16.4
90.0
90.7
88.9
75.0
'74
48
16.7
62.5
56.2
66.7
50.0
54.2
46.2
30.8
53.8
"66.7
"66.7
"58.3
64.8
92.6
53.7
63.0
68.5
68.5
63
*54
52.1
39.6
45.8
58.3
58.3
45.8
"62.5
61.5
76.9
"66.7
"58.3
"58.3
3.7
38.0
95.4
69.8
37.7
39.6
54
*47
64.6
52.1
58.3
16.7
16.7
12.5
50.0
73.1
61.5
"58.3
*50.0
53.8
74.1
52.8
3.8
39.6
47.2
77.4
'56
45
75.0
37.5
35.4
16.7
12.5
12.5
11.5
15.4
0.0
50.0
46.2
46.2
26.4
92.5
89.6
90.6
94.3
86.8
56
*43
12.5
16.7
16.7
39.6
75.0
91.7
53.8
76.9
57.7
46.2
42.3
38.5
92.5
88.7
76.4
84.9
96.2
94.3
'60
p39
29.2
62.5
81.3
87.5
97.9
66.7
100.0
100.0
91.7
65.4
53.8
46.2
61.5
65.4
65.4
43.4
55.7
15.1
90.6
88.7
86.8
75.0
64.6
r43.8
r79.2
70.8
p58.3
30.8
30.8
65.4
38.5
(NA)
66.0
42.5
85.8
79.2
67.3
62.5
54.2
1980
(NA)
(NA)
1981
January
February
March
April
May
June
65.7
50.0
p42.6
p56
(NA)
r60.4
r58.3
p20.8
69.2
26.9
(NA)
81.1
30.2
67.3
July
August
September
October
November
December
See note on page 74.
Graphs of these series are shown on page 37.
1
Based on 35 industries through April 1981 and on 34 industries thereafter.
2
Based on 58 industries for January 1979, on 55 industries through June 1979, on 54 industries through January 1980, on 53 industries
through May 1981, and on 52 industries thereafter. Data for component industries are not shown in table C2 but are available from the source.
3
This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun £ Bradstreet, Inc.
^Based on 12 components (excluding rosin).
5
See "New Features and Changes for This Issue," page iii.
http://fraser.stlouisfed.org/
JULY 1981
Federal Reserve Bank of St. Louis
75
CYCLICAL INDICATORS
C
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
Q
a. Actual
expenditures
(1-Q span)
b. Later
anticipations
c. Early
anticipations
(1-Q span)
972. Net profits, manufacturing
and trade 1 ®
(1-Q span)
Anticipated
Actual
973. Net sales, manufacturing
and tradel ©
Actua
971. New orders, manufacturing 1 ®
970. Business expenditures for new plant and
equipment (18 industries)
Year
and
quarter
DIFFUSION INDEXES-Continued
Actual
(4-Q span)
(4-Q span)
(4-Q span)
Anticipated
Anticipated
(4-Q span)
(4-Q span)
(4-Q span)
1978
First quarter
Second quarter
Third quarter
Fourth quarter
72.7
90.9
72.7
86.4
81.8
81.8
77.3
75.0
70.5
59.1
86.4
72.7
83
86
86
86
82
83
88
86
73
76
78
78
79
82
84
83
84
86
88
88
86
87
92
90
86.4
68.2
68.2
88.6
52.3
63.6
63.6
47.7
63.6
50.0
68.2
77.3
85
81
73
78
80
84
80
72
78
74
70
72
78
82
80
70
87
84
82
82
85
88
84
78
....
77.3
59.1
50.0
54.5
54.5
45.5
36.4
40.9
81.8
59.1
81.8
77.3
74
63
60
60
66
75
57
62
62
54
57
56
66
73
59
61
73
62
68
66
72
80
63
67
....
72.7
(NA)
72.7
40.9
70.5
68.2
77.3
68
(NA)
74
74
76
60
(NA)
70
69
74
70
(NA)
78
76
80
....
....
1979
First quarter
Second quarter
Third quarter
Fourth quarter
....
....
1980
First quarter
Second quarter
Third quarter
Fourth quarter
....
1981
First quarter
Second quarter
Third quarter
Fourth quarter
....
Q |
974. Number of employees,
manufacturing and trade ' @
975. Level of inventories,
manufacturing and trade1 ©
Actual
Year
and
quarter
Actual
Anticipated
Anticipated
DIFFUSION NDEXES-Continued
977. Selling prices, wholesale
trade1 ®
976. Selling prices, manu
facturing 1 ®
Anticipated
Actua
978. Selling prices, retail
tradel ©
Actual
Actual
Anticipated
Anticipated
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span)
(4-Q span)
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
86
88
88
86
96
95
95
96
88
90
92
90
94
95
94
96
90
92
92
90
....
58
54
53
51
54
56
48
50
67
61
64
60
62
70
53
56
90
88
90
90
87
90
83
86
92
90
92
90
90
92
87
88
92
91
94
90
90
93
84
90
....
51
(NA)
56
54
56
62
(NA)
63
61
66
88
(NA)
88
90
89
90
(NA)
90
89
89
94
(NA)
90
90
92
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
....
1981
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 at the end of the span. Series are seasonally adjusted except for those,
indicated b y ® , that appear to contain no seasonal movement. The "r" indicates revised; "p", preliminary; and "NA", not available.
Graphs of these series are shown on page 38.
1
This is a copyrighted series used by permission; it may not be reproduced without written permission from Dun £ Bradstreet, Inc. Dun §
Bradstreet diffusion indexes are based on surveys of about 1,400 business executives.
76
JULY 1981
CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change
Diffusion index components
1981
1980
November
December
January
April
March
February
May
961. AVERAGE WORKWEEK OF PRODUCTION WORKERS, MANUFACTURING
(Average weekly hours)
All manufacturing industries
39.8
39.9
40.1
39.8
39.9
40.2
40.3
Percent rising of 20 components
(80)
(68)
(78)
(18)
(60)
(75)
(72)
Lumber and wood products ..
Furniture and fixtures
39.1
38.0
39.3
38.4
39.8
38.5
39.1
38.6
39.1
38.6
39.6
38.8
39.8
39.0
Stone, clay, and glass products
Primary metal industries
40.9
40.8
41.0
41.2
41.3
41.1
40.6
40.7
40.7
41.0
41.2
41.2
41.0
41.0
Fabricated metal products
Machinery, except electrical
40.5
41.0
40.4
40.9
40.5
41,1
40.2
40.8
40.4
40.9
40.9
41.3
40.9
41.4
Electric and electronic equipment .
Transportation equipment
39.9
41.2
40.0
41.0
40.1
41.3
39.6
40.5
40.0
40.9
40.2
42.0
40.4
41.8
Instruments and related products .
Miscellaneous manufacturing
40.4
38.6
40.4
38.9
40.6
38.8
40.5
38.6
40.5
38.7
40.1
38.9
40.4
39.1
Food and kindred products
Tobacco manufacturers
39.8
40.1
39.7
38.1
40.3
38.6
39.9
38.5
39.7
37.2
40.1
37.2
39.9
38.6
Textile mill products
Apparel and other textile products
39.9
35.2
40.1
35.5
40.0
36.1
40.0
35.6
39.9
35.7
39.8
35.5
40.6
36.1
Paper and allied products
Printing and publishing
42.4
36.8
42.8
37.4
42.6
37.5
42.4
37.3
42.4
37.1
42.6
37.3
42.9
37.5
Chemicals and allied products ..
Petroleum and coal products . . .
41.6
42.9
41,6
43,2
41.6
43.8
41.6
43.8
41.5
43.5
41.5
44.1
41.6
43.8
Rubber and miscellaneous plastics products
Leather and leather products
40.8
36.3
40.8
36.6
40.9
36.8
40.3
37.0
40.5
37.1
40.7
36.6
41.2
37.0
Durable goods industries:
Nondurable goods industries:
964. VALUE OF MANUFACTURERS' NEW ORDERS, DURABLE GOODS INDUSTRIES x
(Millions of dollars)
All durable goods industries
+
Percent rising of 35 components
83,971
+
84,208
(59)
(57)
86,577
(46)
Primary metals
Fabricated metal products.
+
12,629
10,502
+
11,634
10,912
10,617
10,063
Machinery, except electrical . . .
Electrical machinery
+
+
16,333
11,693
+
-
18,030
11,051
+
16,592
16,222
+
+
18,177
16,773
17,825
16,569
85,446
+
(43)
17,718
11,416
Transportation equipment
Other durable goods industries.
+
+
+
2
3
86,729
+
(53)
87,180
+
(66)
88,164
'(50)
-
11,739
10,556
+
-
11,831
10,291
+
11,809
10,607
+
11,323
10,868
15,876
11,290
+
+
11,872
10,604
+
+
16,740
11,666
+
+
17,504
11,960
-
17,082
11,721
+
16,901
12,474
18,633
17,171
+
-
19,428
16,600
+
18,698
16,896
+
-
20,093
16,852
.
+
18,857
17,034
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.
x
Data are seasonally adjusted by the source agency.
2
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.
3
Revised. See "New Features and Changes for This Issue," page iii.
A
Based on 34 components.
Illl Y lQfti
IUII
77
CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
Q
Diffusion index components
S L C E DIFFUSION I D X C M O E T : Basic Data and Directions of Change-Continued
EE T D
N E
O P NNS
1980
1981
November
December
January
966. INDEX OF INDUSTRIAL PRODUCTION
(1967 = 100)
All industrial production
Percent rising of 24 components
+
2
149,4
+
(98)
151.0
+
Aprilr
Mayr
June^
l
151.7
151.5
(75)
(67)
March r
February
(65)
+
152.2
o
(44)
152.2
+
152.7
(58)
(60)
152.8
(21)
Durable manufactures:
Lumber and products
Furniture and fixtures
+
o
124.9
147,2
Clay, glass, and stone products
Primary metals
+
+
147.8
113.4
+
Fabricated metal products
Nonelectrical machinery
+
+
134.1
163,4
Electrical machinery
Transportation equipment
+
+
Instruments
Miscellaneous manufactures
122.0
149.0
+
+
126.3
150,5
o
+
126.3
153.0
o
125.4
153.0
+
+
126.2
157.1
o
+
126.2
158.9
(NA)
(NA)
151.4
112.1
+
+
154.9
113.9
154.8
114.2
+
152.4
114.3
o
+
152.4
112.1
+
151.6
112.2
(NA)
109.8
+
+
137.4
167,5
+
+
137,6
168.9
+
+
139.1
169.1
+
+
141,3
170.7
+
141.0
171.5
o
+
141.0
173.2 +
173.0
121.7
+
174.9
120,6
+
177.9
117.3
174.6
114.9
+
+
177.1
119.4
+
+
178.4
120.2
+
+
179.2
123.3
177.4
123.2
+
+
169.9
147.5
+
+
172.1
149,5
+
+
174.0
151.8
171.3
153,6u +
169.9
154.9
+
+
170.0
156.0
+
+
170.6
153.5
169.5
152.5
Foods
Tobacco products
+
+
150,5
125.1
+
150.7
118,8
+
150.0
122.9
+
+
151.5
123.1
152.1
115.8
+
+
153.0
120.7
152.5
(NA)
(NA)
(NA)
Textile mill products
Apparel products
+
+
135.0
128.0
133.9
125.1
133.8
125,9
+
+
135.5
124.0
134.0
123.6
+
+
135.9
124.0
135.7
(NA)
(NA)
(NA)
Paper and products . . .
Printing and publishing
+
+
154.4
142.7
+
+
156.8
144.9
+
+
157.2
145.5
156.7
141.4
155.6
140.4
153.6
139.3
Chemicals and products
Petroleum products
+
+
212.0
131.2
+
+
218.8
137.5
+
219.2
137.3
+
220.9
134.3
Rubber and plastics products
Leather and products .
+
+
259.6
71.2
258.2
68.9
+
+
264.0
69.4
Metal mining
Coal
+
+
107.2
151.6
+
+
122.2
155.3
+
126.3
150.3
+
+
133.7
158.9
Oil and gas extraction
Stone and earth minerals
+
+
137.4
133.0
+
+
139.1
137.8
+
+
141.5
140.0
+
142.7
138.9
+
140.4
173.5
Nondurable manufactures:
259.2
67.8
+
+
156.7
145.8
+
+
156.9
143.6
219.5
131.4
+
+
220.7
130.4
+
222.4
128.9
(NA)
128.8
267.9
69.1
+
273.8
68.8
+
+
276.0
70.0
(NA)
(NA)
123.6
75.8
+
121.6
76.9 +
(NA)
124.1
147.2 +
133.1
148.3
(NA)
Mining:
131.1
151.1
+
144.8
137.4
+
146.8
134.8
NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: ( + ) = rising, (o) = unchanged, and ( —) = falling,
preliminary; and "NA", not available.
x
Data are seasonally adjusted by the source agency.
2
Where actual data for separate industries are not available, estimates are used to compute t h e p e r c e n t r i s i n g .
78
+
The "r" indicates revised; "p"
Illl V IQfti
It! II
CYCLICAL INDICATORS
DIFFUSION INDEXES AND RATES OF CHANGE—Continued
j Q
Diffusion index components
SELECTED DIFFUSION INDEX COMPONENTS: Basic Data and Directions of Change-Continued
1980
September
October
1981
November
January
December
March
February
April
May
A
967. INDEX OF SPOT MARKET PRICES , R W INDUSTRIALS1
Raw industrials price index (1967 = 100) ....
+
Percent rising of 13 components
298.3
+
(58)
300.8
(65)
304.7 -
298.4 -
291.6
(54)
+
(46)
(31)
284,2 +
289.8 +
(31)
(65)
293.0 (69)
288.9
(27)
Dollars
0.732 1.614
0.716
1,578
Copper scrap
(pound).,
(kilogram)..
Lead scrap
(pound)..
(kilogram)..
+
0.294
0.648
+
Steel scrap
(U.S. ton).,
(metric ton)..
+
89.000
98.105
+
Tin
(pound).,
(kilogram)..
+
7.974 17.579
Zinc
(pound)..
(kilogram)..
+
0.374
0.825
Burlap
(yard)..
(meter)..
Cotton
(pound).,
(kilogram)..
Print cloth
+
0.719 1.585
0.654 +
1.442
0.662
1.459
0.652
1.437
0.676
1.490
0.302 0.666
0.294 0.648
0.260 0.573
0.239
0.527
0.206
0.454
0.233
0.514
106.600
117.505
93.000
102.514
+
7.728 17.037
0.383
0.844
+
+
103.800 114.419
7.405 16.325
6.766 14.916
98.000
108.025
0.396
0.873
+
0.416
0.917
0
0.682 1.504
0.664
1.464
+
0.249
0.549
0
0.249
0.549
+
109.000
120.151
-
99.000
109.128
6.372 14.048
6.280 13.845
6.248
13.774
-
5.945
13.106
0.416 o
0.917
0.416
0.917
+
0.420
0.926
+
0.436
0.961
0.280
0.306
0.266
0.291
+
0.275
0.301
+
0.280
0.306
-
0.267
0.292
-
0.782
1.724
96.000 +
105.821
6.668
14.700
98.000
108.025
+
0.314 0.343
0.286 0.313
0.273
0.299
0.875 1.929
0.861
1.898
+
0.869
1.916
+
0.875
1.929
-
0.850
1.874
0.825 1,819
0.816 1.799
0.814
1.795
0.656
+
0.665
0.727
+
0.684
0.748
+
0.702
0.768
-
0.688 +
0.752
0.722
0.790
+
0.752
0.822
+
0.784
0.857
3.460
7.628
+
3.500
7.716
0
3.500
7.716
0
3.500
7.716
0
3.500 +
7.716
3.575
7.881
+
3.600
7.937
0
3.600
7.937
0
3.600
7.937
0.474
1.045
+
(yard)..
(meter)..
+
0.498
1.098
0.624
1.376
-
0.572
1.261
0.519
1.144
+
0.528
1.164
0.549
1.210
-
0.522
1.151
0
45.000
99.207
0
45.000
99.207
0
45.000
99.207
0
0
45.000
99.207
0.802
1.768
-
0.796
1.755
-
0.722
1.592
-
0.590
1.301
0.180
0.397
-
0.177
0.390
-
0.175
0.386
0.717
(pound)..
(kilogram)..
Hides
(pound)..
(kilogram)..
Rosin
(100 pounds)..
(100 kilograms)..
o
45.000
99.207
Rubber
(pound)..
(kilogram)..
+
0.756
1.667
Tallow
(pound)..
(kilogram)..
+
0.179
0.395
+
-
0.169
0.373
+
+
0.592
1.305
+
+
http://fraser.stlouisfed.org/
JULY 1981
Federal Reserve Bank of St. Louis
+
45.000 o
99.207
45.000 o
99.207
45.000
99.207
0
45.000
99.207
-
0.704
1.552
0.684 1.508
0.652
1.437
-
0.603
1.329
0
0.177
0.390
0.175 0.386
0.171
0.377
NOTE: To facilitate interpretation, the month-to-month directions of change are shown along with the numbers: ( + ) = rising, (o) = unchanged, and ( —) = falling.
preliminary; and "NA", not available.
Data are not seasonally adjusted.
0.463
1.021
0.325 0.355
Wool tops
x
+
+
0.176
0.388
+
0.841
0.920
The "r" indicates revised; "p",
Components are converted to m e t r i c u n i t s by t h e Bureau of Economic A n a l y s i s .
79
OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT
ii
Year
200.
G P AND 'ERSONAL INCOME
N
217. Per capita
GNP in 1972
50. Gross national f)roduct in 1972 dollars
Gross national product in current dollars
and
quarter
c. Percent
change at
annual rate
b. Difference
a. Total
(Ann rate,
bil. dol.)
(Ann. rate,
bil. dol.)
b. Difference
a. Tota
(Ann. rate,
bil. dol.)
(Anr . rate,
bil dol.)
dollars
c. Percent
change at
annual ratt
(Ann. rate
bil. dol.)
(Ann. rate,
dollars)
Revised1
1978
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
213. Final sales
in 1972 dollars
A 11
2, 032.4
2 , 129.6
2, 190.5
2, 271.9
43 .8
97 .2
60 .9
81 .4
2, 340.6
2, 374.6
2, 444.1
2, 496.3
9. 1
11. 9
15. 7
1,402
1,432
1,446
1,465
.3
.8
.7
.8
10
30
13
19
8
5
9
1
3 .2
9 .0
3 .9
5 .4
6,325
6,446
6,48$
6,556
1,384
1,416
1,435
1,455
.6
.8
.2
.3
68 .7
34 .0
69 .5
52 .2
12. 7
5. 9
12. 2
8. 8
1 , 4 7 9 .9
1 , 4 7 3 .4
1 , 4 8 8 .2
1 , 4 9 0 .6
14
-6
14
2
1
5
8
4
3 .9
-1 .7
4 .1
0 .6
6,602
6,556
6,602
6,592
1,464
1,455
1,480
1 ,491
.4
.0
.6
.3
2, 571.7
2, 564.8
2, 637.3
2, 730.6
75 .4
-6 .9
72 .5
93 .3
12.
-1.
11.
14.
6
1
8
9
1 , 5 0 1 .9
1 , 4 6 3 .3
1 , 4 7 1 .9
1 , 4 8 5 .6
11
-38
8
13
3
6
6
7
3 .1
-9 .9
2 .4
3 .8
6,624
6,437
6,456
6,499
1, 5 0 2 . 8
1 ,462 .0
1 ,476 .9
1 ,492 .7
2, 853.0
P2, 881.0
122 .4
p28 .0
19. 2
p4. 0
1 , 5 1 6 .4
Pi , 5 0 9 .1
30 8
p-7 3
8 .6
I3 - 1 . 9
6,620
p6,575
1 ,517 .8
Pi ,499 .4
20.5
1979
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1980
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1981
First quarter
Second quarter . . . .
Third niisrtpr
Fourth quarter . . . .
D
Year
and
quarter
i
GNP AND PERSONAL INCOME—Continued
(Ann. rate,
bi . dol.)
225. Constant
(1972) dollars
(Ann. rate,
bil. dol.)
231. Total in 1972
dollars
232. Durable goods
in current dollars
(Ann rate,
bil. dol.)
(Anr . rate,
bil dol.)
(Ann. rate,
bil. dol.)
233. Durable goods
in 1972 dollars
227 Per capita in
1972 dollars
(Ann. rate
dollars)
(Ann. rate,
bil. dol.)
Revised1
1978
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
CONSUMPTION EXPENDITURES
230. Total in curreni
dollars
Disposable personal income
224. Current dollars
H PERSONAL
1,398
1,440
1,482
1,531
.0
.7
.1
.0
966 .8
975 .5
985 .9
998 .0
4 , 361
4, 389
4, 422
4, 464
1,580
1,612
1,663
1,710
.2
.8
.8
.1
1 005 .7
1 006 .9
1 015 .7
1 017 .7
4, 487
4, 480
4, 506
4, 501
1,765 .1
1,784 .1
1,840 .6
1,897 .0
1 021 .0
1 008 .2
1, 018 .5
1 , 025 8
1,947 .8
I) 1 , 9 8 5 .4
1 , 033 3
036 6
,278
,330
,369
,416
.3
1
9
6
884 .1
900 .6
911 .2
923 .4
185,0
200,1
202.0
210.2
139
148
147
150
5
1
0
7
,454
,478
,529
,582
1
0
1
3
925 .5
922 .8
933 .4
941 .6
212.5
207.4
213.3
216.1
149
144
146
146
6
2
7
0
4 , 503
4, 435
4, 468
4, 488
1,631 0
1 ,626 8
1 ,682 2
1 ,751 0
943 .4
919 .3
930 .8
946 .8
220.9
194.4
208.8
223.3
145 4
126 2
132 fi
139.1
4, 511
p4, 516
,810.1
960 ,2
Pi , 8 3 0 . 3
p 9 5 5 .6
238,3
p226.7
146. 8
p!37. 3
1979
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
i
1980
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1981
First quarter
Second quarter . . . .
Third nuarfpr
1 MM U vjUQI lWl
Fourth quarter . . . .
NOTE: Series are seasonally adjusted except for those, indicated by ® , that appear to contain no seasonal movement. Series numbers are for identification only and do not reflect series relationships or order.
Complete titles and sources are listed at the back of this issue. The "r" indicates revised; "p", preliminary; "e", estimated; "a", anticipated; and "NA", not available.
Graphs of these series are shown on pages 40 and 4 1 .
x
S e e "New F e a t u r e s a n d C h a n g e s f o r T h i s I s s u e , " p a g e i i i .
JULY 1981
IICII
OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
D
236. Nondurable
goods in current
dollars
Year
and
quarter
(Ann. rate,
bil. dol.)
i
'ERSONAL CONSUMPTION EXPENDITURES—Continued
238. Nondurable
goods in 1972
dollars
(Ann. rate,
bil. dol.)
Q
237. Services in
current dollars
239. Services in
1972 dollars
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
240. Total in
current dollars
(Ann. rate,
bil. dol.)
GROSS PRIVATE DOMESTIC INVESTMENT
241. Total in
1972 dollars
(Ann. rate,
bil. dol.)
242. Fixed investment, total, in
current dollars
243. Fixed investment, total, in
1972 dollars
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
1978
504.0
520.4
536.3
558.3
339.8
342.4
347.2
353.5
589.3
609.5
631.6
648.1
404.8
410.1
417.1
419.2
350.7
377.7
380.4
392.6
224.9
232.9
229.3
231.8
325.8
350.7
361.3
374.9
207.2
216.9
217.8
221.3
571.8
586.4
611.5
639.2
351.1
350.6
355.4
361.3
669.9
684.2
704.3
727.0
424.8
428.0
431.3
434.3
408.3
423.2
421.7
410.0
237.7
238.7
232.6
221.5
384.0
390.1
408.3
410.8
222.3
220.4
225.0
222.2
661.1
664.0
674.2
703.5
361.5
356.6
354.9
360.4
749.0
768.4
799.2
824.2
436.5
436.5
443.3
447.3
415.6
390.9
377.1
397.7
218.3
200.5
195.3
200.5
413.1
383.5
393.2
415.1
219.2
....
....
First quarter
Second quarter
Third quarter
Fourth quarter
726.0
p732.7
364.5
p365.9
845.8
p870.9
448.9
p452.4
437.1
p453.8
211.6
p217.4
p433.4
....
....
1979
First quarter
Second quarter
Third quarter
Fourth quarter
....
....
1980
First quarter
Second quarter
Third quarter
Fourth quarter
....
199.2
200.2
207.6
1981
First quarter
Second quarter
Third quarter
Fourth quarter
432.7
213.1
p207.7
....
• •
G O S PRIVATE
RS
• S I DOMESTIC INVEST.-Con.
245. Change in
business inventories in current
dollars
Voar
rear
and
quarter
(Ann. rate,
bil. dol.)
30. Change in
business inventories in 1972
dollars
(Ann. rate,
bil. dol.)
Q
260. Total in
current dollars
(Ann. rate,
bil. dol.)
261. Total in
1972 dollars
(Ann. rate,
bil. dol.)
GOVERNMENT PURCHASES OF G O S AND SERVICES
OD
262. Federal
Government in
current dollars
263. Federal
Government in
1972 dollars
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
266. State and
local government
in current dollars
(Ann. rate,
bil. dol.)
267. State and
local government
in 1972 dollars
(Ann. rate,
bil. dol.)
1978
First quarter
Second quarter
Third quarter
....
Fourth quarter
....
24.9
27.0
19.1
17.7
17.7
16.0
11.5
10.6
415.7
425.1
438.3
451.3
274.6
276.3
280.0
280.1
149.5
149.1
154.1
160.7
99.4
98.0
100.8
101.0
266.2
276.0
284.2
290.6
175.3
178.3
179.2
179.2
24.3
33.1
13.3
-0.8
15.4
18.4
7.6
-0.7
458.2
465.1
475.4
496.4
280.6
280.3
281.1
285.3
164.8
163.6
165.1
178.1
102.9
100.8
99.9
103.1
293.4
301.6
310.4
318.3
177.7
179.4
181.2
182.2
2.5
7.4
-16.0
-17.4
-0.9
1.3
-5.0
-7.2
516.8
530.0
533.5
558.6
290.1
291.9
288.2
289.8
190.0
198.7
194.9
212.0
107.6
110.7
106.9
107.4
326.8
331.3
338.6
346.6
182.5
181.2
181.3
182.4
4.5
p20.4
-1.4
p9.7
576.5
p577.6
293.6
p290J
221.6
p219.5
111.2
p!09.3
354.9
p358.1
182.5
p!80.8
1979
First quarter
Second quarter
Third quarter
Fourth quarter
....
....
1980
First quarter
Second quarter
Third quarter
Fourth quarter
....
....
1981
First quarter
Second quarter
. . . . . .
....
Third oii^rtpr
1 Mil U ^UUl I t l
Fourth quarter
....
See note on page 80.
Graphs of these series are shown on pages 4 1 , 42, and 43.
http://fraser.stlouisfed.org/
Federal Reserve BankJULY 1981
of St. Louis
ItO
81
OTHER IMPORTANT ECONOMIC MEASURES
NATIONAL INCOME AND PRODUCT—Continued
H
Exports of goods andservices
Net exports of goods and services
Year
• •
NATIONAL INCOME
• t i l AND ITS COMPONENTS
FOREIGN TRADE
220. National income in current
Imports of goods and services
and
280. Compensation of
dollars
employees
A M nlnwoac
quarter
250. Current
dollars
(Ann. rate,
bil. dol.)
256 Constan
(1972) dollars
252 Current
255. Constant
(1972) dollars
dollars
Ann. rate
bil. dol.)
(Ann. rate,
(Ann. rate,
bil. dol.)
253. Curreni
dollars
bil. dol.)
257. Constant
(1972) dollars
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
(Ann. rate,
bil. dol.)
1978
-12.3
-3.3
1.9
11.4
Second quarter
Fourth quarter
. . . .
118.
125.
129.
136.
3
4
8
6
208.2
99. 5
218 .1
223 .3
232 .0
102. 4
103. 7
106. 2
1,644
1,720
1,771
1,844
6
7
7
6
1,238.1
1,282.3
1,316.5
1,361.7
36.0
31.6
41.1
42.2
259.1
266.8
293.1
306.3
141.
140.
151.
154.
1
5
3
8
239 .2
258 .6
275 .2
298 .7
105,
108.
110.
112.
1
8
2
5
1,903
1,932
1,986
2,031
6
0
2
3
1,409.9
1,439.0
1,476.7
1,518.1
50.1
51.7
57.6
48.5
337.3
333.3
342.4
346.1
165.
160.
160.
157.
9
5
5
4
329 .1
316 .2
297 ,9
322 .7
115.
108.
102.
108.
3
9
8
9
2,088
2,070
2,122
2,204
5
0
4
8
1,558.0
1,569.0
1,597.4
1,661.8
29.2
p!9.4
Third quarter
195.9
214.8
225.3
243.5
8.2
17.1
44.5
23.3
. . . .
18,7
23.0
26.1
30.5
19.9
8.2
17.9
7.6
First quarter
50.9
p46.0
367.4
p366.2
162. 5
p!60. 3
338 2
111. 6
p346 9
2,291. 1
(NA)
1,722.4
pi,751.0
1979
First quarter
Second quarter
. . . .
Third quarter
Fourth quarter
. . . .
1980
First quarter
Second quarter
. . . .
Third quarter
Fourth quarter
. . . .
1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
i
H
282. Proprietors'
income with inventory valuation and
capital consumption adjustments
Voar
Tear
and
quarter
(Ann. rate,
bil. dol.)
Wm SAVING
NATIONAL INCOME AND ITS COMPONENTS-Continued
284. Rental income
of persons with
capital consumption adjustment
(Ann. rate,
bil. dol.)
288 Net i nterest
286. Corporate
profits with inven
tory valuation and
capital consumption adjustments
(Anr . rate,
(Ann rate,
bil. dol.)
bil dol.)
290. Gross saving
(private and government)
(Ann. rate,
bil. dol.)
295. Business
saving
(Ann. rate,
bil. dol.)
292. Personal
saving
(Ann. rate,
bil. dol.)
1978
no.:
First quarter
Second quarter
. . . .
Third quarter
Fourth quarter
. . . .
115. E
118.2 >
124.6
25 .3
25 .4
28 .7
30 .0
163.
185.
190.
202.
6
2
5
7
107 .3
112 .3
117 .8
125 .7
326.9
354.0
359.4
380.4
260.1
275.5
284.9
295.8
84.6
73.6
73.4
73.8
127.E
129.4 [
132.S)
136.: I
30 .7
30 .1
30 .3
31 .0
201.
196.
199.
189.
9
6
5
4
133 .4
136 .9
146 .8
156 .5
407.4
416.2
422.3
402.0
304.4
310.3
320.5
315.7
83.8
90.9
89.3
80.7
133.1 i
124,S)
129./ j
134.C)
31 .2
31 .5
165 .4
175 .3
185 .3
193 .3
404.5
394.5
402,0
406.7
326.7
325.8
334.6
339.3
86.4
110.0
32 .4
200. 2
169. 3
177. 9
183. 3
32 .7
p33 .3
203.0
(NA)
200 8
442.7
p211 0
(NA)
358.8
(NA)
88.9
p!06.0
1979
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1980
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
32.0
111.4
97.6
1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
132.
pl34.3
See note on |
Graphs of these series are shown on pages 44, 45, and 46.
82
JULY 1981
OTHER IMPORTANT ECONOMIC MEASURES
A
I
NATIONAL INCOME AND PRODUCT—Continued
Q
^m
SAVING-Continued
298. Government
surplus or deficit,
quarter
293. Personal
saving rate
total
Year
and
(percent of disposable personal
income)
SHARES OF GNP AND NATIONAL INCOME
(Ann. rate,
bil. dol.)
Percent of gross national product
248. Nonresidential
fixed investment
(Percent)
(Percent)
235. Personal consumption expenditures, total
(Percent)
(Percent)
247. Change in
business inventories
251. Net exports of
goods and services
(Percent)
249. Residential
fixed investment
(Percent)
1978
First quarter
Second.quarter
Third quarter
Fourth quarter
62.9
62.5
62.5
62.4
11.0
11.2
11.3
11.4
5.1
10.8
6.0
5.1
5.0
4.8
18.1
13.9
11.3
4.4
5.3
5.6
5.4
4.7
62.1
62.2
62.6
63.4
-9.6
-42.5
-45.6
-30.8
4.9
6.2
6.1
5.1
63.4
63.4
63.8
64.1
-6.2
(NA)
4.6
p5.3
63.4
p63.5
....
-17.7
4.9
....
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1.1
5.1
1.2
1.3
0.9
0.8
-0.6
-0.2
0.1
0.5
11.4
11.5
11.8
11.6
5.0
4.9
4.9
4.8
1.0
1.4
0.5
0.0
0.9
0.3
0.7
0.3
11.6
11.3
4.5
3.6
3.8
4.1
0.1
0.3
-0.6
-0.6
0.3
0.7
1.7
0.9
4.1
p3.9
0.2
pO.7
1.0
pO.7
5.2
5.2
1979
1980
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
11.1
11.1
1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
^ J
Year
and
quarter
11.1
pll.2
SHARES OF GNP AND NATIONAL INCOME—Continued
Percent of GNP-Continued
F
'ercent of national income
(Percent)
268. State and local
government purchases
of goods and services
64. Compensation of
employees
(Percent)
265. Federal Government purchases of
goods and services
(Percent)
283. Proprietors'
income with IVA
and CCAdjl
285. Rental income
of persons with
CCAdjl
(Percent)
(Percent)
287. Corporate
profits with IVA
and CCAdjl
289. Net interest
(Percent)
(Percent)
1978
First q u a r t e r . . . . . .
Second quarter . . . .
Third quarter
Fourth quarter . . . .
7.4
7.0
7.0
7.1
13.1
13.0
13.0
12.8
75.3
74.5
74.3
73.8
6.7
6.7
6.7
6.8
1.5
1.5
1.6
1.6
9.9
10.8
10.8
11.0
6.5
6.5
6.6
6.8
7.0
6.9
6.8
7.1
12.5
12.7
12.7
12.8
74.1
74.5
74.3
74.7
6.7
6.7
6.7
6.7
1.6
1.6
1.5
1.5
10.6
10.2
10.0
9.3
7.0
7.1
7.4
7.7
7.4
7,7
7.4
7,8
12.7
12.9
12.8
12.7
74.6
75.8
75.3
75.4
6.4
6.0
6.1
6.1
1.5
1.5
1.5
9.6
8.2
8.4
8.3
7.9
8.5
8.7
8.8
7.8
p7.6
12.4
p!2.4
75.2
(NA)
5.8
(NA)
(NA)
8.9
(NA)
8 8
(NA)
1979
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1980
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1.5
1981
First quarter
Second quarter . . . .
Third quarter
Fourth quarter . . . .
1.4
See note on page 80.
Graphs of these series are shown on pages 46 and 47.
a
IVA, inventory valuation adjustment; CCAdj, capital consumption adjustment.
http://fraser.stlouisfed.org/
Federal Reserve BankJULY 1981
of St. Louis
83
OTHER IMPORTANT ECONOMIC MEASURES
B
I
PRICES, WAGES, AND PRODUCTIVITY
Q j PRICE
Implicit price deflator,
gross national product
Year
and
month
310. Index
(1972 = 100)
310c. Change
over 1-quarter
spansl
(Ann. rate,
percent)
Fixed-weighted price index,
gross business product
311. Index
(1972 = 100)
311c. Change
over 1-quarter
spans'
(Ann. rate,
percent)
MOVEMENTS
Consumer prices, all items
Consumer prices, food
320. Index ©
320c. Change
over 1-month
spans'
320c. Change
over 6-month
spans'
(1967 = 100)
(Percent)
(Ann. rate,
percent)
(1967 = 100)
322. Index
322c. Change
over 1-month
spans *
322c. Change
over 6-month
spansl
(Percent)
(Ann. rate,
percent)
1979
9.7
158*.2
April
May
June
16l!2
July
August
September
164^2
October
November
December
167.5
204.7
207.1
209.1
0.8
1.0
0.9
10.6
11.4
12.2
225.2
228.2
230.1
1.3
1.3
0.8
12.0
12.0
10.6
9.7
211.5
214.1
216.6
1.0
1.0
1.0
12.9
13.0
13.6
231.5
233.2
233.9
0.6
0.7
0.3
9.0
6.3
7.0
9.5
218.9
221.1
223.4
1.2
1.1
1.2
13.9
14.0
14.4
235.1
235.3
238.0
0.5
0.1
1.1
7.6
7.7
9.7
10.0
225.4
227.5
229.9
1.1
1.1
1.2
14.9
15.4
15.8
240.1
242.0
245.0
0.9
0.8
1.2
8.9
8.3
7.7
10.1
233.2
236.4
239.8
1.4
1.3
1.3
15.3
14.8
14.3
245.3
244.9
247.0
0.1
-0.2
0.9
6.9
6.1
4.5
9.8
242.5
244.9
247.6
0.9
0.9
1.0
11.4
10.3
9.6
248.3
249.3
250.5
0.5
0.4
0.5
6.3
10.6
12.5
9.6
247.8
249.4
251.7
0.1
0.8
1.0
10.0
10.5
10.5
252.9
257.6
262.0
1.0
1.9
1.7
13.4
15.2
16.3
9.3
253.9
256.2
258.4
1.0
1.1
1.0
11.9
12.3
11.4
264.4
267.6
270.2
0.9
1.2
1.0
13.8
10.3
7.5
10.5
260.5
263.2
265.1
0.7
1.0
0.6
10.0
9.1
8.5
269.8
270.6
271.6
-0.1
0.3
0.4
5.5
2.6
1.0
p7.8
8.4
January
February
March
266.8
269.0
271.3
0.4
0.7
0.7
271.6
271.0
271.5
0.0
-0.2
0.2
162.3
7.8
166.1
7.8
169.9
8.1
174.6
1980
January
February
March
171.2
April
May
June
17^3
July
August
September
179^2
October
November
December
183.8
9.3
178.2
9.8
182!i
9.2
186.7
10.7
190.9
1981
January
February
March
April
May
June
9.8
188*. 1
195.7
p6.0
pl9CL9
p!99!4
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on pages 48 and 49.
1
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,
and 1-quarter changes are placed on the 1st month of the 2d quarter.
JULY 1981
OTHER IMPORTANT ECONOMIC MEASURES
B
I
PRICES, WAGES, AND PRODUCTIVITY—Continued
lfl|
Producer prices, all commodities
Year
and
month
330. Index @
(1967 = 100)
330c. Change
over 1-month
spans 1 ©
(Percent)
PRICE MOVEMENTS-Continued
Producer prices, crude materials
Producer f jrices, industrial commodities
330c. Change
over 6-month
spans' (u)
(Ann. rate,
percent)
335. Index ©
335c. Change
over 1-month
spans ' ©
(1967 = 100)
(Percent)
335c. Change
over 6-month
spans ' @
(Ann. rate,
percent)
331. Index
(1967 = 100)
331c. Change
over 1-month
spans'
(Percent)
331c. Change
over 6-month
spans '
(Ann. rate,
percent)
1979
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
255.3
261.4
266.5
2.2
2.4
2.0
21.1
20.2
20.7
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
271.2
271.4
274.6
1.8
0.1
1.2
18.1
8.6
11.3
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
277.4
272.4
281.1
1.0
-1.8
3.2
9.4
12.0
12.2
October
November
December
245.6
247.2
249.7
1.5
0.7
1.0
15.8
19.2
17.1
249.0
250.6
253.1
2.0
0.6
1.0
20.4
22.1
21.0
283.7
287.2
290.9
0.9
1.2
1.3
8.4
17.4
5.3
January
February
March
254.9
260.2
261.9
2.1
2.1
0.7
14.5
14.2
13.1
260.6
265.9
268.6
3.0
2.0
1.0
18.7
17.7
16.8
288.8
295.1
288.4
-0.7
2.2
-2.3
-0.4
-0.8
-1.8
April
May
June
262.8
264.2
265.6
0.3
0.5
0.5
12.5
10.7
9.9
271.3
271.9
273.5
1.0
0.2
0.6
12.3
9.5
7.7
283.1
286.1
288.3
-1.8
1.1
0.8
10.5
15.8
24.5
July
August
September
270.4
273.8
274.6
1.8
1.3
0.3
11.7
11.6
11.8
276.2
278.2
278.8
1.0
0.7
0.2
8.0
8.6
9.8
303.6
317.5
321.8
5.3
4.6
1.4
33.6
33.6
29.5
October
November
December
277.8
279.1
280.8
1.2
0.5
0.6
rl0.9
rl0.3
11.2
282.0
283.4
286.6
1.1
0.5
1.1
rll.4
rl3.0
14.9
327.2
330.7
328.1
1.7
1.1
-0.8
17.3
r9.6
3.3
r284.8
r287.6
289.6
1 .4
rl.O
r0.7
11 .1
10.7
10.0
r291.5
r295.7
298.9
rl.7
rl .4
ri.l
15.3
15.1
13.0
328.8
r332.4
327.0
0.2
r l .1
r-1.6
2.8
-0.4
3.7
292.8
293.7
294.5
1.1
0.3
0.3
302.8
304.1
304.7
1.3
0.4
0.2
331 .8
330.1
334.1
1.5
-0.5
1 .2
1980
1981
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 48.
Percent changes are centered within the spans:
month.
http://fraser.stlouisfed.org/ 1981
JULY
Federal Reserve Bank of St. Louis
IU
1-month changes are placed on the 2d month and 6-month changes are placed on the 4th
85
OTHER IMPORTANT ECONOMIC MEASURES
PRICES, WAGES, AND
PRODUCTIVITY—Continued
Q j
Producer prices, intermediate materials
Year
and
month
332. Index
(1967 = 100)
332c. Change
over 1-month
spans '
(Percent)
PRICE MOVEMENTS-Continued
Producer prices, capital equipment
332c. Change
over 6-month
spans l
(Ann. rate,
percent)
333. Index
(1967 = 100)
333c. Change
over 1-month
spans l
(Percent)
Producer prices, finished consumer goods
333c. Change
over 6-month
spans*
(Ann. rate,
percent)
334. Index
(1967 = 100)
334c. Change
over 1-month
spans l
(Percent)
334c. Change
over 6-month
spans l
(Ann. rate,
percent)
1979
January
February
March
227.0
228.9
231.6
1.1
0.8
1.2
13.3
13.8
14.7
208.1
210.0
211.4
0.7
0.9
0.7
10.0
9.2
9.2
206.1
208.3
210.3
1.3
1.1
1.0
13.0
12.7
11.3
April
May
June
235.2
238.0
240.4
1.6
1.2
1.0
15.9
16.9
17.9
213.3
214.7
215.9
0.9
0.7
0.6
9.2
7.7
7.9
212.3
213.5
214.7
1.0
0.6
0.6
11.1
11.2
13.5
July
August
September
244.4
247.5
251.5
1.7
1.3
1.6
18.0
17.4
17.5
217.5
217.9
219.6
0.7
0.2
0.8
7.7
8.0
8.4
217.2
219.7
224.0
1.2
1.2
2.0
13.9
16.1
16.7
October
November
December
255.5
257.9
260.6
1.6
0.9
1.0
19.6
20.8
18.7
221.4
223.1
224.8
0.8
0.8
0.8
10.1
11.4
11.7
226.6
230.0
231.9
1.2
1.5
0.8
17.9
18.6
16.8
January
February
March
267.3
272.0
274.0
2.6
1.8
0.7
15.6
14.9
14.1
228.2
230.0
232.1
1.5
0.8
0.9
13.4
12.5
12.3
235.8
239.3
242.1
1.7
1.5
1.2
15.3
13.0
13.1
April
May
June
274.7
276.4
278.4
0.3
0.6
0.7
10.5
8.8
8.3
235.8
236.6
238.2
1.6
0.3
0.7
11.6
12.2
10.4
243.3
244.5
246.6
0.5
0.5
0.9
13.5
12.9
11.0
July
August
September
281,0
283.7
285.2
0.9
1.0
0.5
9.6
10.2
11.1
241.1
243.6
243.9
1.2
1.0
0.1
10.7
11.4
10.9
251.2
254.3
255.1
1.9
1.2
0.3
11.7
12.1
10.9
October
November
December
287.6
290.2
293.5
0.8
0.9
1.1
12.0
rlO.7
11.5
248.1
249.7
250.8
1.7
0.6
0.4
rlO.7
rlO.5
11.6
257.1
258.9
259.7
0.8
0.7
0.3
r9.4
r8.3
9.7
297.4
r298.5
301.1
1.3
r0.4
r0.9
12.0
11.1
9.2
r253.7
r256.1
257.7
rl.2
0.9
r0.6
9.9
10.4
11.1
r262.7
r264.6
267.2
rl.2
rO.7
rl.O
9.7
8.7
9.1
304.3
305.9
306.7
1.1
0.5
0.3
260.1
262.4
264.3
0.9
0.9
0.7
269.3
269.9
271.3
0.8
0.2
0.5
1980
1981
January
February
March
April
May
June
July
August
September
October
November
December
See note on |
Graphs of these series are shown on page 48.
Percent changes are centered within the spans:
month.
1-month changes are placed on the 2d month and 6-month changes are placed on the 4th
JULY 1981
OTHER IMPORTANT ECONOMIC MEASURES
B I
PRICES, WAGES, AND PRODUCTIVITY-Continued
Q |
WAGES AND PRODUCTIVITY
Average hourly compensation, all employees,
nonfarm business sector
1
Average hourly earnings, production workers, private nonfarni economy, adjusted
Year
and
month
340. Index
340c. Change
over 1-month
spans2
(1977 = 100)
1979
(Percent)
Revised 3
Revised3
Current-dollar compensation
Real earnings
Current-dollar earnings
340c. Change
over 6-month
spans2
(Ann. rate,
percent)
Revised 3
341. Index
(1977 = 100)
341c. Change
over 1-month
spans2
(Percent)
341c. Change
over 6-month
spans2
(Ann. rate,
percent)
Revised 3
Revised 3
345. Index
(1977 = 100)
345c. Change
over 1-quarter
spans2
345c. Change
over 4-quarter
spans2
(Ann. rate,
percent)
(Ann. rate,
percent)
Revised 3
10.8
January
February
March
112.8
113.5
114.1
0.7
0.6
0.5
7.8
7.6
7.4
99.7
99.2
98.8
-0.2
-0.5
-0.4
-2.8
-3.8
-4.7
114.7
April
May
June
114.9
115.3
116.1
0.7
0.3
0.7
7.4
7.5
8.4
98.5
97.8
97.5
-0.3
-0.7
-0.3
-5.2
-5.0
-4.8
117!5
July
August
September
116.9
117.7
118.8
0.7
0.7
0.9
7.5
8.7
9.2
97.0
96.7
96.4
-0.5
-0.3
-0.3
-5.6
-4.5
-4.4
119". 8
October
November
December
119.1
120.2
121.3
0.3
0.9
0.9
8.3
8.8
9.2
95.7
95.6
95.3
-0.7
-0.1
-0.3
-5.5
-5.7
-5.5
12^5
January
February
March
121.7
122.8
124.1
0.3
0.9
1.1
9.6
9.4
9.5
94.3
93.9
93.7
-1.0
-0.4
-0.2
-5.0
-4.6
-3.9
12^3
April
May
June
124.7
125.8
127.0
0.5
0.9
1.0
10.0
9.9
8.7
93.3
93.4
93.4
-0.4
0.1
0.0
-1.0
-0.1
-0.9
128^7
July
August
September
127.6
128.7
129.4
0.5
0.9
0.5
9.8
10.4
9.1
93.8
93.9
93.3
0.4
0.1
-0.6
-0.2
-0.3
-1.6
13K6
October
November
December
130.6
132.1
132.6
0.9
1.1
0.4
9.9
9.9
10.2
93.2
93.2
92.7
-0.1
0.0
-0.5
-2.2
-2.5
-1.1
134 *. 7
133.8
135.0
135.8
0.9
0.9
0.6
9.5
8.4
p8.6
92.8
92.7
92.8
0.1
-0.1
0.1
-0.4
-0.4
p0.5
p i 38*. 3
136.7
137.6
pi 38.2
0.7
0.7
p0.4
93.1
93.0
p92.9
0.3
-0.1
p-0.1
^6
10.0
9.5
8.2
9.3
9.2
9!6
1980
9.6
9^9
11.4
IO.'O
9.3
pl6.4
9.5
(NA)
1981
January
February
March
April
May
June
pll.2
(NA)
(NA)
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on pages 49 and 50.
Adjusted for overtime (in manufacturing only) and interindustry employment shifts.
2
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.
http://fraser.stlouisfed.org/
Federal Reserve Bank INI St.1QR1
of Y Louis
ItMl
87
OTHER IMPORTANT ECONOMIC MEASURES
B
I
PRICES, WAGES, AND PRODUCTIVITY—Continued
Q
Average hourly compensation, all employees,
nonfarm business sector—Continued
Year
and
month
Index
346c. Change
over 1-quarter
spans1
(1977 = 100)
(Ann. rate,
percent)
346c. Change
over 4-quarter
spans '
(Ann. rate,
percent)
PRODUCTIVITY—Continued
Negotiated wage and benefit
decisions, all industries ©
348. First year
average changes
Real compensation
346.
W G S AND
AE
(Ann. rate,
percent)
349. Average
changes over
life of
contract
(Ann. rate,
percent)
Output per hour, all persons private
business sector
370. Index
(1977 = 100)
358. Index of
output per hour
370c. Change
over 1-quarter
spansi
370c. Change
over 4-quarter
spans'
(Ann. rate,
percent)
(Ann. rate,
percent)
all persons,
nonfarm
business sector
(1977 = 100)
1979
January
February
March
2.8
-0.4
April
May
June
99*6
July
August
September
98*5
October
November
December
5.3
97.*5
10.5
-2.5
7.8
9.0
-6*9
8.5
99.'l
-6*4
98.'7
-O.*8
98*6
0*0
98*6
-0.1
97.9
p6*5
98.8
(NA)
98.7
-1.5
99.2
-1.1
6.0
-4*2
99.5
-0.2
6.1
-4*3
-3.8
-0*7
99*6
-2*8
-4.6
-0.8
99.7
-1.9
100*3
99.0
1980
January
February
March
8.8
-6.2
April
May
June
'
July
August
September
October
November
December
6.7
-2.0
95'.5
10.2
2.0
98*8
11.4
99*2
8.5
-3.0
1.5
7.2
p-6*8
95*1
-1.9
7.4
-2.3
95*9
1.3
99.3
-2*6
95." 9
6.1
-1.2
98*9
(NA)
1981
January
February
March
April
May
June
p-0.2
pl0.4
p3.9
P7.3
p99.6
p99.8
p95.'l
(NA)
(NA)
pll.4
plO.O
(NA)
(NA)
(NA)
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on pages 49 and 50.
Percent changes are centered within the spans:
placed on the middle month of the 3d quarter.
1-quarter changes are placed on the 1st month of the 2d quarter and 4-quarter changes are
JULY 1981
OTHER IMPORTANT ECONOMIC MEASURES
C
I
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
D
1 CIVILIAN LABOR FORCE AND MAJOR COMPONENTS
Civilian labor force
Year
and
month
441. Total
(Thous.)
442. Employed
(Thous.)
Labor force participation rates
448. Number em-
Number unemployed
451. Males
20 years
and over
452. Females
20 years
and over
453. Both
sexes, 16-19
years of age
(Percent)
(Percent)
(Percent)
37. Total
(Thous.)
444. Males
20 years
and over
445. Females
20 years
and over
446. Both
sexes, 16-19
years of age
(Thous.)
(Thous.)
(Thous.)
(Thous.)
447. Fulltime
workers
ployed
part-time
for economic
reasons
(Thous.)
1979
January
February
March
102,014
102,393
102,578
96,056
96,400
96,622
80.0
80.1
79.9
50.1
50.3
50.5
58.8
58.9
58.7
5,958
5,993
5,956
2,201
2,188
2,188
2,205
2,251
2,246
1,552
1,554
1,522
4,573
4,692
4,602
3,234
3,209
3,248
April
May
June
102,213
102,366
102,556
96,295
96,590
96,838
79.8
79.7
79.7
50.2
50.3
50.4
58.4
57.9
57.8
5,918
5,776
5,718
2,165
2,083
2,097
2,178
2,147
2,177
1,575
1,546
1,444
4,621
4,450
4,422
3,279
3,252
3,267
July
August
September
103,015
103,105
103,492
97,277
97,048
97,521
79.9
79.8
79.9
50.7
51.0
50.9
57.6
56.6
58.1
5,738
6,057
5,971
2,177
2,235
2,232
2,122
2,303
2,180
1,439
1,519
1,559
4,484
4,661
4,670
3,243
3,286
3,155
October
November
December
103,566
103,605
104,053
97,434
97,501
97,781
79.7
79.5
79.5
50.9
50.9
51.2
57.7
57.9
58.5
6,132
6,104
6,272
2,333
2,385
2,435
2,240
2,214
2,276
1,559
1,505
1,561
4,785
4,814
4,911
3,289
3,405
3,541
January
February
March
104,208
104,271
104,171
97,708
97,817
97,628
79.5
79.6
79.4
51.3
51.3
51.2
58.0
57.5
57.4
6,500
6,454
6,543
2,629
2,581
2,736
2,314
2,311
2,295
1,557
1,562
1,512
5,130
5,114
5,265
3,549
3,454
3,470
April
May
June
104,427
105,060
104,591
97,225
97,116
96,780
79.5
79.9
79.4
51.4
51.5
51.4
56.5
57.9
56.7
7,202
7,944
7,811
3,192
3,569
3,558
2,501
2,593
2,569
1,509
1,782
1,684
5,825
6,586
6,430
3,803
4,276
3,969
July
August
September
105,020
104,945
104,980
96,999
97,003
97,180
79.4
79.4
79.4
51.5
51.6
51.3
57.1
55.5
56.7
8,021
7,942
7,800
3,630
3,612
3,652
2,655
2,633
2,513
1,736
1,697
1,635
6,631
6,553
6,516
4,086
4,143
4,183
October
November
December
105,167
105,285
105,067
97,206
97,339
97,282
79.3
79.2
79.0
51.4
51.5
51.4
56.8
56.5
56.0
7,961
7,946
7,785
3,532
3,532
3,425
2,732
2,720
2,750
1,697
1,694
1,610
6,559
6,632
6,549
4,220
4,176
4,218
January
February
March
105,543
105,681
106,177
97,696
97,927
98,412
78.8
78.7
79.2
51.8
51.9
52.1
57.0
57.0
56.6
7,847
7,754
7,764
3,352
3,312
3,305
2,750
2,680
2,725
1,744
1,762
1,734
6,460
6,396
6,407
4,474
4,145
4,227
April
May
June
106,722
107,406
106,176
98,976
99,235
98,392
79.4
79.8
78.9
52.3
52.6
52.4
57.7
57.4
53.7
7,746
8,171
7,784
3,262
3,546
3,425
2,721
2,838
2,731
1,763
1,787
1,628
6,293
6,690
6,322
4,044
4,143
3,798
1980
1981
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 5 1 .
http://fraser.stlouisfed.org/
It
Federal Reserve Bank of St. Louis
fiQ
OTHER IMPORTANT ECONOMIC MEASURES
£) I
GOVERNMENT ACTIVITIES
Q J
500. Surplus
or deficit
(Ann. rate,
bil. dol.)
t\dvance measures of defense activity
State and local governments'
Federal Government'
Year
and
month
H * | DEFENSE INDICATORS
RECEIPTS AND EXPENDITURES
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.)
517. Defense
Department
gross obligations incurred
525. Defense
Department
military prime
contract
awards
543. Defense
Department
gross unpaid
obligations
outstanding
548. Value of
manufacturers'
new orders,
defense
products
(Mil. dol.)
(Mil. dol.)
(Mil. dol.)
(Mil. dol.)
Revised 2
1979
January
February
March
-11*5
477*0
488.4
29*5
340*9
311*4
10,770
10,226
10,935
5,706
4,773
5,763
65,120
48,267
67,128
2,917
4,256
3,191
-8*1
485*9
494.0
21*9
342.7
320.8
9,784
10,683
10,615
4,936
4,720
5,117
68,883
68,468
68,976
2,843
3,341
2,986
July
August
September
-15*2
500*6
515*8
26*5
355*4
328*9
11,792
11,022
12,278
6,135
5,282
6,364
70,252
81,542
71,886
3,793
3,437
4,023
October
November
December
-24*5
51416
538*6
28*9
365*6
336^7
12,081
11,505
11,997
4,318
5,670
5,489
64,325
68,634
68,525
2,959
3,422
3,326
January
February
March
-36^3
528*4
564*7
26*6
372J
345*4
12,578
12,399
13,806
5,515
7,152
5,781
70,088
68,497
72,961
3,773
4,224
5,152
April
May
June
-66*5
520*9
587.' 3
23.9
373.9
350.'6
13,722
13,718
12,809
7,572
7,483
7,184
73,766
74,848
75,204
4,474
4,044
4,546
July
August
September
-74.2
540*8
615.6
28*6
386*8
358.2
12,677
13,728
13,552
6,768
7,633
7,410
76,366
76,506
79,260
6,815
4,915
5,669
October
November
December
-67.9
573.2
641 j "
37 J
403.4
366.3
13,014
12,876
15,825
4,572
6,794
9,663
77,930
76,530
79,312
3,986
3,357
4,991
-43.3
620.7
664.0
37.0
411.8
374.7
14,808
15,741
15,560
7,430
7,598
7,866
80,829
85,032
83,966
4,530
6,251
4,848
(NA)
(NA)
p669*4
(NA)
(NA)
p378.0
15,210
15,708
(NA)
8,916
(NA)
83,672
85,589
(NA)
3,976
5,383
p4,847
April
May
June
1980
1981
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on pages 52 and 53.
1
Based on national income and product accounts.
2
See "Mew Features and Changes for This Issue," pa^e iii.
q
n
OTHER IMPORTANT ECONOMIC MEASURES
GOVERNMENT ACTIVITIES—Continued
^ J
DEFENSE INDICATORS—Continued
National defense
Intermediate and final measures of defense activity
Year
and
month
557. Output of
defense and
space equipment
559. Manufacturers' inventories, defense
products
561. Manufacturers' unfilled
(1967 = 100)
(Mil. dot.)
(Mil.dol.)
1
Revised
orders, defense
products
Revised
580. Defense
Department
net outlays
(Mil.dol.)
1
purchases
588. Manufacturers' shipments, defense
products
570. Employment in defense products
industries
(Mil.dol.)
(Thous.)
Revised
1
Revised
Defense Department
personnel
577. Military,
active duty (u)
578. Civilian,
direct hire
employment (u)
(Thous.)
(Thous.)
564. Federal
purchases of
goods and
services
(Ann. rate,
bil. dol.)
565. Federal
purchases as
a percent of
GNP
(Percent)
1
1979
January
February
March
92.3
92.4
93.0
6,658
6,745
6,832
47,686
49,264
49,470
9,645
9,452
9,525
2,666
2,677
2,985
1,242
1,262
1,278
2,040
2,030
2,026
972
971
968
lO6!o
4*.5
April
May
June
92.1
92.4
92.2
6,834
7,061
7,234
49,579
50,189
50,293
9,299
9,781
9,425
2,734
2,732
2,882
1,282
1,287
1,296
2,022
2,018
2,024
968
972
979
108J
4.*6
July
August
September
92.9
91.9
93.8
7,301
7,455
7,802
51,344
51,864
53,059
10,499
10,103
9,982
2,742
2,917
2,828
1,305
1,306
1,317
2,027
2,024
2,027
982
974
960
112 16
4.*6
October
November
December
95.4
96.4
96.7
8,066
8,426
8,606
53,057
53,390
53,532
9,982
10,206
11,182
2,961
3,089
3,184
1,328
1,340
1,346
2,030
2,029
2,020
964
967
967
118.7
4.8
January
February
March
97.0
97.2
97.1
8,762
8,819
9,246
54,323
55,318
57,151
11,341
10,632
11,235
2,983
3,229
3,319
1,348
1,353
1,363
2,029
2,032
2,033
964
965
966
125^0
4.9
April
May
June
97.6
97.2
96.8
9,415
9,576
9,749
58,345
59,024
60,207
11,356
11,061
11,480
3,280
3,366
3,363
1,359
1,361
1,354
2,028
2,031
2,034
969
975
988
128^7
5*.O
July
August
September
97.2
96.9
97.4
10,034
10,337
10,447
63,573
65,097
67,113
11,303
11,135
11,648
3,450
3,391
3,653
1,357
1,364
1,369
2,044
2,049
2,051
990
973
971
131.4
5'.6
98.5
99.8
100.7
10,698
10,815
11,021
67,445
67,046
68,355
12,371
11,209
13,055
3,653
3,757
3,683
1,380
1,382
1,386
2,053
2,056
2,051
971
972
973
14K6
5*.2
January
February
March
101.0
100.2
rl00.5
11,418
11,628
11,984
69,321
71,711
72,398
12,769
12,959
12,631
3,564
3,861
4,161
1 ,384
1,379
1,383
2,056
2,061
2,062
973
972
974
145". 2
5J
April
May
June
rl00.8
rl00.9
pl00.9
12,165
12,273
(NA)
72,410
73,852
p74,664
12,609
13,541
p!3,263
3,964
3,941
p4,037
2,060
r2,064
p2,070
980
p990
(NA)
1980
October
November
December
1981
1,383
p i , 382
(NA)
pl48.1
p5J
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on pages 54 and 55.
^ee "New Features and Changes for This Issue," page iii.
http://fraser.stlouisfed.org/
JULY Louis
Federal Reserve Bank of St.1981
91
OTHER IMPORTANT ECONOMIC MEASURES
E
U.S. INTERNATIONAL TRANSACTIONS
Q
Year
and
month
602. Exports, excluding
military aid shipments,
total
(Mil. dol.)
604. Exports of agricultural products
(Mil. dol.)
MERCHANDISE TRADE
606. Exports of nonelectrical machinery
(Mil. dol.)
612. General imports,
total
(Mil. dol.)
614. Imports of
petroleum and
petroleum products
(Mil. dol.)
616. Imports of
automobiles and parts
(Mil. dol.)
1979
January
February
March
13,265
13,616
14,298
2,531
2,444
2,609
2,682
2,832
2,917
16,528
14,607
15,358
3,580
3,634
3,667
1,963
1,706
1,589
April
May
June
13,979
14,084
14,819
2,540
2,597
2,828
2,706
2,859
3,034
15,841
16,436
16,829
3,832
4,000
4,199
1,956
1,851
1,730
July
August
September
15,692
15,717
15,825
2,954
3,019
3,032
3,022
3,241
3,153
16,804
18,277
18,409
4,692
4,949
5,662
1,815
2,113
1 ,849
October
November
December
16,682
16,929
16,742
3,309
3,459
3,311
3,251
3,172
3,240
19,027
18,546
19,612
6,050
5,351
6,502
1,805
1,984
1,871
January
February
March
17,419
16,984
18,265
3,442
3,484
3,325
3,297
3,454
3,423
21,142
21,779
20,947
5,614
7,741
6,991
1,899
2,035
1,960
April
May
June
18,567
17,647
18,440
3,329
3,326
3,085
3,571
3,620
3,943
19,766
20,587
20,353
5,185
7,191
6,611
1,710
1,999
1,843
July
August
September
18,267
19,086
18,828
3,286
3,557
3,596
3,985
4,230
4,027
19,139
19,713
19,940
5,153
6,018
4,982
2,103
2,139
2,270
October
November
December
19,214
18,715
19,251
3,485
3,464
3,838
4,117
3,968
3,819
20,347
19,860
21,436
5,876
6,051
6,254
2,189
2,314
1,897
January
February
March
18,825
19,764
21,434
4,295
3,977
4,201
4,058
4,155
4,352
23,194
21,922
20,949
7,359
8,018
5,992
2,264
1,742
2,125
April
May
June
19,818
18,869
(NA)
3,604
3,708
(NA)
4,311
4,160
(NA)
22,289
21,310
(NA)
6,919
6,329
(NA)
2,042
2,299
(NA)
1980
1981
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 56.
92
JULY 1 9 8 1
ItCII
OTHER IMPORTANT ECONOMIC MEASURES
E
U.S. INTERNATIONAL TRANSACTIONS—Continued
Q |
GOODS AND SERVICES MOVEMENTS (EXCLUDING TRANSFERS UNDER MILITARY GRANTS)
Merchandise, adjusted1
Goods and services
Year
and
month
667. Balance
669. Imports
668. Exports
(Mil.dol.)
(Mil.dol.)
(Mil.dol.)
622. Balance
(Mil.dol.)
618. Exports
(Mil.dol.)
Income on investments
620. Imports
(Mil.dol.)
651. U.S. investments abroad
(Mil.dol.)
652. Foreign
investments in
the United
States
(Mil.dol.)
1979
January
February
March
2,539
65,424
62,885
-4,730
42,036
46,766
14,111
7,352
702
68,890
68,188
-7,283
43,834
51,117
15,582
7,949
July
August
September
2,453
74,718
72,265
-6,974
47,236
54,210
18,055
8,734
October
November
December
1,312
79,894
78,582
-8,359
51,367
59,726
18,952
9,203
-217
85,764
85,981
-10,126
54,898
65,024
20,465
10,629
787
83,617
82,830
-6,744
55,667
62,411
16,860
10,342
July
August
September
6,478
86,655
80,1*77
-2,902
56,252
59,154
18,850
10,697
October
November
December
3,734
88,636
84,902
-5,570
57,149
62,719
19,764
11,507
p4,599
p94,159
p89,560
p-4,602
p61,117
p65,719
p21,420
pl2,551
(NA)
(NA)
(NA)
(NA)
(NA)
(NA)
(NA)
(NA)
April
May
June
1980
January
February
March
April
May
June
1981
January
February
March
April
May
June
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 57.
1
Balance of payments basis: Excludes transfers under military grants and Department of Defense sales contracts (exports) and Department of
Defense purchases (imports).
http://fraser.stlouisfed.org/
JULY 1981
Federal Reserve Bank of St. Louis
93
OTHER IMPORTANT ECONOMIC MEASURES
F
I
INTERNATIONAL COMPARISONS
Q
Year
and
month
47. United States,
index of industrial production
(1967 = 100)
721. OECD1
European countries, index of
industrial
production
(1967 = 100)
728. Japan,
index of industrial production
725. West
Germany, index
of industrial
production
726. France,
index of industrial production
(1967 = 100)
(1967 = 100)
(1967 = 100)
(2)
1979
INDUSTRIAL PRODUCTION
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)
(2)
January
February
March
152.0
152.5
153.5
r!55
r!56
210.7
213.4
213.1
rl54
rl54
rl57
158
160
163
122
131
133
152.8
160.0
156,0
160.8
161.0
162.0
April
May
June
151.1
152.7
153.0
rl56
rl58
159
214.4
218.2
218.5
rl57
r!61
r!63
160
164
164
132
134
136
156.7
151.9
145.1
160.3
162.1
160.6
July
August
September . . . . . . .
153.0
152.1
152.7
rl61
159
r!59
221.2
221.8
220.5
r!64
rl63
rl61
170
170
167
134
130
129
150.4
150.1
159.4
163.1
163.3
165.4
October
November
December
152.7
152.3
152.5
rl61
162
162
225.0
228.1
228.4
r!63
rl64
r!64
164
164
166
130
132
131
166.8
167.3
164.7
164.7
163.7
160.8
January
February
March
152.7
152.6
152.1
163
163
163
r230.7
241.0
235.0
r!64
167
r!64
166
167
166
130
126
125
168.9
176.1
174.6
160.9
161.2
164.2
April
May
June
148.3
144.0
141.5
162
158
159
238.2
235.7
234.4
164
161
160
167
160
160
124
123
r!24
176.1
162.3
167.4
160.6
157.3
155.9
July
August
September
140.4
141.8
144.1
161
154
155
234.5
225.3
233.4
161
157
157
166
166
157
123
120
117
165.2
141.5
160.8
155.5
157.2
159.7
October
November
December
146.9
149.4
151.0
156
156
r!55
235.7
232.6
236.4
160
157
154
160
153
r!63
117
117
116
H63.2
r!69.5
rl59.4
160.7
161.3
161.5
151.7
151.5
152.2
154
158
p i 56
238.3
239.8
237.9
157
166
161
152
r!49
rl56
115
116
r!16
157.7
H69.7
rl68.0
160.5
162.3
164.8
H52.2
152.8
pl52.7
(NA)
p239.0
(NA)
p!61
(NA)
pl53
(NA)
p!16
(NA)
(NA)
H66.2
p!66.0
(NA)
154
1980
1981
January
February
March
April
May
June
July
August
September
October
November
December
See note on |
Graphs of these series are shown on page 58.
Organization for Economic Cooperation and Development.
2
See "New Features and Changes for This I s s u e , " page i i i .
94
JULY 1981
Kill
OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL
COMPARISONS—Continued
Q
Year
and
month
320. Index ®
(1967 = 100)
West Germany
Japan
United States
320c. Change
over 6-month
spansl
(Ann. rate,
percent)
738. Index @
(1967 = 100)
CONSUMER PRICES
738c. Change
over 6-month
spansl
(Ann. rate,
percent)
735. Index @
(1967 = 100)
United Kingdom
France
735c. Change
over 6-month
spansl
(Ann. rate,
percent)
736. Index @
(1967 = 100)
736c. Change
over 6-month
spansl
(Ann. rate,
percent)
732. Index ®
(1967 = 100)
732c. Change
over 6-month
spans*
(Ann. rate,
percent)
1979
January
February
March
204.7
207.1
209.1
10.6
11.4
12.2
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
9.8
10.4
10.9
332.9
335.6
338.3
11.4
11.4
13.2
April
May
June
211.5
214.1
216.6
12.9
13.0
13.6
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
12.6
11.7
344.1
346.8
352.8
21.5
21.4
22.1
July
August
September
218.9
221.1
223.4
13.9
14.0
14.4
263.8
261.1
264.4
6.7
6.9
6.9
167.7
167.8
168.3
6.0
6.4
6.1
260.0
262.7
264.9
12.7
12.4
12.8
368.0
370.9
374.6
23.2
23.7
21.5
October
November
December
225.4
227.5
229.9
14.9
15.4
15.8
267.7
266.7
268.3
6.0
8.9
10.8
168.7
169.3
170.1
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
January
February
March
233.2
236.4
239.8
15.3
14.8
14.3
270.8
273.3
275.5
9.9
9.5
9.9
171.0
172.8
173.8
5.6
5.6
5.7
277.2
280.2
283.4
15.0
15.0
14.1
394.1
399.7
405.1
20.4
20.5
20.5
April
May
June
242.5
244.9
247.6
11.4
10.3
9.6
280.2
282.7
283.5
9.5
8.2
7.2
174,9
175.6
176.5
6,9
5.5
4.7
286.7
289.3
291.1
12,9
12.3
11.6
419.0
422.8
426.8
18.5
15.8
14.1
July
August
September
247.8
249.4
251.7
10.0
10.5
10.5
284.2
283.7
288.1
5.6
7.3
4.3
176.8
177.0
177.0
4.6
5.0
5.2
295.5
298.4
301.0
11.8
12.2
13.2
430.4
431.3
434.1
10.6
10.4
9.9
October
November
December
253.9
256.2
258.4
11.9
12.3
11.4
288.5
289.1
287.2
5.7
5.2
5.2
177.3
178.3
179.4
4.9
5.4
6.3
304.3
306.4
309.1
12.7
12.7
13.0
436.8
440.3
442.7
8.2
9.7
11.1
January
February
March
260.5
263.2
265.1
10.0
9.1
8.5
290.7
290.9
292.6
4.9
3.3
(NA)
180.9
182.3
183.5
6.6
6.3
6.0
312.7
315.6
318.8
13.6
13.2
(NA)
445.5
449.5
456.2
13.4
13.0
12.7
April
May
June
266.8
269.0
271.3
16.8
17.4
1980
1981
294.9
297.9
(NA)
184.7
185.4
186.3
323.1
326.0
(NA)
469.4
472.4
475.2
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 59.
1
Changes over 6-month spans are centered on the 4th month.
http://fraser.stlouisfed.org/ 1981
JULY
Federal Reserve Bank of St. Louis
95
OTHER IMPORTANT ECONOMIC MEASURES
INTERNATIONAL COMPARISONS—Continued
IQ
CONSUMER
| 9
PRICES-Continued
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 ®
over 6-month
spans*
19. United
States, index
of stock
prices, 500
common
stocks ®
(Ann. rate,
percent)
(1967 = 100)
(1967 = 100)
(1967 = 100)
(1967 = 100)
(1967 = 100)
(1967 = 100)
(1967 = 100)
Italy
Year
and
month
Canada
737. Index ® 737c. Change
over 6-month
spans'
733. Index ® 733c. Change
(1967 = 100)
(Ann. rate,
percent)
S O K PRICES
TC
(1967 = 100)
1979
January
February
March
305.1
309.7
313.8
14.5
15.6
15.6
211.2
213.2
215.7
10.9
10.1
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
23.1
226.5
228.7
230,1
10.0
10.4
9.9
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
January
February
March
367.9
374.3
378.2
23.0
22.6
20.4
231.3
233.3
235.8
10,3
9.9
10.6
120.6
125.5
113.9
420.1
425.5
413.0
117.2
123.3
118.1
203.8
207.4
185.4
224.3
239.4
231.6
59.8
61.1
61.1
224.7
256.3
203.2
April
May
June
384.3
388.2
391.7
18.4
18.1
19.6
237.2
240.0
242.7
10.0
11.0
11.5
112.0
117.1
124.6
417.6
422.9
423.8
116.5
118.8
120.6
189.0
201.1
201.4
228.1
230.3
240.7
61.0
61.5
64.8
212.8
216.4
227.5
July
August
September
398.7
403.5
411.6
19.1
21.6
22.9
244.5
246.8
249.0
11.7
12.7
12.0
130.4
134.3
137.6
424.9
429.1
437.6
121.2
121.7
120.0
198.9
199.9
203.0
255.9
256.7
262.6
66.0
74.4
82.7
240.0
232.3
233.5
October
November
December
418.5
427.3
432.5
21.2
21.4
20.4
251.2
254.3
255.8
14.1
13.3
13.2
141.7
147.6
145.2
447.5
447.8
443.5
120.6
117.2
116.3
218.0
215.2
206.6
267.4
277,5
267.6
93.5
99.2
96.0
223.3
235.2
219.9
January
February
March
440.7
448.6
454.9
20.8
19.6
18.6
259.1
261.7
265.2
13.6
12.0
13.7
144.6
139.7
144.9
457.9
458.2
467.3
115.3
114.0
116.3
191.1
201.1
209.4
259.0
269.0
273.2
110.0
122.1
125.9
223.7
218.6
233.9
April
May
June
461.3
467.8
472.5
146.2
143.3
143.9
494.6
502.8
rp510.9
122.7
122.1
126.1
197.7
rp!75.2
rp!49.8
293.2
295.6
rp289.0
132.4
135.9
rpl26.8
232.3
rp229.1
rp232.3
p!40.2
p528.6
p!27.9
p!50.5
p284.2
pl00.8
p232.2
1980
1981
267.2
269.6
273.8
July
August
September
October
November
December
See note on page 80.
Graphs of these series are shown on page 59.
1
Changes over 6-month spans are centered on the 4th month.
96
JULY 1981
APPENDIXES
B.
Current Adjustment Factors
1981
Series
Jan.
5. Average weekly initial claims, State
unemployment insurance
13. New business incorporations
1
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
146.9
110.6
89.1
89.6
81.1
90.1
116.2
88.1
76.7
85.7
98.3
127.4
102.4
90.1
107.0
105.0
98.4
106.7
104.2
96.4
99.0
102.4
87.2
101.3
15. Profits (after taxes) per dollar of sales,
manufacturing2
33. Net change in mortgage debt
1 3
72. Commercial and industrial loans
outstanding
517. Defense Department gross obligations
incurred1
525.
543.
Defense Department m i l i t a r y prime
contract awards
570. Employment in defense products industries
580.
Defense Department net outlays 1
604.
Exports of agricultural products
606. Exports of nonelectrical machinery. . . .
616.
98.0
98.3
-1893
-2405
-581
-69
812
1640
194
943
712
356
-468
728
100.0
99.5
100.1
100.3
99.9
100.0
100.0
99.5
99.5
100.0
100.3
100.8
110.5
87.0
96.1
98.2
87.7
90.4
92.9
81.9
124.9
139.2
101.4
90.2
88.4
71.9
107.1
86.9
95.6
93.0
76.4
74.4
177.7
134.8
99.9
97.1
104.4
99.8
101.8
102.9
100.3
98.2
96.4
93.6
96.6
101.4
102.1
102.5
100.2
100.2
100.0
99.9
99.9
100.3
100.0
99.6
99.8
99.8
100.1
100.1
97.3
96.8
105.0
103.1
99.7
101.4
101.8
96.5
98.1
101.0
96.3
103.9
94.7
96.2
111.1
104.1
96.2
98.0
92.0
91.4
89.9
105.1
109.7
111.7
92.7
95.2
113.6
103.7
105.9
104.0
95.0
93.8
94.1
102.1
97.2
102.7
100.4
91.6
100.0
106.5
89.3
105.1
97.5
101.6
107.8
100.5
94.3
104.7
109.4
114.1
100.0
104.8
99.5
79.3
90.2
96.2
102.3
106.1
Defense Department gross unpaid
obligations outstanding
614.
108.8
94.9
Imports of petroleum and products 1 . . . .
Imports of automobiles and parts 1 . . . .
102.1
97.0
NOTE: These s e r i e s are seasonally adjusted by the Bureau of Economic
rather than by the source agency. Seasonal adjustments are kept current
data prepared by the source agency will be used in BUSINESS CONDITIONS
method used to compute these f a c t o r s , see Bureau of the Census Technical
SONAL ADJUSTMENT PROGRAM.
Analysis or the National Bureau of Economic Research, I n c . ,
by the Bureau of Economic Analysis. Seasonally adjusted
DIGEST whenever they are a v a i l a b l e . For a description of the
Paper No. 15, THE X-ll VARIANT OF THE CENSUS METHOD II SEA-
f a c t o r s 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
y i e l d the seasonally adjusted net change. These factors are computed by the additive version of the X - l l variant of the Census Method I I seasonal adjustment program.
97
C. Historical Data for Selected Series
Year
Jan.
Feb.
Mar.
Apr.
My
a
June
July
Sept.
Aug.
Oct.
Nov.
Dec.
IQ
47 . INDEX DF INDUSTRIAL PRODUCTION, TOTAL 1
(1967=100)
II Q
III Q
IV Q
Annual
AVERAGE FOR PERIOD
1948...
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
40.8
40.3
39.9
48.8
49.3
54.6
51.4
54.9
61.1
62.5
57.4
62.5
68. 8
63.0
70.2
73.8
79.0
40.9
39.9
40.0
49.1
49.6
54.9
51.6
55.6
60.5
63.1
56.2
63.7
68.2
62.9
71.3
74.6
79.5
40.4
39.1
41.3
49.4
49.7
55.3
51.3
56.9
60.5
63.1
55.5
64.7
67.6
63.3
71.7
75.1
79.5
40.5
38.9
42.7
49.4
49.3
55.6
51.0
57.5
61.0
62.2
54.6
66.0
67.0
64.6
71.9
75.8
80. 8
41.2
38.3
43.7
49.3
48.8
55.9
51.3
58.5
60.5
62.0
55.1
67.0
67.0
65.6
71.8
76.7
81.3
41.7
38.3
45.0
49.0
48.4
55.6
51.4
58.5
59.9
62.1
56.5
67.1
66. 1
66.5
71.6
76.9
81.5
41.7
38.2
46.4
48.3
47.6
56.3
51.5
59.0
58.1
62.5
57.4
65.5
65.9
67.3
72.3
76.6
82.0
41.6
38.6
47.9
47.8
50.7
56.0
51.4
58.9
60.5
62.5
58.5
63.3
65.8
67.9
72.4
76.8
82.6
41.2
38.9
47.6
48.1
52.5
54.9
51.5
59.3
61.8
62.0
59.1
63.2
65.1
67.8
72.8
77.5
82.9
41.6
37.5
47.9
48.1
53.0
54.4
52.1
60.3
62.4
61.1
59.8
62.7
65.0
69.1
72.9
78.1
81.7
41.0
38.5
47.8
48.4
54.1
53.1
53.0
60.5
61.8
59.6
61.5
63.1
64.1
70.2
73.2
78.4
84.2
40.6
39.2
48.7
48.7
54.4
51.8
53.6
60.7
62.7
58.5
61.6
67.0
62.9
7U.8
73.2
78.3
85.2
40.7
39.8
40.4
49.1
49.5
54.9
51.4
55.8
60.7
62.9
56.4
63.6
68.2
63.1
71.1
74.5
79.3
41.1
38.5
43.8
49.2
48.8
55.7
51.2
58.2
60.5
62.1
55.4
66.7
66.7
65.6
71.8
76.5
81.2
41.5
38.6
47.3
48.1
50.3
55.7
51.5
59.1
60.1
62.3
58.3
64.0
65.6
67.7
72.5
77.0
82.5
41.1
38.4
48.1
48.4
53.8
53.1
52.9
60.5
62.3
59.7
61.0
64.3
64.0
70.0
73.1
78.3
83.7
41.1
38.8
44.9
48.7
50.6
54.8
51.9
58.5
61.1
61.9
57.9
64.8
66.2
66.7
72.2
76.5
81.7
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979. ..
1980. ..
1981...
86.2
94.4
99.8
103.7
109.5
109.1
108.1
114.6
126.3
129.9
115.2
126.1
133.7
140.0
152.0
152.7
86.7
95.0
99.0
104.3
110.2
108.8
108.0
115.3
127.8
129.6
112.7
128.1
134.5
140.3
152.5
152.6
87.8
96.3
98.5
104.7
110.8
108.8
108.0
116.5
128.5
130.0
111.7
128.7
136.3
142.1
153.5
152.1
88.2
96.5
99.2
104.9
110.6
108.6
108.5
117.7
128.5
129.9
112.6
129.0
137.1
144.4
151.1
148.3
88.9
97.4
98.7
106.2
110.3
108.3
109.1
118.1
129.6
131.3
113.7
130.1
138.0
144.8
152.7
144.0
89.6
97.9
98. 4
106.6
111.2
108.1
109.6
118.7
129.9
131.9
116.4
130.7
138.9
146.1
153.0
141.5
90.4
98.4
98.7
106.5
111.8
108.4
109.8
119.3
130.4
131.8
118.4
131.2
139.0
147.1
153.0
140.4
90.8
98.5
100.0
107.1
112.3
108.3
108.9
120.7
130.4
131.7
121.0
132.0
139.3
148.0
152.1
141.8
91.1
99.4
100.3
107.1
112.3
107.6
110.3
121.8
131.1
131.8
122.1
131.3
139.6
148. 6
152.7
144.1
92.0
100.1
101.2
107.4
112.5
105.4
110.9
123.4
131.4
129.5
122.2
131.3
140.1
149.7
152.7
146.9
92.4
99.4
102.6
108.6
111.4
104.8
111.3
124.4
131.6
124.9
123.5
132.6
140.3
150.6
152. 3
149.4
93.5
99.6
103.5
108.8
111.2
107.2
112.3
125.8
131.3
119.3
124.4
133.6
140.5
151.8
152.5
151.0
86.9
95.2
99.1
104.2
110.2
108.9
108.0
115.5
127.5
129.8
113.2
127.6
134.8
140.8
152.7
152.5
88.9
97.3
98.8
105.9
110.7
108.3
109.1
118.2
129.3
131.0
114.2
129.9
138.0
145.1
152.3
144.6
90.8
98.8
99.7
106.9
112.1
108.1
109.7
120.6
130.6
131.8
120.5
131.5
139.3
147.9
152.6
142.1
92.6
99.7
102.4
108.3
111.7
105.8
111.5
124.5
131.4
124.6
123.4
132.5
140.3
150.7
152.5
149.1
89.8
97.8
100.0
106.3
111.1
107.8
109.6
119.7
129.8
129.3
117.8
130.5
138.2
146.1
152.5
147.1
-4.6
6.6
27.9
-6.6
49.0
-3.7
0.8
5.8
20.3
-0.4
19.8
-20.2
-5.8
8.3
7.0
3.4
7.0
-4.9
8.5
10.1
5.1
15.6
-20.4
17.4
10.1
6.8
-20.6
19.1
34.7
-12.5
19.1
2.3
4.3
14.2
0.7
-1.6
25.9
0.3
15.8
-3.7
3.9
13.8
5.7
-6.0
7.4
13.1
-5.2
13.0
3.6
7.1
9.6
47-C.
CHANGE IN INDEX OF INDUSTRIAL PRODUCTION, TOTAL, OVER 1-MONTH SPANS 2
(COMPOUND ANNUAL RATE, PERCENT)
-16. 0
37.1
-2.5
7.7
28.0
-25.2
22.8
4.1
-10.9
-25.8
40.0
7.9
-15.4
20.9
5.1
4.7
43.6
-11.1
24.1
25.1
7.7
6.9
-25.7
14.5
4.0
18.9
-20.0
2.0
105.4
-20.3
10.8
0.
-1.5
15.2
-1.5
-13.8
-11.7
113.2
-6.2
-2.3
-2.0
62.5
0.
25.6
-33.6
-1.8
11.2
1.7
3.2
9.1
12.3
-35.6
7. 8
0.
12.0
-10.4
14.9
22.2
12.3
-16.1
15.2
-9.1
-1.8
25.6
1.7
9.7
-16.1
24.5
5.9
8.6
6.8
-3.6
27.2
-1.0
2.8
-18.9
21.7
5.8
2.6
5.9
10.8
6.4
13.8
-7.7
41.1
-3.2
-10.0
2.4
1.0
12.1
-3.4
-5.9
9.6
16.2
-8.4
21.9
-0.5
10.1
10.7
11.3
6.3
3.7
-1.1
6.7
3.4
2.2
6.2
4.7
-0.9
22.7
4.7
5.4
1.2
17.0
7.0
5.5
-1.1
-9.4
15.0
0.
-0.9
29.8
7.6
4.0
11.5
3.7
0.
0.
-7.5
16. 6
11.5
6.6
0. 9
11.5
-6.2
12.5
8.8
11.3
3.4
2.2
-22.0
6.7
17.0
2.8
-19. 0
1.0
0.
5.3
-8.1
17.9
14.3
-11.1
-6.6
4.4
10.2
1.8
-35.2
13.5
12.5
15.3
2.4
11.0
2.2
-2.1
31.2
11.3
14.4
-2.7
-42.3
9.1
9.4
12.8
12.6
-4.2
4.7
7.5
-7.9
3.2
16.1
9.0
-3.7
-22.5
14.8
8.5
6.9
-0.2
7.6
1.6
-2.6
6.0
7.9
4.5
6.1
18.3
6.4
6.9
6.3
8.1
2.0
4.1
-1.7
3.1
10.9
3.8
-0.3
21.3
2.0
11.0
1.0
13.4
6.6
-3.7
0.9
7.5
13.9
0.6
-32.2
7.9
7.3
9.8
6.7
4.3
5.2
2.4
-2. 8
5.0
12.2
4.5
-7. 5
6.3
7.6
0.9
8.5
0.
-8.9
2.6
7.6
-6.8
12.6
5.0
4. 8
21.3
9.3
0.
26.0
7.5
-3.1
22.4
10.0
1.6
13.6
5.0
4.6
-1.0
3.3
12.0
-0.4
-25.0
1.3
7.0
-0.7
8.3
8.9
-0.5
20.7
8.2
0.8
0.8
-11.9
28.2
7. 7
0.
-12.5
23.6
9.6
-10.0
40.9
-0.6
0.8
27.7
-7.7
10.1
5.5
0.3
-2.9
24.4
12.6
-20.3
23.3
5.4
0.6
-22.1
19.3
45.0
-11.8
6.5
5.0
4.7
23.9
6.3
6.8
-5.9
22.8
-0.7
3.1
-19.3
20.4
10.0
2.0
7.2
10.0
7.1
-9.8
4.9
0.8
15.1
-7.2
-3.7
7.3
11.7
-7.3
19.3
1.5
8.6
8.6
36.2
-5.7
2.1
5.8
15.5
-2.0
21.5
-19.2
-6.1
11.3
4.6
3.9
4.0
19.2
-20.1
17.9
8.8
5.2
-20.0
19.8
23.3
-11.5
13.2
3.9
5.8
14.5
13.0
-3. 5
3.7
13.1
3.2
-5.6
7. 3
9.1
-3.7
11.5
4.3
7.1
8.6
10.9
-1.2
10.3
8.1
-11.6
10.6
14.0
9.7
-4.5
-37.4
13.4
7.5
-0.3
6.3
0.
13.7
11.6
11.1
-2.8
5.4
5.9
-6.4
5.8
14.1
9.2
-3.3
-21.8
13.3
8.3
5.9
2.5
-3.7
3.4
9.8
8.5
-1.2
7.1
2.1
-1.7
5.0
7.8
5.4
5.8
14.6
6.6
8.1
11.0
1.4
-21.8
7.7
6.0
7.9
2.9
4.7
-4.1
2.0
11.5
3.1
-2.0
21.0
2.7
3.0
7.8
-1.1
7.1
9.7
1.1
11.5
6.8
-6.2
-1.1
10.2
12.1
-0.1
-29.8
9.9
5.5
1.7
7.5
0.
19.2
9.7
6.7
3.9
5.5
1.6
-3.3
5.8
11.4
4.4
-7.3
5.9
7.0
5.3
8.0
0.7
0.2
6.1
-8.5
3.0
-11.3
-13.7
-21.6
3.0
-6.0
22.8
-17.0
15.6
0.
0.
-3.1
-2.8
13.3
2.5
15.8
4.5
-8.9
33.3
8.2
-3.8
-20.4
19.0
37.5
1.9
-9.7
10.3
11.3
7.6
7.6
6.8
4.8
16.4
-11.2
12.1
-22.4
25.6
-10.0
-1.9
20.5
13.8
7.9
7.6
2.4
9.1
-6.8
32.0
0.
0.
-14.0
20.6
-10.1
7.9
6.9
8.3
0.
0.
-9.2
6.7
-6.8
13.4
10.4
-15.8
-17.8
27.0
-10.1
27.6
3.4
11.8
21.5
-2.4
-11.5
6.7
7.3
23.0
-9.4
-3.8
11.6
19.8
0.
20.2
-1.7
15.2
7.7
-7.1
-9.4
-6.3
2.4
0.
-11.3
2.0
35.1
1.8
-15.0
17.8
-3.3
3.2
3.0
-15.9
-18.1
16.2
2.4
10.8
-30.7
8.0
20.9
-25.1
-3.6
15.4
12.4
-4.6
7.6
1965...
1966.. .
1967...
1968.. .
1969.. .
1970.. .
1971.. .
1972...
1973...
1974...
1975. ..
1976...
15.0
12.2
2.4
2.3
8.0
-20.5
10.6
27.5
4.9
-12.1
-34.3
17.7
7.2
7.9
-9.2
7.2
7.9
-3.3
-1.1
7.6
15.2
-2.7
-23.1
20.8
16.3
17.7
-5.9
4.7
6.7
0.
0.
13.2
6.8
3.8
-10.1
5.8
5.6
2.5
8.9
2.3
-2.1
-2.2
5.7
13.1
0.
-0.9
10.1
2.8
9.9
11.8
-5.9
15.9
-3.2
-3.3
6.8
4.2
10.8
13.7
12.4
10.7
9.9
6.3
-3.6
4.6
10.2
-2.2
5.6
6.3
2.8
5.6
32.5
5.7
1977.. .
1978...
1979...
1980...
1981...
0. 9
-4.2
1.6
1.6
5.7
7.4
2.6
4.0
-0.8
17.3
16.5
8.2
-3.9
-1.6
5.7
7.3
21.2
-17.2
-26.2
0.
8.2
3.4
13.5
-29.7
4.8
ll!3
2.4
-19.0
-0.8
47-C.
AVERAGE FOR PERIOD
-10.9
9.7
-7.3
7.8
52.0
-21.2
2.4
8.5
29.1
-9.2
13.0
-1.9
-12.0
-1.8
6.8
11.5
4.4
1948. . .
1949.. .
1950...
1951...
1952...
1953...
1954.
. .
1955...
1956...
1957.
..
1958.. .
1959. ..
1960...
1961. ..
1962...
1963. ..
1964.
. .
CHANGE IN INDEX OF INDUSTRIAL PRODUCTION, TOTAL, OVER 3-MONTH SPANS 2
(COMPOUND ANNUAL RATE, PERCENT)
AVERAGE FOR PERIOD
1948.. .
1949. ..
1950...
5.0
-10.3
16.5
-2.0
-14.0
23.2
-2.9
-13.2
31.2
3.0
-15.1
42.5
13.5
-7.9
40.9
12.4
-7.0
39.4
3.9
3.2
44.3
-4.7
6.4
25.2
-1.0
-7.1
13.6
-5.6
-1.0
-0.8
1951...
1952.
..
1953...
1954...
1955...
1956.. .
1957.
..
1958.. .
1959...
1960. ..
1961. ..
1962...
1963.. .
1964...
11.3
10.3
6.0
-10.8
21.1
0.
8.7
-20.9
15.1
36.5
-7.3
6.4
7.9
5.7
8!5
6.8
-3.8
27.0
-1.3
2.6
-19.0
21.7
3.6
2.6
5.2
10.8
6.3
0.
7.5
-3.1
20.3
-0.7
-1.9
-18.1
24.4
-10.1
10.6
10.0
11.3
9.4
-6.3
7.5
-2.3
22.6
0.
-6.8
-7.6
22.4
-6.9
18.3
2.8
11.7
9.4
-10.1
2.2
0.8
11.7
-3.9
-6.2
7.4
15.7
-8.6
21.8
-0.6
9.9
10.4
-13.1
5.1
4.0
10.9
-17.7
1.9
22.1
-3.0
-6.4
17.8
2.2
4.3
6.1
16.5
0.7
0.8
2.8
0.
3.3
27.1
-20.3
-7.U
14.8
3.4
0.5
6.6
38.4
-4.9
0.8
5.6
13.3
-0.6
19.7
-21.3
-5.9
8.1
6.9
3.2
7.0
53*. 7
-12.8
4.7
9.1
33.1
-8.7
17.8
-16.0
-5.4
11.1
3.4
8.1
-1.5
29*. 6
-19.2
13.0
11.3
8.9
-17.3
22.1
-1.3
-9.9
14.3
4.5
8. 6
8. 0
-5.7
3.1
9.6
5 1
15*3
-20.7
17.3
9.8
6.0
-20.7
18.0
26.3
-12.8
18.9
2.2
4.2
11.6
12.8
12.5
-4.3
4.7
7.6
-8.4
3.0
15.8
8.9
-3.9
-23.1
14.6
8.3
4.6
4.6
-1.0
3.2
9.6
9.2
-2.4
4.7
4.1
-1.8
1.5
11.3
7.2
0.
-8.7
9.5
10.6
13.2
-2.3
-11.0
1.3
10.5
10.5
-1.2
7.5
0.4
-1.8
4.1
10.1
5.8
5.4
3.6
6.4
10.8
13.5
0.5
-20.7
3.5
8.5
6.8
-0.4
7.5
1.5
-2.5
6.1
7.8
4.4
6.0
17.9
6.4
7.9
11.7
-1.3
-25.1
1.3
10.4
8.1
-2.0
6.2
4.4
-0.7
4.9
5.5
6.0
6.0
22.3
7.0
5.7
8.8
4.6
5.4
3.4
7.5
0.
-0.7
9.1
2.5
1.2
28.3
6.0
3.8
9.1
-1.6
-6.0
6.9
6.3
7.9
1.9
4.0
-1.8
2.6
10.9
3.7
-0.3
21.1
1.8
2.0
7.0
-0.8
7.6
7.3
7.1
10.5
3.4
2.5
-10.6
4.1
14.5
3.1
-6.8
13.5
0.3
3.2
7.3
-0.8
19.8
7.2
3.7
10.8
5.7
-3.2
-12.3
9.1
12.8
3.7
-19.1
8.5
1.8
2.9
7.2
0.5
23.2
11.0
0.8
13.4
6.5
-3.9
-1.5
7.5
13.8
0.6
-32.9
7.7
7.2
2.6
8.9
-0.5
20.6
1965...
1966...
1967.. .
1968...
1969...
1970. ..
1971. ..
1972...
1973..,
1974...
1975...
1976...
1977...
1978. ..
1979...
1980.. .
1981...
12.4
11.7
-1.6
6.8
6.0
-9.0
12.8
15.2
11.4
-5.9
-33.7
15.8
5.9
0.
5.1
0.8
5.7
7.7
5.1
-19.7
series contains no revisions but is reprinted for the convenience of the user.
2
T h i s series contains revisions beginning with 1980.
(JULY 1981)
C. Historical Data for Selected Series—Continued
Year
Jan.
Ft
e).
29.
Mar.
Ar
p
June
M^
a
Ag
u
July
Sept.
Ot
c
Nv
o
Dc
e
IQ
II Q
INDEX OF NEW PRIVATE HOUSING UNITS AUTHORIZED BY LOCAL BUILDING PERMITS1
(1967=100)
III Q
IV Q
Annual
WERAGE FOR PERIOD
1948...
1949...
1950...
1951...
1952...
1953...
1954...
1955.. .
1956.. .
1957.. .
1958...
1959...
1960.
..
1961.
. .
1962...
1963.
. .
1964.
..
109 .4
80 .4
157 .4
146 .3
99 .6
104 .9
101 .9
136 .4
109.8
86 .5
91 .5
114 . 7
102 .7
91 .2
105 .5
113 .0
117 .4
100 .4
81 .9
159 .2
114 . 8
115.3
110 .7
100 .4
151 . 0
106 .8
90 .9
78 .7
119 .6
102 .3
90 .4
112 .3
109 .7
130 .6
104 .0
86 8
159 .1
104 .5
105.5
111 . 6
105 .8
129 .3
109 . 8
91 .7
87 .2
125 .0
89 .8
94 .0
106 .7
113 .9
118 . 8
116 5
96 6
161 9
96 9
103 5
106 . 2
106 .9
132 .9
109 .5
86 7
91 . 9
119 4
95 . 6
94 .2
116 2
116 6
114 .5
106 7
104 2
161 3
99 .3
101 2
106 .4
108 . 8
133 .6
101 .9
90 .5
96 . 2
117 .4
98 .9
96 .6
107 .4
122 . 2
117 .6
103 1
106 4
160 .7
96 .9
101 .6
103 .5
116 . 9
126 .2
100 . 1
92 . 5
102 .7
115 . 5
90 .1
100 .6
108 .5
121 .8
115 .8
102 2
110 .2
182 .8
92 .9
107 . 9
99 .9
119 . 9
126 .7
99 .4
86 .2
111 .9
112 . 6
93 .9
101 .9
111 .9
119 .6
118 .1
94 8
112 3
158 2
94 8
107 6
98 4
118 .9
122 2
97 .0
92 1
111 7
113 7
93 .5
109 .0
112 8
118 6
118 .3
84 8
136 2
133 7
122 2
115 5
94 . 6
121 .9
120 .4
94 .5
92 .4
114 . 5
109 .5
92 .6
103 2
114 .9
127 . 9
114 5
89 4
135 6
126 2
93 .2
116 .8
99 .6
126 . 2
117 . 9
93 .1
91 .1
118 .2
105 .3
91 . 4
105 . 6
111 .1
128 .1
111 .5
86 2
141 9
123 .6
90 .9
117 . 2
100 . 1
135 . 9
107 .5
93 .7
88 . 5
134 .1
100 .7
92 .1
108 .3
lib . 2
122 .9
113 .5
82 8
146 6
158 6
94 1
108 3
102 4
132 1
107 0
92 8
89 3
115 8
108 2
89 3
109 2
116 2
128 .8
105 3
104 .6
83 .0
158 6
121 .9
106 .8
109 .1
102 7
138 .9
108 .8
89 .7
85 .8
119 . 8
98.3
91 .9
108 .2
112 .2
122 .3
108 .8
102 .4
161 .3
97 . 7
102 .1
105 .4
110 .9
130 .9
103 .8
89 . 9
96 .9
117 .4
94 .9
97 . 1
110 . 7
120 .2
116 .0
93 .9
119 .6
158 .2
103 .3
110 .3
97 .6
120 .2
123 .1
97 .0
90 .2
112 .7
111 .9
93 .3
104 .7
113 .2
122 .0
117 .0
86 .1
141 .4
136 .1
92 .7
114 .1
100 .7
131 .4
110 .8
93 .2
89 .6
122 . 7
104 .7
90 .9
107 .7
114 .5
126 . 6
110 .1
98 .4
111 .6
153 6
103 .9
108 .3
103 .2
116 .3
125 . 9
100 .7
89 .9
104 .5
113.5
94 . 4
100.4
111 .6
120 .3
116 .3
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980...
1981...
114 .5
120 .0
87 .2
103 .3
127 .9
93 .1
144 .0
192 .9
195 .7
114 . 7
62 .6
103 .0
124 .6
140 .5
118 . 0
105 .2
107 .3
104 .9
79 .5
117 .6
131 .0
98 .0
139 .2
186 .9
191 .8
117 .2
62 .8
102 .6
134 .5
140 .2
120 .5
96. 6
109 .6
111 .8
83 . 7
120 .0
126 .0
99.2
154 .2
181 .4
177 .7
124 .1
61 .1
100 .3
143 .1
145.3
138 .9
80 .6
105 .2
103 .7
90 .8
112.8
126 .3
107 .3
153 .0
184 .3
164 .5
108 .1
74 .6
97 .6
143 .1
157.4
129 .0
66 .6
109 .3
97 .7
94 .3
113.7
116.5
116 .5
172 . 9
178 .1
166 .4
98 .1
78 .8
102 .9
143 .8
142 .6
136 .0
69 .8
112 .4
86 .6
102 . 5
114.0
118 .3
115 .8
166 .8
188 .1
176 .7
93 .6
81 .5
102 .4
151 .0
160 .2
132 .5
88.4
112 .0
84 .4
103 .2
117 .9
112 .0
116 .1
181 . 3
189 .2
156 . 8
86 .3
87 .9
107 .3
145 . 4
144 .3
123 .9
99 .5
113 .1
79 4
107 .8
118 .9
115 .4
122 .2
175 .7
195 .1
155 .9
79 . 0
85 .7
112 .8
153 .4
136 .6
128 .5
109 .5
111 .1
70 .2
112 .1
128 .4
110 .7
125 .0
175 .0
206 .2
146 . 8
72 .4
91 .7
127 .6
144 .3
141 .4
132 .3
122 .6
115 .8
66.9
112.2
124 .6
106 .6
137 .2
177 .5
202 .9
121 .6
71 .0
94 .4
122 .8
151 .5
143 .9
119 . 6
109 .1
118 .3
66 .6
113 . 7
125 .8
104 .4
131 .7
182 .2
192 .6
120 .8
67 .4
95 .6
132 .0
152 .7
145 .0
103 .1
110 .3
119 .1
67 .2
115 .3
121 .8
101 .3
154 .8
186 .9
208 .5
111 .0
74 .9
94 . 0
130 .2
151 .2
146 .8
101 .3
100.9
110 .5
112 .2
83 .5
113 .6
128 .3
96 .8
145 .8
187 .1
188 .4
118.7
62 .2
102 .0
134 . 1
142 .0
125 .8
94 .1
109 .0
96 .0
95 .9
113 .5
120 . 4
113 .2
164 .2
183 .5
169.2
99 .9
78 .3
101 .0
146 .0
153 .4
132 .5
74 .9
112 .1
78 .0
107 .7
121 .7
112 .7
121 .1
177 .3
196 .8
153 .2
79.2
88 .4
115 .9
147 .7
140 .8
128 .2
110 .5
117 .7
66 .9
113 .7
124 .1
104 .1
141 .2
182 .2
201 .3
117 .8
71 .1
94 .7
128 .3
151 .8
145 .2
108 .0
106 .8
112 .3
88 .3
100 .2
118 .2
116 .4
118 .1
167 .4
192 .2
157 .1
92 .2
80 .9
111 .8
144 .9
145 .4
123.6
96 . 6
33.
NET CHANGE IN MORTGAGE DEBT HELD BY FINANCIAL INSTITUTIONS AND LIFE
INSURANCE COMPANIE S 1 ( ANNUAL RATE BILLIONS OF DOLLARS)
AVERAGE FOR PERIOD
•
1948 .
1949 . .
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964.. .
14. 40
12. 24
10. 03
8. 88
13. 14
12. 73
12. 12
15. 82
19. 68
19. 19
12. 72
12. 72
9.90
8. 70
14. 24
13. 26
11. 74
17. 00
18. 98
23. 45
13. 38
12. 32
9.72
9. 25
14. 60
12. 13
12. 06
16. 79
19. 54
21. 86
13. 70
12. 64
8. 58
7. 14
15. 32
12. 32
13. 36
17. 33
20. 45
21. 17
14. 16
11. 80
7. 94
9. 67
16. 07
11. 72
12. 84
17.68
21. 38
21. 61
14. 29
11. 68
8. 50
9.05
15. 88
11. 78
13.85
17. 76
21. 52
20. 94
13. 99
11. 81
8. 03
9. 64
20. 63
12. 08
13. 86
17. 47
21. 80
22. 13
1965...
1966...
1967...
1968...
1969...
1970...
1971.
. .
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980.
. .
1981...
21. 11
25. 33
10. 22
21. 41
22. 97
21. 28
28.37
44. 05
50. 88
37. 34
31. 60
53. 68
57. 41
82. 43
100. 76
97. 37
19. 30
22.25
12. 20
19. 67
25. 16
18. 98
28. 55
43. 06
50. 35
41. 34
31. 37
53. 65
64. 09
85. 03
82. 08
67. 45
21. 10
22.38
11. 28
21. 14
22. 45
15. 82
30. 22
45. 49
53. 64
43. 06
28. 82
55. 45
68. 32
89. 80
88. 07
70. 57
20. 06
21. 40
13. 42
20.04
23. 45
16. 04
30. 46
44. 22
50. 75
46. 06
30. 70
48. 80
79. 20
85. 40
74. 04
50. 18
20. 88
17. 32
15. 28
21. 72
19. 56
17. 15
32. 14
45. 50
50. 40
43. 99
29. 54
42. 24
79. 57
93. 48
91. 75
15. 66
21. 74
13. 31
16. 70
17. 59
19. 96
16. 91
36. 02
46. 31
54. 35
38. 24
33. 49
42. 01
87.96
89. 80
94. 55
8. 33
21.
14.
17.
16.
15.
18.
39.
42.
52.
39.
38.
60.
81.
89.
87.
43.
92
09
70
61
55
16
49
05
82
50
90
42
71
15
29
44
12. 96
10. 69
8. 57
10. 81
14. 75
12. 73
14. 22
17. 76
22. 64
21. 00
21. 32
11. 62
21. 07
17. 26
18. 83
17. 66
39. 98
51. 14
52. 96
33. 66
36. 76
52.03
83. 47
101. 17
85. 08
65. 82
12. 25
10. 94
8. 56
11. 69
14. 21
11. 65
14. 89
18.68
21. 85
21. 48
21.
10.
20.
17.
19.
22.
40.
49.
43.
30.
47.
47.
93.
92.
87.
75.
71
63
66
82
30
02
33
80
07
82
76
99
24
98
31
84
7. 92
10. 42
7. 97
13. 12
13. 08
12. 10
15. 43
20. 54
22. 70
21. 47
11. 44
10. 58
8. 27
14. 54
13. 13
10. 98
16. 56
19. 46
20. 62
21. 67
11. 50
10. 38
8. 11
13. 82
11.54
10. 63
16. 82
19. 93
22. 67
21. 64
13. 50
12. 43
9. 88
8. 94
13. 99
12. 71
11. 97
16. 54
19. 40
21. 50
14. 05
12. 04
8. 34
8. 62
15. 76
11. 94
13. 35
17.59
21. 12
21. 24
13. 07
11. 15
8. 39
10. 71
16. 53
12. 15
14. 32
17. 97
22. 10
21. 54
10. 29
10. 46
8. 12
13. 83
12. 58
11. 24
16. 27
19. 98
22. 00
21. 59
12.' 73
11. 52
8. 68
10.53
14. 72
12. 01
13. 98
18. 02
21. 15
21. 47
01
91
57
28
66
65
82
10
10
02
87
28
28
51
60
27
21. 67
8. 89
21. 10
21. 41
20. 05
21. 74
41. 18
54. 52
39. 04
25. 42
42. 66
67. 16
86. 60
94. 62
77. 03
77. 40
21. 77
6. 92
19.39
23. 88
11. 93
24. 67
44. 29
58. 92
33. 64
22. 01
49. 45
61. 02
93. 79
91. 61
51. 55
67. 67
20. 50
23. 32
11. 23
20. 74
23. 53
18. 69
29. 05
44. 20
51. 62
40. 58
30. 60
54.26
63. 27
85. 75
90. 30
78. 46
20.
17.
15.
19.
20.
16.
32.
45.
51.
42.
31.
44.
82.
89.
86.
24.
21.
12.
19.
17.
17.
19.
39.
47.
49.
34.
41.
53.
86.
94.
86.
61.
21. 48
8. 91
20.02
21. 86
16. 88
23. 69
41. 76
54. 51
36. 93
24. 82
49. 66
60. 49
88. 56
93. 58
77. 39
80. 11
21.
15.
16.
19.
19.
19.
35.
47.
47.
35.
38.
53.
80.
90.
85.
61.
21.
10.
19.
20.
18.
24.
39.
50.
38.
27.
56.
53.
85.
94.
103.
95.
73. INDEX OF INDUSTRIAL PRODUCTION, DURABLE MANUFACTURES2
(1967=100)
1948...
1949. . .
1950.. .
1951.. .
1952...
1953...
1954...
1955.
. .
1956. . .
1957...
1958.. .
1959...
I960...
1961...
1962...
1963...
1964.
..
39 .0
38 .1
36.5
48 .4
50 .1
58 .7
52 .7
54 .9
61 .2
63 .2
54 .3
59.6
67 .5
57 . 7
66 .1
70 .5
75 .5
38 .7
37 . 4
37.0
48 .9
50 . 4
59 .2
52 . 2
55.8
60 .6
63 .9
52.4
60.9
66 . 9
57 .1
67 . 5
71 .0
75 .9
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980...
1981...
84 .0
94 .8
100 .5
104 .4
109 .8
105 .2
101 .4
107 .0
122.5
126 .3
109.0
116 .5
124 .6
132 .1
147 .0
144 .7
84 .8
95 .6
99 .2
105.0
110 .1
104 .8
101 .5
108 .3
124 .3
125 .6
105 .6
118 .8
125 .0
132 .3
147 .2
144 .1
38 .9
36 .8
37 . 8
49 .6
50 .7
59 .9
51 . 4
57 .4
60 .6
63 .5
51 .4
62 .3
65 .4
57 .3
68 .0
71 .3
76 .1
86 .3
97 .0
98 .5
104 .7
110 .9
104 .9
101 .2
109 .3
124 .8
126 .0
104 .7
119 .9
127 .5
135 .0
148 .6
143 .4
38 .4
36 .1
40 .2
49 .9
50 .1
60 .1
51 .0
58 .3
61 .9
62 .5
50 .3
64 .1
64 .3
59 .3
68 .5
72 .3
77 .2
87 .1
98 .1
99 .1
105 .1
110 .6
104 .1
101 .4
111 .2
125 .3
126 .0
105.4
120 .5
128 .4
137 .6
144 .5
138 . 4
38 .9
35 . 2
42 . 0
49 .5
50 .4
60 .1
51 .3
59 .6
60 .6
61 .7
50 . 7
65 .5
63 .8
60 .6
68 .0
73 .3
77 .5
88 .0
98 .5
98 .9
106 .7
109 .6
103 .6
102 .7
111 .7
126 .3
127 .5
105 .5
122 .5
129 .6
137 .9
147 .6
133 .3
This series contains revisions beginning with 1979.
39 .5
35 .2
44 . l
49 . 3
48 .1
59 .6
51 . 4
59 .6
60 .4
62.7
52 .5
66 .1
62 .5
61 .7
67 . 6
73 . 6
77 .7
40 .1
35 .2
45 . 7
48 .2
45 .8
60 .4
50 .9
60 .0
55 .7
62 .3
52 .9
62 . 8
62 .4
62 . 8
68 .3
73 .3
78 .6
88 .8
99 .0
98 .7
107 .2
110 .7
103 .1
102 .7
112 .3
127 .1
128 .5
107 .0
123 .0
130 .7
139 . 0
147 .6
129 .9
90 .5
99.4
98 .5
106 .9
111 . 2
103 . 2
102 .2
112 .9
128 .4
128 .5
109 .3
124 .3
131 .3
141 .1
147 .2
128 .3
39 .9
35 .5
47 .6
47 .9
51 .8
60 .2
50 . 8
60 .3
60 .0
62 . 6
54 .2
58 . 7
62 . 1
64 .1
68 . 8
73 . 2
79 . 2
90 .5
99 .7
99.9
106 .5
111 .5
103 . 0
100 .3
114 .6
127 .5
128 .6
112 .3
125 .1
131 .5
141 .8
144 .4
129 .4
39 .5
36 .3
47 .2
48 . 4
54 . 4
58 .6
50.7
60 .2
61 . 7
61 .5
54 .9
58 . 2
61 . 2
63.1
69 .3
73 .9
79 .9
90 .6
100 .8
99 .4
106 .4
111 .9
101 . 4
102 .5
116 .4
129 .2
129 .1
113.5
123 .2
132 .1
142.9
145 .9
131 . 7
89
34
13
78
99
70
87
34
83
76
24
35
24
56
78
72
65
11
81
23
89
28
93
66
62
66
14
48
14
43
56
70
13
42
55
90
82
59
90
93
50
70
16
14
05
83
26
25
AVERAGE FOR PERIOD
40 .0
33 .0
47 .6
48 . 4
55 .5
58 .0
51 .5
61 . 2
62 . 5
60 .0
55 . 1
57 .9
60 .9
64 .5
69 .5
74 .7
77 .5
91 .3
102 .1
100 .1
107 .0
111 .9
97 .1
103 .7
118 .4
129 .3
126 .6
112 .7
122 .6
132 .8
144 .6
146 .0
135 .8
39 .3
33 .4
47 . 7
49 .2
57 .1
55 .7
52 .5
60 .9
62 .3
58 .2
58 . 4
58 . 6
59 . 4
66 .1
b9 .9
74 .9
bl .3
38 .7
35 .2
48 .2
49 .6
57 .8
53 .9
53 . 4
61 .5
63 . 4
56 . 0
58 . 5
65 . 0
57 . 6
67 .1
70 . 1
74 . 9
83 .3
91 .7
100 .3
102 .8
108 . 6
110 . 0
96 .5
103 .8
120 .0
129 .8
121 . 6
113 .4
124 .7
133 .0
145 .5
145 .2
139 .3
93.7
100 . 9
103 .8
108 . 8
109 .0
100 .3
104 .6
121 .8
129 . 7
114 .7
114 .4
126 .3
134 .0
146 . 8
144 .8
140 .6
38 .9
37 .4
37 .1
49 .0
50 . 4
59.3
52 .1
56 . 0
60 .8
63 .5
52 .7
60 .9
66 .6
57 . 4
67 .2
70 .9
75 . 8
85 .0
95 .8
99 .4
104 .7
110 .3
105 .0
101 .4
108 .2
123 .9
126 .0
106 .4
118 .4
125 .7
133 .1
147 .6
144 . 1
This series contains no revisions but is reprinted for the convenience of the user.
38 .9
35 .5
42 . 1
49 .6
49.5
59 .9
51 .2
59 .2
61 .0
62 .3
51 .2
65 .2
63 .5
bO . 5
68 .0
73 .1
77 . 5
88 .0
98 .5
98 .9
106 .3
110 .3
103 .6
102 .3
111 .7
126 .2
127 .3
106 .0
122 .0
129 .6
138 .2
146.6
133 .9
39 .8
35 . 7
46 .8
48 .2
50 .7
59 .7
50 .8
60 .2
59 .1
62 . 1
54 . 0
59 . 9
61 .9
63 .3
68 .8
73 .5
79 .2
90 .5
100 .0
99 .3
106 .6
111 .5
102 .5
101 .7
114 .6
128 .4
128 .7
111 .7
124 .2
131 .6
141 .9
145 .8
129 .8
39 .3
33 .9
47 .8
49 .1
56 .8
55 .9
52 .5
61 .2
62 .7
58 .1
57 .3
60 .5
59 .3
65 .9
69.8
74 . 8
80 .7
92 .2
101 .1
102 .2
108 .1
110 .3
98 .0
104.0
120 .1
129.6
121 .0
113 .5
124 .5
133 .3
145.6
145 .3
138 .6
39 .3
35 .7
43 . 5
48 .9
51 .9
58 .7
51 .8
59.2
61 . 1
61 .6
53 .9
61 . 9
62 .9
61 . 8
68 .6
73 . 1
78 .3
89 .0
98 .9
100 .0
106 .5
110 .6
102 .3
102 .4
113 .7
127 .1
125 .7
109 .3
122 .3
130 .0
139 .7
146 .4
136 .6
(JULY 1981)
99
C. Historical Data for Selected Series—Continued
Year
Jan.
Feb.
Mar.
Apr.
My
a
June
July
Aug.
Sept.
Nv
o
Oct.
Dec.
II Q
IQ
. INDEX OF INDUSTRIAL PRODUCTION, NONDURABLE MANUFACTURES
(1967=100)
42.5
41.8
43.7
49.7
47.7
50.9
50.1
54.5
59.8
60.9
59.9
65.5
70.0
68.3
74.0
77.2
82.7
42.7
41.8
44.2
49.7
47.9
51.5
50.4
54.9
59.9
61.4
59.6
66.5
69.4
68.7
75.0
78.1
83.1
42.4
41.6
44.6
49.3
47.8
51.7
50.7
56.0
59.7
61.7
59.3
66.7
69.7
69.3
75.5
78.8
82.8
42.9
40.9
45.4
49.3
47.9
51.7
50.6
56.4
60.1
60.8
59.0
67.5
69.8
70.1
75.3
79.6
84.7
43.1
40.9
45.8
49.1
47.4
52.2
50.9
57.2
59.7
61.0
59.7
67.7
69.9
70.5
75.7
79.9
85.3
43.4
41.3
46.2
48.7
48.7
51.7
51.2
57.3
59.3
60.9
61.0
67.4
69.6
71.2
75.7
79.9
85. 0
43.1
41.2
47.6
48.1
49.1
51.9
51.4
57.3
59.7
61.4
61.7
68.6
69.7
71.6
76.1
79.7
85.7
42.7
41.8
48.8
47.3
49.7
51.5
51.3
56.9
60.1
61.5
62.6
68.5
68.9
72.2
75.9
80. 7
86. 0
42.6
42.7
48.3
47.1
50.1
51.1
52.1
57.7
60.1
61.6
63.0
68.7
68.8
72.1
76.5
81.0
86. 0
42. 6
43. 3
48. 5
46. 6
50. 7
50. 7
52. 5
58. 5
60. 6
60. 9
63. 6
67. 9
69. 0
73. 6
76. 1
81. 4
86. 5
42. 2
43. 1
48. 4
47. 1
51. 3
50. 2
53. 1
59. 3
60. 3
60. 3
64. 4
68. 0
68. 3
74. 5
7b. 6
81. 7
86. 9
42.0
43.3
49.5
47.3
51.4
49.5
54.0
59.8
60.9
60.2
64. 4
68.9
68.1
74.9
76.8
81.8
87.7
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980...
1981...
88.9
94.1
98.8
102.8
108.9
112.2
113.6
122.1
130.3
135.5
119.8
138.0
146.5
152.4
161.6
166.0
89.1
94. 5
98.3
103.6
110.3
112.6
113.5
122.7
132.4
135.7
118.4
140.3
147.3
152.9
162.9
165.9
89.7
95.7
97.9
104.3
110.7
111.9
113.5
123.7
133.3
136.8
116.1
140.6
149.1
153.8
164.0
164.7
89.6
95.3
99.4
104.4
110.5
112.2
114.6
125.1
132.9
136.5
118.8
140.9
149.5
155.5
162.6
161.6
90.1
9b. 4
97.8
105.6
111.1
112.3
115.1
125.1
134.4
137.5
120.8
140. 4
150.5
155.8
163.6
158.0
90. 4
96.6
98.7
106.2
111.6
112.4
116.1
125.9
133.4
137.6
125.5
141.2
151.1
157. 0
16 3.7
155.3
90.9
97.4
98. 2
105.9
112.8
113.1
117.2
126.0
133.8
137.4
128.1
141.6
151.3
157.2
164.8
154.7
91.3
97.5
100.3
107.2
112.6
111.7
117.0
127.5
134.5
137.2
130.5
141.4
151.6
158. 4
165.2
156.9
91.7
97.7
101.4
107.9
112.3
112.3
118.2
128. 0
134. 0
136.4
132.9
143.4
151.7
159.3
165.4
160.3
92. 4
97. 8
102. 2
108. 1
112. 3
112. 4
119. 5
129. 0
135. 0
133. 6
133. 6
143. 9
152. 3
159. 5
164. 8
161. 8
92. 9
98. 2
102. 6
109. 0
112. 4
111. 9
120. 1
129. 9
135. 1
128. 9
136. 2
144. 0
152. 4
160. 4
165. 0
163. 3
93.5
98. 4
103.3
108. 0
112.8
112.8
120.9
131.7
135.2
123.1
136.9
144.4
152.4
161.7
165.3
165.0
89. 2
94. 8
98. 3
103. 6
110. 0
112. 2
113. 5
122. 8
132. 0
136. 0
118. 1
139. 6
147. 6
153. 0
162. 8
165. 5
43. 6
42. 5
45. 8
52. I
48. 4
54. 0
51. 5
57. 2
60. 9
b2. 6
60. 5
66. 8
70. 9
68. 9
75. 6
79. 9
83. 7
75. INDEX OF INDUSTRIAL PRODUCTION, CONSUMER GOODS
(1967=100)
43.7
42. 5
45.4
43.8
42.4
45.5
43.3
42.7
46.4
43.7
42.6
47.7
43.5
42. 6
48. 8
44.2
43.1
50.1
44.2
43.5
51.6
43.7
43.9
53. 3
43.5
44.6
52.0
44. 0
44 7
51. 6
43. 5
44. 1
51. 3
1951...
1952...
1953.. .
1954.. .
1955...
1956...
1957...
1958...
1959.. .
1960...
1961.. .
1962...
1963...
1964...
52.4
48.1
53.7
51.1
56.7
61.1
62.0
60.9
66.5
71. 4
68.6
75.1
79.2
84.0
52.4
48.5
54.2
51.7
56.9
60.9
62. 8
60.5
67.0
70.6
69.0
75.5
80.1
83.8
51.6
48.7
54.2
51.8
58.0
60.8
62.9
60.0
67.0
70.7
69.0
76.1
80.4
83.4
5 0.7
48.7
54.1
51.8
58.4
61.1
62.3
59.4
68.1
71.1
70.7
76. 8
80.7
85.5
4 9.8
48.6
54.3
52.1
59.2
60.7
62.4
60.3
68.4
71.6
71.5
77.2
80.9
86.2
50.0
53.5
52.4
58.7
60. 6
62.7
61.5
68.1
71.1
72.3
76.7
81.4
86.0
49.1
53.b
52.b
58.9
60. 7
62.9
62.4
6 9.0
70.4
72.9
78. 0
81.2
87.2
50.1
53.3
52.7
59. 0
bl.l
63.3
b2.b
6 9.0
70.6
73.4
7 7.1
81.8
87.1
51.4
52.5
53.2
59. 4
61.0
63.3
61.9
68. 8
70.3
7 2-. 2
77.6
82.0
86. 1
52
52
53
60
61
62
62
b«
71
74
77
82
84
2
5
3
5
5
3
4
5
0
2
4
6
4
53. 3
51. 7
54. 5
60. 7
61. 1
62. 1
65. 5
67. 0
69. 7
75. 5
77. 9
82. 7
87. 6
43.0
43.6
52.1
47.7
53.3
50. 9
55.5
61. 0
61. 6
61.7
65. 8
b9. 2
69.2
75.6
78.2
83.2
89. 4
1965.. .
1966. . .
1967...
1968...
1969. ..
1970. . .
1971. . .
1972.. .
1973. . .
1974. . .
1975. . .
1976.. .
1977.. .
1978. ..
1979.. .
1980. . .
198J
90.7
95.6
99.0
103.3
108.9
108.0
112.2
119.8
129.5
128.3
117.0
133.1
141. 4
14 3.2
151.3
147.9
90.9
95.9
98.4
104.1
109.8
108.8
112.1
120.6
130.5
127.8
116.1
135.0
142.1
145.2
151.8
148.4
91.5
96.9
99.3
104.5
109.1
109.6
113.0
122. 5
131.2
129.6
119.0
136.2
144.6
149.5
149.3
145.3
92.0
96.9
99.0
105.2
108.2
110.1
113.2
123.0
132.1
130.3
120.4
137.1
145.2
149.0
152.2
142.4
92.3
97.3
98.8
105.7
109.3
110.3
113.9
123.2
131.2
131.2
124.3
137.5
146.3
149.3
152.1
142.1
92.3
97.2
98.6
105.5
110.9
110.5
115.5
124.0
131.4
131.2
126.6
137.5
146.8
149.8
151.2
142.0
92.2
96.8
99.7
106. 8
111.3
10 9.2
115.1
125.5
130.2
132.2
127.5
137.8
146.5
150.6
148.7
142.7
93.6
97.2
100.0
107.1
110. 5
108.4
115.8
126.2
132.9
131.1
129.0
136.8
14b.4
150.8
150.0
144.3
94
99
101
107
110
106
117
127
133
129
128
137
147
151
150
146
1
2
5
8
6
9
0
5
.
1
7
7
5
1
2
(
J
6
94. 6
98. 7
103. 1
108. 9
109. 4
106. 3
117. 9
128. 4
132. 4
12b. 2
131. 1
139. 4
146. 6
151. 3
149. 1
148. 0
95.1
98. 5
104.0
108.3
109.5
110.5
118.8
130.4
130.5
121.0
132.3
141.4
146. 2
151.5
148. 6
147.7
0
2
5
4
4
5
1
2
0
7
6
8
5
1
1
6
0
38.6
31.3
41.1
49. 0
53. 0
50.7
46.3
55.1
61.7
55.9
53.0
58.7
56.2
60. 3
63.7
68.5
78.4
7
2
5
7
2
0
9
1
8
0
6
3
8
0
6
5
91.6
100. 6
102.4
108.1
112.2
104.0
108.2
126.2
138.6
138.7
131.6
141.3
152.3
166. 8
174.1
177.8
39.4
37.6
32.8
42.2
50.9
53.6
48.6
47.3
56.3
64.0
52.8
54.8
61.3
56.1
60.9
64.4
69.9
39.7
36.7
33.2
42.8
51.3
54. 0
47.8
47.8
56.9
63.6
51.7
55.4
61.4
56.0
61.7
64.0
70.8
39.4
36.1
34.1
43.9
51.1
54.0
47.0
49.4
58.6
62.4
50.7
56.8
60. 7
56.6
62.1
64.5
72. 4
39.3
35.3
35.6
44.3
51.4
53.7
46.9
50.1
58.4
61.3
49.4
58.7
60.9
56.7
62.1
64.4
73.2
39.8
34.7
37.0
44.8
51.7
53.4
46.3
50.7
58.6
61.5
49.4
60.1
60.1
57.1
62.7
64.6
73.5
40.0
34.1
38.2
45.2
49.2
54.2
46.2
50.9
58.6
61.8
49.7
60.2
59.4
57.4
63.2
65.5
74.5
39. 9
33.8
40.3
45.8
50.1
54.0
45. 9
51.2
59.3
61.7
50. 6
59.7
58.6
57.7
63.9
67.1
74.4
39.7
33.b
39.3
46. 8
51.3
53.4
45. 4
51.5
59.5
60.9
51.1
59.2
58.1
58.6
63.8
66.9
75.1
39 2
32 2
40 1
47 6
51 8
53 .4
45 3
53 9
60 0
59 .2
51 .7
58 .8
57 .6
58 .5
64 .1
68 . 1
74 .5
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973.. .
1974...
1975...
1976...
1977...
1978. . .
1979...
1980...
1981...
78.2
93.4
100.3
103.2
109.9
109. 8
101.9
110.1
128.2
137.7
130.8
130.6
142.1
152.0
168.2
174. 9
79.6
93.2
100.4
103.5
109.5
109. 9
103.0
111.7
130.3
139.2
128.0
132.6
142.8
153.6
169.3
176.0
80.6
95.0
100. 0
104.5
111.1
109.7
102.3
114.0
130.1
140.3
125.7
133.2
143.2
156.5
171.0
176.1
81.3
95.7
100.5
104.1
112.3
109.4
102.1
115.1
131.7
141.3
125.6
133.2
146.0
158.0
168.7
174.2
82.5
97.0
100.4
105.7
111.7
108.8
101.5
116.2
133.1
143.6
126.0
133.8
147.1
158.4
171.2
171.9
83.7
97.9
99. 8
105.4
112.8
108.1
102.3
117.3
134.3
143.8
126.6
134.8
148.2
160.1
171.2
169.8
85.1
99.5
97.5
104.0
113.9
108.1
103. 8
116.6
134.7
145.2
127.3
136.8
149.1
161.7
171.3
170.1
85.1
99.9
99.4
105.8
113.9
107.2
104.1
119.2
135.8
144.4
129.9
137.1
149.9
163.4
171.6
170.3
86. 8
101.0
99.3
106.3
114.5
105.3
105.9
120.8
136.7
146.5
129.2
135.6
151.0
163.8
173.4
170. 5
88 .0
100 .7
98 .4
107 .5
115 .0
102 .2
106 .7
123 . 2
137 .7
144 .4
128 .8
135 . 2
150 . 8
164 .8
172 .3
172 .3
100
42.8
41.9
48.2
47.5
49.6
51.5
51.6
57.3
60.0
61.5
62.4
68.6
69.1
72.0
76.2
80.5
85.9
42. 3
43. 2
48. 8
47. 0
51. 1
50. 1
53. 2
59. 2
60. 6
60. 5
64. 1
68. 3
68. 5
74. 3
76. 5
81. 6
87. 0
42. 7
42. 0
46. 7
48. 3
49. 2
51. 2
51. 6
57. 2
60. 1
61. 1
61. 6
67. 7
69. 3
71. 5
75. 8
80. 0
85. 2
90. 0
96. 1
98. 6
105. 4
111. 1
112. 3
115. 3
125. 4
133. 6
137. 2
121. 7
140. 8
150. 4
156. 1
163. 3
158 3
91.3
97.5
100.0
107.0
112.6
112.4
117.5
127.2
134.1
137.0
130.5
142.1
151.5
158.3
165.1
157.3
92. 9
98. 1
102. 7
108. 4
112. 5
112. 4
120. 2
130. 2
135. 1
128. 5
135. 6
144. 1
152. 4
160. 5
165 0
163 4
90. 9
96. 7
100. 0
106. 2
111. 5
112. 3
lib. 6
126. 5
133. 8
134. 6
126. 4
141. 8
150. 5
156. 9
164. 0
161. 1
43.8
44.0
52.3
46.9
50.2
53.1
52.8
59.1
60. 9
b3.2
62.3
68. 9
70.4
72.8
77.6
81.7
86. 8
43
44
51
47
52
51
54
60
61
62
64
b8
70
75
77
82
87
5
1
7
2
9
7
4
7
4
0
6
2
0
1
8
8
1
43. 7
43. 4
49. 6
]_
50 2
53. 2
52. 9
59. 0
61. 2
02. b
62 1
68. 1
70 7
72. 2
77 1
81 3
85. 9
91. 1
96. 0
98. 7
103. 9
109. 6
108. 6
112. 2
120. 6
130. 5
128. 2
116. 7
134. 5
142. 7
145. 3
152. 2
148 3
91 9
97 0
99 0
105 1
108 9
110.0
113 4
122 9
131 5
130 4
121 2
136 9
145 4
149 3
151 2
143 3
92.7
97.1
99.4
106.5
110.9
109.4
115.5
125.2
131.5
131.5
127.7
137.4
146.6
150.4
150.0
143.0
94
98
102
108
109
107
117
128
132
125
130
139
146
151
149
147
6
8
9
3
8
9
9
8
0
6
7
4
6
3
2
4
92. 6
97 3
100.0
105. 9
109. 8
109. 0
114. 7
124 4
131. 5
128 9
124 0
137 1
145 3
149 1
150 8
145 5
6
3
6
2
8
7
5
2
2
4
1
8
2
2
9
9
3
39 5
35 4
35 6
44 3
51 4
53 7
46 7
50 1
58 5
61 7
49 8
58 5
60 6
56 8
62 3
64 .5
73 0
39. 9
33.8
39.3
45.9
50.2
53.9
45.8
51.2
59.1
61.5
50.5
59.7
58.7
57.9
63.6
66.5
74.7
5
9
2
7
2
8
4
9
5
1
2
1
7
0
5
7
82 .5
96 . 9
100 .2
105 .1
112 .3
108 .8
102 . 0
116 .2
133 .0
142 .9
126 .1
133 .9
147 .1
158 .8
170 .4
172 .0
85.7
100.1
98.7
105.4
114.1
106.9
104. b
118.9
135.7
145.4
128.8
136.5
150.0
163.0
172.1
170.3
These series contain no revisions but are reprinted for the convenience of the user.
43
42
48
49
49
54
52
58
60
62
60
68
71
71
76
81
85
I
WERAGE
39.6
37.7
31.8
41.7
50.3
53.4
49.2
46. 6
55.5
62.6
54.8
54.1
60.9
56.6
60.1
63.4
70.3
43. 1
41. 0
45. 8
49.0
48. 0
51. 9
50. 9
57. 0
59. 7
60. 9
59. 9
67. 5
69. 8
70. 6
75. 6
79. 8
85. 0
8
8
9
9
1
0
1
8
8
5
4
2
3
5
9
0
9
INDEX OF INDUSTRIAL PRODUCTION, BUSINESS EQUIPMENT
(1967=100
1948...
1949...
1950...
1951...
1952...
195 3...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963.. .
1964...
NOTE:
Annual
AVERAGE FOR PERIOD
1948...
1949...
1950...
76.
IV Q
AVERAGE FOR PERIOD
42. 5
41. 7
44. 2
49. 6
47. 8
51. 4
50. 4 •
55. 1
59. 8
61. 3
59. 6
66. 2
69. 7
68. 8
74. 8
78. 0
82. 9
1948...
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
91.7
96.6
98.8
104.3
110.0
109.1
112.3
121.5
131. 4
128.5
117.0
135.5
144.5
147.5
153.4
148. 6
III Q
39.
31.
40
48
52
51
46
54
61
57
52
57
57
60
64
68
77
89
99
101
107
112
102
106
125
137
143
129
139
150
165
172
174
39
37
32.
42
50
53
48
47
56
63
53
54
61
56
60
63
70
79
93
100
103
110
109
102
111
129
139
128
132
142
154
169
175
FOR PERIOD
38
31
40
48
52
51
45
54
60
57
52
58
57
59
64
68
76
9
6
6
3
4
9
9
4
9
6
4
4
1
6
0
4
6
89 8
100 2
100 .8
107 8
113 .1
102 7
107 .3
124 .8
138 .0
142 .0
130 .0
138 . 6
151 .3
165 .5
173 .0
174 .9
39
34
37
45
51
53
46
50
58
61
51
57
59
57
62
65
73
5
5
0
2
2
3
8
8
8
1
5
9
4
7
7
8
7
84 4
97 7
100 0
105 5
112 5
107 0
104 1
118 0
134 2
142 .4
128 2
135 4
147 8
160 3
171 3
173 3
(JULY 1981)
C. Historical Data for Selected Series—Continued
Year
Jan.
Apr.
Mr
a
Fb
e
My
a
June
Sept.
Aug.
July
742. UNITED KINGDOM — INDEX Ot STOCK PRICES
(1967=100)
1948...
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
1965...
1966...
1967...
1968. . .
1969.. .
1970.. .
1971.. .
1972. . .
1973.. .
1974. . .
1975.. .
1976...
1977. . .
1978...
1979. . .
1980.. .
1981. . .
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980. ..
1981. . .
51. 5
48. 7
51. 8
45. 8
62. 5
86. 8
95. 9
81. 0
88. 6
98. 8
33.9
30.7
32. 7
38.0
32.1
37.0
50.7
55.1
49.4
49.4
55.5
70.5
86.5
82.0
80.0
95.8
102.4
34. 8
29. 0
3*.. 7
39 .1
3z. 1
3b. 0
53. 4
0
49. 4
4b. 5
57. 4
80. 8
87. 5
79. 8
80. 4
97. 9
100. 0
35. 4
29. 2
33. 1
35. 3
32. 5
37. 7
52.
53.0
45. 1
47. 1
57. 8
82. 8
83. 3
8 0 .9
83. 6
99.2
95. 5
35.1
30.0
32.5
34.6
32.5
38.4
53.4
54.7
48.3
46.4
61.7
88.5
84.3
82.2
84.8
101.1
91. 9
35. 5
34. 2
29. 9
33. 9
31. 6
34. 8
40. 4
52. 8
49. 3
51. 5
44. 7
61. 7
87. 0
91 9
82. 2
86 8
97 9
35. 2
31. 1
30. 7
37. 8
30. 3
34. 0
44. 0
56. 7
50. 1
55. 2
48. 9
66. 7
83. 2
94. 6
83. 1
90. 1
99. 1
33.6
29.8
31.6
37.1
31.9
35.8
49.3
57.0
50.0
53.3
53.3
69.5
85.5
83.9
79.1
93.6
101.8
35. 1
29. 4
32. 8
36. 3
32. 4
38. 0
53. 2
53. 9
47. 6
46. 7
59. 0
84. 0
85. 0
81. 0
82. 9
99. 4
95. 8
34. 9
31. 1
31. 2
36. 3
31. 5
35. 6
46. 7
55. 1
49. 2
51. 7
51. 5
70. 5
85. 2
87. 8
81. 8
92. 5
98. 6
92. 1
98. 7
90. 0
120. 5
152. 6
131. 4
120. 1
185. 8
164. 3
115. 6
108. 7
152. 5
164. 2
187. 5
240. 8
231. 6
92. 5
98. 2
94. 7
133. 3
150. 7
128. 8
130. 6
190. 9
168. 0
111. 7
114. 7
154. 0
164. 9
191. 9
255. 7
228. 1
94. 2
101. 3
96. 6
139. 3
143. 2
115. 6
146. 6
194. 5
166. 8
112. 4
125. 7
155. 9
180. 3
202. 9
255. 0
230. 3
90.3
102.4
97.1
142.4
133.1
112.7
147.0
184.1
171.3
103.1
126. 7
145.8
178.6
201.2
241.0
240.7
86. 9
98. 1
99. 5
150. 0
128. 5
115. 0
156. 6
187. 1
161. 1
93. 6
lib. 6
146. 4
178. 4
204. 4
232. b
255. 9
88. 1
87. 4
100. 3
154. 0
128. 0
118. 1
158. 5
195. 5
156. 4
81. b
115. 3
140. 1
191. b
220. 3
233. 9
256. 7
90.4
86.2
105.3
157.6
129.6
120.5
163.6
183.2
154.5
74.3
127.9
131.9
208.7
223.3
236.3
262. 6
95. o
85. 0
110. 7
152. 6
127. 3
128. 3
159. 7
179. y
159. 1
70. 9
132. 4
lib. b
210. 4
*
217. <
23b. 9
267. 4
98. 3
83. 0
115. 1
154.5
128. b
120. 3
15b. 0
185. 6
151. 2
65.3
141. 5
121. 5
197. 7
20b. 1
215.6
277. 5
96. 4
85.3
113.2
157.8
132.4
121.0
165.5
190.b
126.4
58.2
140.1
132.7
19b. b
213.3
217.1
267.6
93 7
99 1
89 1
117 7
158 9
135.2
121 7
180 3
171 6
121 7
92 2
151 9
156 9
191 1
221 4
231 8
92. 3
100. 6
96. 1
138. 3
142. 3
119. 0
141. 4
189. 8
168. 7
109. 1
122. 4
151. 9
174. 6
198. 7
250. 6
233. 0
88.5
90.6
101.7
153.9
128.7
117.9
159.6
188.6
157.3
83.2
120.6
139.5
192.9
216.0
234.3
258.4
96. 8
84. 4
113. 0
155. 0
129. 4
123. 2
160. 4
185. 4
145. 6
64. 8
138. 0
123. 6
202. 3
212. 9
223. 9
270. 8
92. 8
93. 7
100. 0
141. 2
139. 8
123. 8
145. 8
186. 0
160. b
94. 7
lib. 3
141. 7
181. 7
204. 7
232. 5
248. 5
8
1
0
0
5
9
8
9
2
2
9
6
3
2
4
3
3
22. 3
19. 7
25. 1
34. 0
35. 7
32. 1
36. 2
47. 1
57. 9
60. 4
49. 0
61. 4
55. 1
67. 5
71. 2
76. 1
91. 3
22.2
20.4
26.5
35.6
36.1
32.2
37.9
52.2
60.7
55.4
54.6
62.1
54.0
70.1
64.5
74.3
95.1
22. 8
22. 6
29. 2
37. 1
34. 1
30. 9
40. 9
51. 5
56. 1
46. 3
58. 2
59. 6
55. 3
72. 9
68 4
77. 3
97. 7
21. 8
20. 9
25. 9
34. 9
35. 9
32. 5
37. 0
48. 7
5 7 .5
54. 6
52. 2
61. 4
55. 2
68. 4
69. 4
75. 0
91. 8
102 0
101 2
97 4
94 4
116 8
115 2
109 7
123 3
147.6
146 2
111 2
120 7
108 9
101 0
143 4
228 1
101. 1
98. 9
98. 7
98. 8
118. 4
97. 4
109. 4
127. 8
137 9
123. 8
118. 4
121. 3
106. 0
108. 5
157. 7
218 9
96.3
89.4
103.4
105.1
108.2
99.1
109.2
136.9
150.9
108.0
116.6
114.5
102.9
122.3
176.6
235.3
9b. 6
88. 5
100. 4
114. 2
112. 3
103.7
105. 1
142. 1
150 3
98 1
107 0
104 2
101 4
127 7
188 0
226 1
99. 5
94. 5
100. 0
103. 1
113. 9
103. 9
108. 4
132. 5
146. 7
119. 0
113. 3
115. 2
104. 8
114. 9
166. 4
227. 1
95. 6
100. 8
88. 6
117. 9
159. 5
135. 0
121. 6
180. 0
168. 3
123. 5
99. 0
152. 6
157. 0
187. 7
212. 2
239. 4
19. 3
20. 8
22. 9
34. 2
37. 7
34 6
33 1
44 5
53. 8
55 1
46 6
63 0
55 4
63 4
73 5
70. 6
81 3
19. 3
20. 3
22. 9
33. 5
37. 0
34. 6
33. 5
44. 2
57. 7
56. 1
47. 8
62. 3
55. 5
64. 9
74. 3
72. 9
86. 0
21. 0
20. 3
24. 5
34. 4
36. 5
32. 7
35. 5
45. 2
58. 9
58. 8
46. 9
61. 6
54. 0
66. 5
73. 1
76. 0
89. 3
8
7
7
9
7
1
5
5
4
4
6
7
5
7
1
3
101. b
99. 7
99. 1
91. 1
116. 9
117. 5
112. 5
123. 2
147. 5
144. 4
110. 3
121. 7
111. 0
105 3
150 7
203 2
103. 1
101. 9
101. 2
99. 2
120. 1
106. 8
110. 1
124. 2
140. 3
133. 3
115. 7
122. 2
108. 2
106. 9
149. 5
212. 8
22. 7
20. 1
25. 2
34. 2
35. 1
32. 2
36. 7
46 2
57. 5
61. 2
49. 0
61. 2
56 3
67. 6
72 9
77. 5
92 2
103
97
97
96
124.
94
107
130
134
120
117
121
102
109
154
216
2
6
0
6
3
1
8
4
1
2
8
5
4
4
8
4
1965...
1966...
1967...
1968...
1969...
1970...
1971...
1972...
1973...
1974...
1975...
1976...
1977...
1978...
1979...
1980...
1981...
0
2
5
b
4
2
5
6
6
0
7
2
10
18
13
16
27
30
28
33
55
94
139
120
89
116
6
7
7
9
3
7
3
2
5
6
6
0
8
2
10
17
13
17
2b
30
29
34
57
95
137
119
92
118
3
3
2
6
7
6
7
7
8
3
0
9
5
5
0
2
110
112
93
125
136
140
123
125
136
110
112
135
118
127
131
123
3
3
6
3
0
5
4
9
3
5
4
0
3
9
9
3
107
110
94
124
136
137
124
130
142
108
120
136
lib
126
131
118
9
18
14
16
27
31
29
33
55
94
139
121
93
114
9
112
110
88
123
134
144
115
117
138
110
105
131
119
126
135
117
3
2
1
1
4
2
6
7
6
1
6
2
10. 8
16.
13. 3
17. 0
31. 6
31. 2
29. 4
36. 1
59. 6
100 5
140 5
115 1
95 7
116. 2
4
5
6
2
1
7
6
5
2
1
3
5
1
1
2
1
107
107
93
129
136
137
121
134
142
111
124
132
124
124
130
116
4
9
7
9
9
3
3
8
1
7
5
6
0
9
6
5
9
(u)
AVERAGE FOR PERIOD
23.3
18.7
25.6
33.3
35.5
31.5
36.5
49.8
57.3
61.1
51.2
61.4
55.1
68.3
67.b
74.8
92.4
22. 7
19. 8
24. 3
33. 7
36. 3
32. 7
36. 7
51. 3
60. 4
60. 3
52. 9
65. 2
52. 9
69. 1
64. 7
73. 1
94. 2
21. 9
20. 6
27. 0
35. 5
36. 5
32. 9
38. 1
51. 3
62. 3
54. 8
54. 9
62. 2
56. 6
71. 0
65. 9
73. b
93. 5
21.9
20.8
28.3
37.7
35.5
30.9
38.9
54.0
59.3
51.0
55. 9
58.8
52.4
70.3
63.0
7b.2
97.5
22. 7
21. 9
29. 1
38. 5
33. 5
30. 7
3b. 9
50. 4
57. 1
46. 4
57. 8
58. b
52. 4
70. 8
64. 9
76. 3
98. 0
23. 1
22.9
29. 1
36. 3
34. 4
31. 2
41.2
51. 8
55. 1
46. 5
58. 6
5b. 9
55. 5
72. 7
70. 2
7b. 3
97. 8
22.7
22.9
29.3
36.5
34.4
30.9
42.6
52.4
56.2
46. 1
58.1
61.3
58.1
75.2
70. 1
79.3
97.4
96.9
97.1
98.0
100.5
110. 8
91.3
110.3
128.8
139.4
118.0
121.7
120.1
107.3
109.1
168.9
227.5
94. 5
95. 5
103. 5
100. 9
104. 4
96. 9
110. 1
131. 2
148 1
120. 4
120. 3
116. 4
106. 6
116 7
159 4
240 0
96. b
87. b
102. 1
105. 1
110. 0
98. 6
111. 5
139. 9
149. 8
108. 5
118. 4
115. 3
101. 6
120. 8
178. 6
232. 3
97.8
85.1
104. 7
109. 4
110.2
101.8
106.1
139.6
154.8
95.2
111.2
111.7
100.6
129.5
191.7
233.5
100. 1
88. 1
98. 7
110. 8
110. 3
99. 8
100. 1
134. 1
162. 7
105. 1
103. 8
106. 5
96. 4
122 3
175. 2
223 3
97. 0
87. 4
±01. 0
115. 1
113. 4
104. 1
102. 3
142. 2
144 2
94. 2
110.7
97. 5
100. 9
129 1
189. 3
235 2
9b. b
90.1
101.5
116.7
113.2
107.3
112.9
150.0
144. 0
95.0
106.4
108. 7
106.9
131.7
199.5
219. 9
11 1
11.6
13
17
31
3U
28
36
69
117
152
98
107
113
2
3
9
2
3
1
3
1
2
5
4
2
13.2
18.3
32.1
29. 4
2b.3
38.1
75.2
141.5
144. 5
91.8
104.5
111.3
105
101
92
131
143
125
120
138
129
112
119
126
12b
124
127
118
4
0
3
3
7
2
8
4
7
2
3
7
4
0
8
8
104.5
96.4
90.6
134.2
144.7
119.6
119.1
135.b
128.1
108.1
114.5
127.2
125.2
127.1
121.7
120.6
AVERAGE FOR PERIOD
12 1
9.
12. 9
14. 0
13
19
33
29
30
39
82
144
133
87
105
113
3
8
0
0
2
1
9
5
7
8
4
2
14. 0
20. 3
33. 9
28 3
30. 2
43. 0
94. 6
174 7
121 0
91 8
110 3
116 2
14.9
21.6
34.1
28.7
30.2
46. 8
85. 9
155.3
121.0
85.9
110. 3
115.1
15
23
31
29
30
50
84
148
127
84
108
109
103
90
92
136
138
117
119
134
119
103
117
124
124
129
122
121
4
8
1
7
6
5
7
3
8
2
4
8
3
1
0
2
105
91
104
137
144
122
119
138
119
104
119
122
126
132
124
121
4
8
2
5
0
2
8
b
1
3
6
0
0
3
3
7
105.4
95.6
108.4
133.7
145.4
117.2
113.0
134.3
115.8
99.4
115.7
122.3
124.9
136.4
125.7
120.0
102
93
109
136
151
114
108
130
117
95
lib
115
126
138
123
120
0
4
9
9
4
3
15
24
30
28
31
50
86
143
131
100
104
109
8
2
3
b
3
7
9
5
8
5
5
3
17. 0
13 8
15.7
25.7
31.5
29.0
31. 3
52.7
92.6
142.5
125.9
96.6
108.4
112.3
6
0
8
5
5
8
7
6
6
7
8 '
9
4
7
5
b
99
89
115
133
156
109
105
132
112
9b
12b
115
12b
134
118
117
b
t
,
7
7
7
5
2
3
0
9
1
8
5
8
3
2
98.5
89.8
116.9
130.7
150.9
10b . 6
112.7
131.5
105.5
100. 9
12b.3
117.1
125. 4
133. 9
118.8
116.3
15 3
1b 7
NOTE: Unless otherwise noted, these series contain no revisions but are reprinted for the convenience of the user.
]
This series contains revisions beginning with 1948.
19
21
23
33
37
34
32
43
55
56
46
62
56
63
73
72
83
®
PRICES
745. WEST G E R M A N Y — I N D E X OF STOCP
1967=100)
1948
1949. . .
1950...
1951. . .
1952. . .
1953. . .
1954. . .
1955...
1956...
1957...
1958...
1959...
1960...
1961. . .
1962...
1963...
1964...
AVERAGE FOR PERIOD
33. 6
29. 5
31. 3
37. 4
32. 8
36. 0
50. 0
56. 2
50. 5
54. 5
53. 7
71. 9
87. 3
83. 2
80. 1
93. 9
102. 1
93. 4
97. 7
88. 8
114. 6
164. 5
139. 3
123. 5
175. 2
182. 2
126. 1
68. b
150. 7
149. 6
198. 2
211. 1
224. 3
101
100
96
93
113
116
107
125
145
148
112
122
108
98
141
256
Annua
33. 4
29. 2
30. 7
36. 0
30. 7
34. 3
47. 2
59. 6
50. 2
56. 1
50. 7
66. 2
82. 8
86. 5
77. 1
91. 2
100. 9
50. 5
48. 0
51. 6
42. 9
62. 1
86. 1
92. 0
83. 2
86. 6
96. 2
3
1
5
2
8
1
0
3
0
9
7
8
3
1
4
7
IV Q
33.6
29.2
31.9
38.4
29.0
33.5
45.1
61.1
48.3
55.8
50.6
67.5
82.7
89.0
77.5
90.0
97.7
34. 8
32. 1
29. 8
33. 9
30. 5
35. 6
102.
103
96
98
119
112
109
121
150
145
110
117
107
99
138
224
III Q
36. 0
31. 5
30. 5
38. 0
29. 3
33. 5
43.
56. 5
49. 7
55. 1
48. 3
67. 3
84. 9
96. 8
84. 9
90. 6
99. 0
33. 4
34. 8
30. 5
34. 3
31. 8
34. 9
20. 8
22. 2
23. 1
31. 3
37. 9
35. 5
31. 8
42. 9
54. 0
57. 5
46. 2
62. 5
58. 1
61. 2
72. 4
73. 3
82 6
II Q
IQ
36. 0
32. 7
29. 8
37. 0
32. 5
34. 9
0
52. 6
52. 3
54. 8
47. 9
65. 3
82. 0
97. 9
86. 9
89. 8
100. 5
38. 4
35. 7
29. 5
33. 5
32. 5
33. 9
39.
56. 5
51. 1
51. 1
45. 3
60.6
88. 0
87. 7
82. 3
85. 2
98. 8
743. CANADA--INDEX OF STOCK PRICES 1
(1967=100)
1948...
1949...
1950...
1951...
1952...
1953...
1954. ..
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
Dec.
Nov.
Oct.
(
9 .0
10 5
18 .3
13 . 7
16 .8
27 . 8
31 . 0
29 .0
33 .5
56.2
95 .0
138 .9
120 .0
92 .0
116 .2
8
11
15
13
17
31
30
28
36
68
119
145
101
102
113
5
2
8
2
5
9
3
7
8
0
7
7
8
5
6
9.0
13.0
14.8
14.1
20.6
33.7
28.7
30.2
43.0
87.8
158.2
125.2
88.5
108.7
114.8
9
16
14
15
24
31
28
30
51
87
144
128
94
107
110
4
3
7
4
1
9
9
4
8
8
5
0
1
3
9. 0
12. 7
15.
14. 2
19. 8
31. 1
29. 7
29. 7
41. 2
75. 0
129. 4
134. 6
101. 1
102 6
113. 7
110 .0
111 .0
92 .1
124 .4
135 .6
140 .9
121 .2
124 .7
139 .1
109 . 6
112 . 6
134 .5
118 .6
126 . 8
132 .7
119 .5
105
101
92
131
141
127
120
136
133
110
119
128
125
125
126
118
8
8
2
8
8
4
4
3
3
7
4
8
9
3
7
6
104.7
92.7
101.6
136.0
142.7
119.0
117.5
135.8
118.2
102.3
117.b
123.0
125.1
132.6
124.0
121.0
100
90
114
133
153
111
108
131
111
97
124
116
126
135
120
118
2
9
1
6
0
0
9
5
7
b
4
3
b
8
2
0
105
99
100
131
143
124
117
132
125
105
lib
125
124
130
125
119
2
1
0
4
3
6
0
1
6
1
5
6
1
1
9
3
(JULY 1981 )
101
C. Historical Data for Selected Series—Continued
Jan.
Feb.
Mar.
Apr.
July
June
My
a
Sept.
Ag
u
v PRI
Year
Oct.
Nv
o
Dc
e
IQ
II Q
®
(1967=100
III Q
IV Q
Annual
AVERAGE FOR PERIOD
1948...
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
1963...
1964...
24. 4
24. 5
22. 4
22. 3
35. 2
37. 1
41. 9
68. 1
67. 5
77.8
99. 4
94. 0
120. 1
149. 2
158. 2
155. 9
141. 4
23.3
22.8
21.0
24.5
37.1
37.1
41.2
68.1
65.8
84.2
89.0
94.4
125.3
157.6
174.9
150.8
132.2
23.5
21.3
21.6
24.8
34.9
36.2
43.0
75.7
69.6
93.8
83.0
94.4
122.4
163.7
183.8
151.2
126.5
23. 3
21. 7
21. 4
25. 2
34. 9
36. 0
45. 5
76. 7
72. 7
95. 9
84. 1
100. 6
130. 1
165. 2
184. 0
145. 5
126. 8
22. 0
20. 9
21. 4
25. 2
32. 9
36. 2
47. 9
67. 5
73. 4
104. 0
84. 7
108. 1
132. 6
166. 1
167. 6
141. 8
120. 1
21. 4
20. 9
22. 3
26. 2
36. 0
37. 1
46. 8
68. 5
76. 7
108. 3
80. 6
106. 7
137. 8
160. 8
158. 6
137. 8
112. 8
24. 1
22. 0
20. 5
25. 8
36.0
37. 7
50. 8
71. 3
83. 7
117. 3
79. 5
113. 6
142. 3
152. 3
163. 7
144. 5
128. 1
24. 1
23. 0
21. 6
28. 8
36. 2
38. 5
55. 7
71. 3
81. 2
117. 9
80. 9
116. 9
149. 1
153. 0
162. 4
150. 3
128. 5
2b. 2
23. 0
22. 6
30. 5
34. 9
39. 4
59. 3
75. 3
80. 9
110. 8
84. 1
116. 7
140. 7
148. 2
163. 5
142. 9
121. 2
27.6
22.4
21.9
31.1
34.8
39.5
ol.5
71.3
80. 9
1U2.3
82.5
125.4
135.8
149.0
155.1
139.1
123.6
25. 5
21. 0
21. 6
30. 1
34. 2
39. 0
68. 6
67. 8
71. 3
103. 9
81. 4
132. 2
142. 1
158. 8
164. 4
133. 4
126. 5
25. 3
21. 9
19. 9
31. 2
34. 9
39. 0
73. 2
69. 6
78. 1
99. 1
81. 4
132. 7
138. 3
163. 5
159. 1
133. 8
126. 0
23. 7
22. 9
21. 7
23. 9
35. 7
36. 8
42. 0
70. 6
67. 6
85. 3
90. 5
94. 3
122. 6
156. 8
172. 3
152. 6
133. 4
22. 2
21. 2
21. 7
25. 5
34. 6
36. 4
46. 7
70. 9
74. 3
102. 7
83. 1
105. 1
133. 5
164. 0
170. 1
141. 7
119. 9
24.8
22.7
21.6
28.4
35.7
38.5
55.3
72.6
81.9
115.3
81.5
115.7
144.0
151.2
163.2
145.9
125.9
26. 1
21. 8
21. 1
30. 8
34. 6
39. 2
67. 8
69. 6
76. 8
101. 8
81. 8
130. 1
138. 7
157. 1
159. 5
135. 4
125. 4
24.2
22.1
21.5
27.1
35.2
37.7
53.0
70.9
75.2
101.3
84.2
111.3
134.7
157.3
166.3
143.9
126.1
1965...
1966...
1967...
1968...
1969...
1970.
. .
1971...
1972.. .
1973.. .
1974...
1975.. .
1976.. .
1977.. .
1978...
1979...
1980.. .
1981.. .
123. 2
125. 8
98. 0
105. 3
111. 9
152. 8
135. 7
127. 7
159.0
157. 8
162. 0
143. 5
116. 0
98.0
160. 9
203. 8
119.4
121.2
101.4
103.2
119.2
148.7
139.3
130.2
158.2
152.2
122.9
150.8
109.7
100.3
149.9
207.4
124.6
116.3
97.1
111.9
128.5
145.7
136.9
140.3
168.8
139.4
131.0
146.6
101.6
120.0
155.4
185.4
123. 0
112. 7
94. 4
116. 1
127. 0
140. 3
137. 0
147. 0
174. 8
148. 7
141. 8
140. 1
93. 9
130. 6
164. 5
189. 0
121. 2
109. 5
98. 2
109. 9
134. 3
135. 8
140. 7
155. 5
179. 4
132. 5
130. 2
138. 2
97. 2
133. 3
162. 0
201. 1
115. 6
108. 7
9b. b
105. 9
122. 5
132. 5
140. 1
147. 2
173. 3
122. 4
12b. 6
135. 4
104. 0
135. 7
171. 7
201. 4
112. 1
106. 5
92. 8
101. 4
119. 7
13b. 6
141. 3
155. 8
lbb. 8
123. 4
131. 4
129. 7
99. 8
149. 8
173. 7
198. 9
116. 3
107. 3
98. 2
104. 4
125. 6
138. 2
135. 3
162. 0
163. 9
113. 9
136. 9
130. 5
105. 3
150. 6
188. 6
199. 9
115. 2
100. 4
108. 8
104. U
125. 8
135. 1
128. 2
163. 2
164. 7
96. 7
133. 9
126. 8
109. 7
165. 1
207. 4
203. 0
112.0
99.4
107.9
102. 4
134.3
136.9
118.4
163.7
167. 2
103.8
135.8
112.5
111.9
158.7
187.5
218.0
110. 9
106. 3
105. 2
104. 4
132. 2
133. 9
124. 1
153. 0
152. 0
103. 4
141. 1
108. 4
111. 3
155. 4
189. 1
215. 2
115. 5
1U2. 7
101. 5
107. 5
137. 4
135. 5
123. 7
149. 2
151. 6
106. 5
139. 5
115. 2
105. 3
158. 7
186. 8
206. 6
122. 4
121. 1
98. 8
106. 8
119.9
149. 1
137. 3
132. 7
162. 0
149. 8
138. 6
147. 0
109. 1
106. 1
155. 4
198. 9
119. 9
110. 3
96. 4
110. 6
127. 9
136. 2
139. 3
149. 9
175. 8
134. 5
132. 9
137. 9
98. 4
133. 2
166. 1
197. 2
114.5
104.7
99.9
103.3
123.7
136.6
134.9
160.3
165.1
111.3
134.1
129.0
104.9
155.2
189.9
200.6
112. 8
102. 8
104. 9
104. 8
134. 6
135. 4
122. 1
155. 3
156. 9
104. 6
138. 8
112. 0
109. 5
157. 6
187. 8
213. 3
117.4
109.7
100.0
106.4
126.5
139.3
133.4
149.6
165.0
125.1
136.1
131.5
105.5
138.0
174.8
202.5
747. ITALY—INDEX OF STOCK PRICES
(1967=100)
1948. .
1949. . .
1950...
1951.. .
1952.. .
1953.
. .
1954.
. .
1955.. .
1956.. .
2
6
3
2
9
8
5
0
1958!
!!
1959. ..
1960...
1961...
1962...
1963.
..
1964.. .
6l! 5
75. 0
121. 0
157. 2
151. 8
130. 8
110. 3
27.8
24.3
26.3
29.5
38.3
38.1
53.0
57.6
61 1
6l!7
77.8
119.2
166.6
151.0
121.0
104.2
1965.. .
1966.. .
1967.
. .
1968.
..
1969.
..
1970.. .
1971.
..
1972.
. .
1973.. .
1974.
..
1975.. .
1976. . .
1977.
. .
1978.
. .
1979.
. .
1980. . .
1981.
. .
82. 3
108. 7
105.4
98. 9
99. 2
115. 3
90. 7
77. 8
82. 4
106. 3
71. 4
60. 0
52. 9
40. 7
52. 4
59. 8
87.9
113.2
104.6
96.5
98.1
115.2
93.4
75.4
84.0
108.5
79.5
62.6
50.0
43.5
54.8
61.1
26.
24.
25.
28.
38.
36.
52.
57.
8
9
6
2
4
3
6
5
21.
22.
25.
29.
35.
37.
55.
51.
8
3
3
2
0
9
6
9
22.
21.
25.
30.
36.
40.
59.
53.
8
4
5
3
1
2
5
8
60.7
81.7
117.1
163.6
153.2
118.8
98.5
26. 4
23. 8
25. 5
28. 5
34. 7
36. 2
50. 2
53. 1
61
59. 8
89. 5
121. 4
164. 2
147. 3
123. 3
89. 3
60. 6
90. 9
128. 3
174. 2
148. 6
123. 5
95. 3
59. 3
94. 1
143. 2
178. 3
138. 2
128. 1
86. 4
59. 8
101. 9
149. 3
165. 1
136. 1
123. 9
84 5
98.0
115.1
94.4
98.4
100.1
115.5
93.0
73.5
92.7
111.9
81.7
58.3
48.7
42.8
57.9
61.1
96. 9
106. 2
95. 3
100. 4
111. 8
119. 5
88. 3
78. 5
96. 4
116. 1
78. 3
52. 9
46. 2
41. 4
54. 1
61. 0
95. 0
105. 4
98. 0
99. 7
112. 9
111. 6
84 4
79. 2
108. 8
106. 1
77 5
53 6
44 4
43 2
56 8
61 5
90. 3
106. 0
96. 4
98. 0
110 7
106. 0
82 8
77 7
124 5
96 5
73 0
56 7
43 4
44 0
58 0
64 8
88. 2
107. 6
95 7
99 9
107 8
102 8
82 8
80 1
117 7
90 5
66 1
64 3
43 9
44 8
58 8
66 0
27.2
23.1
27.0
30.1
36.6
38.1
50.5
55.8
23.
22.
25.
28.
35.
37.
51.
54.
®
AVERAGE FOR PERIOD
23.
26.
27.
35.
37.
45.
bl.
56.
2
0
0
6
3
7
9
5
23.
24.
26.
36.
37.
48.
58.
57.
6
6
7
8
0
6
7
9
23.5
25.9
26.9
33.7
37.5
44.1
63.2
55.9
bl. 7
110. 4
175. 9
165. 8
136. 6
120. 3
83. 8
63. 0
103. 8
188. 7
158. 2
131. 2
115. 5
92. 6
bb. 2
103.5
17U.6
163. b
120. 0
111.1
92.7
68. 9
111. 1
153. 7
165. 0
126. 9
115. 7
89. 6
70! 7
114. 9
143. 0
155. 4
136. 3
117. 7
85. 4
92. 5
108. 6
98. 5
101. 3
111. 8
106. 7
81. 7
80. 1
104. 8
88. 0
64. 3
63. 9
45. 3
48. 4
61. 7
74. 4
91. 1
107. 4
102. 7
100. 3
112. 4
102. 5
77. 7
78.8
106. 1
76. 3
64. 1
59 5
50 3
57 3
63 0
82 7
90.7
110.2
105.8
96.5
119.6
100.8
77.8
80.3
108.6
73.7
60. 2
51.6
46.2
57.5
62. 6
93.5
90. 7
108. 7
103. 1
93. 4
120. 3
95. 5
74. 9
85. 4
107. 3
79. 4
58. 9
50. 3
43. 6
51. 6
58. 6
99. 2
23.
23.
26.
31.
37.
41.
63.
57.
7
3
2
3
7
7
3
2
23.
23.
26.
31.
38.
42.
64.
55.
6
8
8
2
4
2
6
9
0
0
5
6
0
1
5
2
23.4
22.8
26.1
31.1
37.3
41.5
62.5
55.6
6l! 3
78. 2
119. 1
162. 5
152. 0
123. 5
104. 3
59! 9
91. 5
131. 0
172. 2
144. 7
125. 0
90. 3
98. 0
106. 9
99. 9
98. 4
114. 8
94. 1
76. 7
85. 3
96. 5
72. 3
61. 1
55. 6
40. 0
51. 2
55. 4
96. 0
89. 4
112. 3
101. 5
97. 9
99. 1
115. 3
92. 4
75. 6
86. 4
108. 9
77. 5
60. 3
50. 5
42. 3
55. 0
60. 7
94. 1
105. 9
96. 6
99. 4
111. 8
112. 4
85. 2
78. 5
109. 9
106. 2
76. 3
54. 4
44. 7
42. 9
56. 3
62. 4
8. 1
9. 4
8. 5
13. 3
29. 7
34. 2
28. 1
34. 1
o
5. 3
13. 4
7. 8
10. 5
17. 7
28. 3
27. 6
29. 3
40. A
46.1
45. 5
64. 9
85. 2
107. 7
88. 3
108. 9
87. 8
5.1
13.1
8.6
11.6
21.3
33.0
28.6
31.0
41.2
42.6
47.0
71.5
91.0
105.5
88.5
97.1
89.3
0
8
4
1
5
4
3
3
1
9
6
7
3
0
6
5
78. 4
101. 2
103. 5
101. 7
135. 5
149. 8
168. 0
233. 2
327. 3
300 7
295. 4
310 4
341 1
372 0
405 4
421 4
81.5
99. 8
100.1
115.5
136.6
143.3
172.6
276.4
332.9
275.7
281.5
320.5
345.3
383.6
407.0
430.5
27.
24.
26.
29.
37.
37.
52.
56.
1
0
2
3
9
7
0
8
748. JAPAN—INDEX OF STOCK PRICES
(1967=100)
1948.
. .
1949. . .
1950.
. .
1951.
..
1952.
..
1953. . .
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962.
..
1963...
1964...
1965.. .
1966...
1967.. .
1968.
. .
1969...
1970...
1971.. .
1972...
1973...
1974...
1975...
1976. ..
1977.
. .
1978...
1979.. .
1980.
. .
1981.
. .
NOTE:
40.
53.
76.
96.
85.
91.
84.
81.
4
4
8
3
8
2
1
3
88. 1
98. 2
94. 6
117. 7
149. 3
139. 4
160. 9
314. 7
300 9
245 0
286 0
314 2
332 5
398 9
403 4
447 8
91.
97
90
118
155
134
171
339
273
255
286
330
328
404
410
443
7
1
9
3
0
4
1
9
8
5
2
6
6
9
8
5
85.
98
102
94
125
161
146
196
357
289
268
306
343
349
410
419
5.8
11.9
8.5
10.7
15.2
30.0
28.0
29.5
5
12
7
10
16
27
27
29
8
5
8
1
0
3
5
3
5
14
8
10
17
29
27
29
2
3
1
3
6
3
3
2
4
13
7
11
19
28
28
29
8
4
5
1
5
3
0
5
5
12
8
10
20
29
28
29
3
0
0
9
9
9
3
6
5. 3
13. 4
8. 9
11. 6
21. 4
33. 4
28. 2
31. 4
4
13
8
12
21
35
29
32
8
9
9
2
5
7
4
1
5.1
12.2
8. d
13.5
24.7
36..;
28.3
33.4
6. 1
11. 1
9. 2
13. 3
28. 0
35. 4
26. 9
33. 4
35. D
48. 6
41 8
56. 2
76. 5
102. 8
93 7
93 2
88 1
35.7
48.3
43.5
58.4
78.5
107.6
98.0
97.1
88.4
36.9
47.4
43.2
61.5
81.0
104.4
93.2
101.9
86.1
39
48
44
62
86
108
86
109
83
3
8
3
7
9
1
9
5
8
40
45
45
64
85
107
88
109
88
0
7
4
6
0
6
4
2
4
41
43
46
67
83
107
89
108
91
9
8
9
5
6
3
5
1
2
41
41
46
69
88
112
90
102
92
5
3
4
1
4
9
8
0
42. 6
47. 1
70. 9
90. 3
106. 7
89. 2
94 6
89 5
43
47
74
94
97
85
94
86
8
7
2
6
4
3
0
4
42.3
50.0
77.9
98.0
70.0
79.0
92.0
82.4
41.
51.
79.
99.
88.
87.
88.
80.
86
96
100
92
124
160
139
187
372
282
250
305
343
339
416
420
86.4
98.5
103.3
94.6
125.6
158.4
145.1
195.6
350.0
296.1
271.6
305.2
344.7
348.3
409.9
425.5
82.1
101.6
103.0
94.8
126.7
165.1
154.4
206.1
349.2
291.6
284.0
309.4
341.3
359.7
405.7
413.0
79 6
101 1
101 1
98 2
131 5
164 6
164 0
221 0
330.8
293 0
290 5
302 9
339 3
371 8
402 .9
417 .6
87 2
99 6
96 0
123 4
140 9
141 7
163 2
288 2
320 1
261 1
271 .0
321 5
351 .2
387 6
412 .5
437 .6
84. 4
98.5
96.5
122.8
144.5
139.7
159.2
297.2
312.z
239.7
279. 5
318.4
345.0
395.0
408.2
447.5
76 5
99 9
105 3
105 .0
138 3
142 8
174 7
246 7
325 2
306 .0
297 .0
319 .3
340 .7
373 .2
402 .3
423 .8
75 .1
99 4
105 3
109 .0
135 .8
143 . 7
182 . 6
262 .5
341 .3
295 .3
293 . 0
318 .1
339 .6
382 .8
400 . b
424 .9
82
100
99
114
133
144
171
278
337
270
280
321
345
380
408
429
1
5
1
0
2
5
9
6
3
7
6
8
0
3
0
1
These series contain no revisions but are reprinted for the convenience of the user.
102
3
5
4
0
4
9
8
1
7
4.8
9.6
8. 8
10.0
15.8
36.1
30.0
31.2
79 0
102 5
104 2
101 9
136 6
142 0
Ib5 4
232 0
326 0
303 2
298 . 7
309 .1
343 .3
371 .0
411 .1
422 .9
4
6
9
2
4
0
2
8
24.5
23.8
2b. 2
31.0
36.9
40.6
57.0
55.6
6l!5
105.4
171.3
163.0
134.6
119.9
87.0
68. 3
109. 8
155. 8
161. 3
127. 7
114 8
89. 2
62!7
96.2
144.3
164.8
139.8
120.8
92.7
90.6
107.9
99.0
100.5
110.7
104.0
80.7
79. 7
109.5
84. 9
64.8
62.6
46.5
50.2
61.2
74. 4
93. 1
108. 6
102 9
96. 1
118 2
96 8
76 5
83 7
104 1
75 1
60 1
52 5
43 3
53 4
58 9
96 2
91.8
108.7
100.0
98.5
110.0
107.1
83.7
79.3
102.5
93.8
69.7
57.4
46.2
47.2
57.8
73.4
23.
25.
26.
35.
37.
46.
61.
56.
AVERAGE FOR PERIOD
4. 6
10. 5
8. 5
9. 9
15. 3
33 6
29 4
30. 5
36.
48. 1
42. 8
58 7
78 7
104 9
95 0
97 4
87 5
3. 3
10. 1
8. 2
8. 9
14. 8
34. 6
30. 1
30.8
4
3
8
9
2
6
4
2
1
0
1
4
8
0
1
1
24.
23.
25.
28.
35.
37.
52.
53.
6
10
8
13
27
35
27
33
4
9
8
4
5
3
8
6
5.4
12.0
8.4
11.3
20. 4
32.5
28.3
31.1
41
51
77
97
81
86
88
81
4
6
9
9
6
0
1
5
44.'6
46.8
68.3
88.2
99.9
89.4
97.9
86.5
88 1
97 9
94 0
119 6
149 6
137 8
163 7
317 3
295 6
246 7
283 9
321 1
335 4
399 .6
407 .5
446 .3
83.2
99.4
100.0
107.7
136.8
148.1
162.7
255.8
328.2
278.3
282.4
314.7
341.2
376.0
407.6
429.4
(JULY 1981)
E. Business Cycle Expansions and Contractions in the United States
Duration in months
Trough
Cycle
Contraction
(trough from
previous
peak)
Business cycle reference dates
Expansion
(trough to
peak)
Peak from
previous
peak
Trough from
previous
trough
Peak
December 1854
December 1858
June 1861
December 1867
December 1870
June 1857
October 1860
April 1865
June 1869
October 1873
18
8
12
18
30
22
46
18
34
March 1879
May 1885
April 1888
May 1891
June 1894
March 1882
March 1887
July 1890
January 1893
December 1895 ..
65
38
13
10
17
June 1897
December 1900
August 1904
June 1908
January 1912
June 1899
September 1902 ,
May 1907
January 1910
January 1913
December 1914
March 1919
July 1921
July 1924
November 1927
May 1923
October 1926 ...
August 1929 ....
18
14
13
March 1933
June 1938
May 1937
February 1945 ..
October 1945
October 1949
May 1954
November 1948 .
July 1953
August 1957 ....
April 1958
February 1961
April 1960
December 1969 .
10
Novemberl970
November 1973 .
March 1975
January 1980....
Jl
40
48
30
M
R
36
50
52
36
22
27
20
18
99
74
35
37
37
101
60
40
30
35
18
18
23
13
24
24
21
33
19
12
36
42
44
46
43
42
39
56
32
36
August 1918
23
1
44
10
22
27
21
35
SL
January 1920....
51
28
36
40
17
40
41
34
43
13
50
80
37
11
i5
64
63
88
48
_55
1
39
24
106
36
58
47
34
HZ
52
64
July 1980
16
6
Average, all cycles:
1854-1980 (29 cycles).
1854-1919 (16 cycles) .
1919-1945 (6 cycles)...
1945-1980(7 cycles)...
18
22
18
10
34
27
35
49
52
48
53
60
Average, peacetime cycles:
1854-1980(24cycles) ...
1854-1919(14cycles) ...
1919-1945 (5 cycles)
1945-1980 (5 cycles)
19
22
20
10
28
24
26
39
47
46
46
49
NOTE: Underscored figures are the wartime expansions (Civil War, World Wars I and
93
31
45
J>6
49
32
116
47
74
!
2
3
4
53
49
53
60
47
47
45
49
Korean war, and Vietnam war), the postwar contractions, and the full cycles
that include the wartime expansions.
1
28 cycles.
2
15 cycles.
3
23 cycles.
4
13 cycles.
Source: National Bureau of Economic Research, Inc.
13
0
G. Experimental Data and Analyses
(Dec.) (Nov.)
P
T
Year
and
quarter
I m p l i c i t price
d e f l a t o r , gross
nonfarm business
product 1
(Index: 1977=100)
Unit labor cost,
a l l persons, nonfarm
business sector 1
Ml
III
(Hew.)
P
(Mw.)
T
I 11 I I I I I I I Ipjjif:M I II I I II I II I II I ill 131 FIT
Ratio scale
150
Components of BCD series 2 6 -
140
130
(Index: 1977=100)
120
1979
110
115.4
118.7
121.5
124.4
112.6
115.1
117.4
119.7
I Q....
II Q...
I l l Q..
IV Q . . .
Implicit price deflator, gross nonfarm
business product, Q
(index: 1977 = 100)
100
90
150
1980
140
127.4
131.8
133.5
136.8
122.9
126.3
128.8
131.9
I Q....
II Q...
I l l Q..
IV Q . . .
1981
P134.5
(NA)
I Q....
II Q...
p!39.2
(NA)
130
120
110
Unit labor cost, all persons, nonfarm
business sector, Q
(index: 1977 = 100)
100
90
I l l Q..
IV Q . . .
80
70
Inventory-sales ratios in 1972 d o l l a r s 2
Year
and
month
Manufacturing
(Ratio)
Merchant
wholesalers
(Ratio)
Retail
trade
Arithmetic
scale
Inventory-sales ratios in 1972 dollars (ratio)—
Manufacturing
2.2
(Ratio)
2.1
1980
Jan....
Feb..
Mar..
Apr..
May..
June.
1.90
1.91
1.98
2.08
2.12
2.12
1.37
1.39
1.41
1.45
1.46
1.46
1.37
1.39
1.43
1.47
1.48
1.46
July.
Aug..
Sept.
Oct..
Nov..
Dec..
2.08
2.08
1.99
1.96
1.96
1.96
1.44
1.46
1.43
1.40
1.41
.38
1.44
1.43
1.43
1.45
1.43
1.41
2.0
1.9
1.8
1.7
1.5
1.4
1981
Jan....
Feb..
Mar..
Apr..
May..
June.
1.97
1.97
1.97
rl.98
p i . 98
(NA)
1.37
1.41
1.33
rl.40
pi.46
(NA)
1.38
1.36
1.36
1.39
pi.41
(NA)
1.3
1.2
1.5
July.
Aug..
Sept.
Oct..
Nov..
Dec..
1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980
NOTE: The " r " indicates revised; " p " , preliminary; and "NA", not a v a i l a b l e .
'Source: U.S. Department of Labor, Bureau of Labor S t a t i s t i c s .
2
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
14
0
1.4
1.3
1981
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, manufacturing1
(per 100 employees)
8. New orders for consumer goods and materials
in 1972 dollars (billion dollars)
32. Vendor performance, companies receiving
slower deliveries (percent)
12. Net business formation
(index: 1967=100)
20. Contracts and orders for plant and equipment
in 1972 dollars (billion dollars)
29. New building permits, private housing
units (index: 1967=100)
36. Change in inventories on hand and on order in
1972 do!., smoothed2 (ann. rate, bil. dol.) .
92. Change in sensitive crude materials
prices, smoothed2 (percent)
19. Stock prices, 500 common stocks
(index: 1941-43=10)
104. Change in total liquid assets, smoothed2
(percent)
106. Money supply (M2) in 1972 dollars
(billion dollars)
910. Composite index of 12 leading indicators3
(index: 1967=100)
ROUGHLY COINCIDENT INDICATORS
41. Employees on nonagricultural payrolls
(thousands)
51. Personal income less transfers in 1972
dollars (annual rate, billion dollars).
47. Industrial production, total
(index: 1967=100)
57. Manufacturing and trade sales in 1972
dollars (million dollars)
920. Composite index of 4 roughly coincident
indicators3 (index: 1967=100)
LAGGING INDICATORS
91. Average duration of unemployment1
(weeks)
70. Manufacturing and trade inventories, total,
in 1972 dollars (billion dollars)
62. Labor cost per unit of output, manufacturing
(index: 1967=100)
109. Average prime rate charged by banks
(percent)
72.
Commercial and industrial loans outstanding
(million dollars)
Ratio, consumer installment credit to
personal income (percent)
Composite index of 6 lagging indicators 3
(index: 1967=100)
95.
930.
Mar.
1981
May
1981
Apr.
1981
Mar.
to
Apr.
1981
June
1981
Apr.
to
May
1981
May
to
June
1981
r39.9
r40.2
r40.3
p40.1
0.25
0.09
rl.3
rl.l
rl.3
pi. 3
0.20
-0.22
0.0
r34.96
r35.59
r35.49
P35.83
0.09
-0.02
0.06
52
56
52
48
0.14
-0.15
-0.17
rll7.7
ell7.9
NA
N
A
0.02
rl4.57
rl3.95
rl3.48
pl3.97
-0.10
-0.09
0.10
93.1
95.8
94.3
77.8
0.08
-0.05
-0.67
r-4.83
rl.43
p5.06
0.39
0.25
NA
r3.50
r2.86
rl.68
0.78
-0.27
-0.54
133.19
134.43
131.73
132.28
0.06
-0.14
0.03
r0.99
r0.79
eo.62
eo.65
-0.64
-0.59
0.12
r811.0
r816.7
r813.7
P811.0
0.27
-0.15
-0.15
rl36.7
rl37.6
rl35.5
pl33.8
0.66
-1.53
-1.25
r91,347
r91,458
r91,530
p91,516
0.10
0.06
-0.02
1,063.5
rl,065.7
r l , 068.0
pi,067.1
0.10
0.11
-0.05
152.2
rl52.2
152.8
pl52.7
0.
0.11
-0.02
rl57,930
rl57,170
pl55,294
rl42.8
rl42.7
rl42.5
14.0
13.7
262.64
r204.7
N
A
NA
-0.20
NA
-0.45
N
A
-0.11
-0.26
pl42.1
-0.07
-0.14
-0.28
13.2
14.2
0.13
0.23
-0.68
r263.15
p264.08
NA
0.09
0.17
NA
r206.0
r207.3
p208.1
0.20
0.20
0.18
18.05
17.15
19.61
20.03
-1.75
4.78
1.22
171,216
rl73,657
rl77,774
pl79,430
0.31
0.52
0.31
13.35
13.37
P13.35
0.07
-0.07
NA
180.7
rl78.7
rl89.1
-1.11
5.82
0.85
N
A
NA
P190.7
NOTE: The net contribution of an individual component is that component's share in the composite movement of the group. I t
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.
"This series is inverted in computing the composite index; i . e . , a decrease in this series is considered an upward movement.
This series is a weighted 4-term moving average (with weights 1,2,2,1) placed at the terminal month of the span.
Figures in the net contribution columns are percent changes in the index. The percent change is equal (except for rounding
differences) to the sum of the individual components' contributions plus the trend adjustment factor. The trend adjustment
factor for the leading index is 0.099; for the coincident index, -0.164; for the lagging index, -0.170.
2
3
105
G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns
HOW TO READ CYCLICAL COMPARISON CHARTS
These charts show graphically, for selected indicators, the path of
the current business cycle. To set the current movements in historical
perspective, cyclical paths over generally similar historical periods also
are shown. The selected periods are superimposed to compare the
current business cycle with corresponding historical patterns and to
facilitate critical assessment of the amplitude, duration, and severity of
the indicators' current movements.
1. For most indicators, two cyclical comparison charts are shown.
In the left panel, comparisons are based on reference peak levels and
reference trough dates; in the right panel, comparisons are based on
both the levels and the dates of the specific troughs in each indicator.
(See the charts on the following pages.)
The three-part code indicates the timing
classification of the series at peaks, at troughs,
and at all turns: L=leading; C=roughly coincident; Lg=lagging; and U = unclassified.
This number indicates the latest month (or
quarter) of data plotted. (1 = January)
Series number, series title
2. The vertical line represents trough dates: reference trough
dates in the left panel and specific trough dates in the right panel. The
current cycle and the corresponding historical periods are positioned so
that their reference trough dates (left panel) and specific trough dates
(right panel) are on this vertical line.
• 135
-1+5
•130
3. The horizontal line represents the level of data at reference cycle peaks (left panel) and specific cycle troughs (right paneD- The
current cycle and the corresponding historical periods are positioned so
that their reference peak levels (left panel) and specific trough levels
(right panel) are on this horizontal line.
• 125
4. For most series, deviations (percent or actual differences) from
the reference peak and specific trough levels are computed and plotted.
For series measured in percent units (e.g., the unemployment rate),
these units (actual data) are plotted rather than deviations. The deviations (if plotted) and actual data for the current cycle are shown in the
tables accompanying the charts.
-5
•120
5. For series that move counter to movements in general business
activity (e.g., the unemployment rate), an inverted scale is used; i.e.,
declines in data are plotted as upward movements, and increases in
data are plotted as downward movements.
-10
6. Several curves are shown in each chart. The heavy solid line
( " » ) describes the current cycle. The dotted line ( • • • ) represents
the median pattern of the six post-World War II cycles. The remaining
lines represent selected business cycles. In the left panel, each line is
labeled according to the year of the reference trough; in the right panel,
each line is labeled according to the date of the specific trough.
-15
7. These charts use the business cycle (reference) peak and trough
dates designated by the National Bureau of Economic Research, Inc.
Peaks: Nov. 1948 (IVQ 1948), July 1953 (IIQ 1953), Aug. 1957
(IIIQ 1957), Apr. 1960 (IIQ 1960), Dec. 1969 (IVQ 1969), Nov. 1973
(IVQ 1973), Jan. 1980 (IQ 1980).
mo
-6
0
+6
+12
Months from troughs
Troughs: Oct. 1949 (IVQ 1949), May 1954 (IIQ 1954), Apr. 1958
(IIQ 1958), Feb. 1961 (IQ 1961), Nov. 1970 (IVQ 1970), Mar. 1975 (IQ
1975), July 1980 (IIIQ 1980).
This scale measures time in months before ( - )
and after ( + ) reference trough dates (left
panel) and specific trough dates (right panel).
106
This scale shows deviations (percent or actual
differences) from reference peak levels (left
panel) and specific trough levels (right panel).
This scale shows actual series units and applies
only to the current business cycle (heavy solid
line).
Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns-Continued
1. Average workweek, production workers,
manufacturing
Deviations
from
reference
peaks
Actual
data
for
current
cycle
MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
TROUGH
1/80
DATA YEAR
• 11 •1 1 1 1 1 1 1 1 1 •1 1 1 1 1 ••••11 ••i •1 1 1 • 1 1 1
manufacturing
SERIES
1
HOURS
TIXl
0
39.2
7/80
1
2
3
4
-1.5
-1.2
-1.0
-0.7
39.5
39.6
39.7
39.8
8/80
9/80
10/80
11/80
5
6
7
8
-0.5
0.
-0.7
-0.5
39.9
40. 1
39.8
39.9
12/80
1/81
2/8.1
3/81
9
10
..
11
• 40.0
-2.2
0.2
0.5
0.
40. 2
40. 3
40. 1
Actual
data
fr
o
current
cycle
Deviations
from
specific
troughs
1. Average workweek, production workers,
4/81
5/81
6/81
MONTHS DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM ACTUAL
AND
TROUGH
DATA YEAR
7/80
SERIES
1
HOURS
• 39.5
0
-
- 4
-1
- 5
7/80
39.5
39.6
39.7
39.8
8/80
9/80
10/8 0
11/80
1.8
2.3
1.5
1.8
39.9
4 0.1
39.8
39.9
12/8 0
1/81
2/81
3/81
9
10
11
•38.5
39.2
0.8
1.0
1. 3
1.5
5
6
7
8
• 39.0
0.
1
2
3
4
2.6
2.8
2. 3
40.2
40.3
40.1
4/81
5/81
6/81
MONTHS DEVIFROM ATIONS CURRENT MONTH
REF.
FROM ACTUAL
AND
TROUGH
1/80
DATA YEAR
4 1 . Employees on nonagricultural payrolls
SERIES 41
THOUSANDS
0
• 95,000
89960
7/80
-0.5
-0.2
-0.0
0. 2
90219
9046.1
90668
90844
8/80
9/80
10/80
11/80
5
6
7
8
payrolls
-0.8
1
2
3
4
0. 3
0.4
0.6
0.7
90949
91091
91258
91347
12/80
1/81
2/81
3/81
9
10
11
4 1 . Employees on nonagricultural
0. 9
0.9
0.9
91458
91530
91516
4/81
5/81
6/81
MONTHS D E V I FROM ATIONS CURRENT MONTH
SPEC.
FROM ACTUAL
AND
TROUGH
7/80
DATA YEAR
SERIES 41
THOUSANDS
0
-12
Months from reference troughs
NOTE: For an explanation of these charts, see "How to Read Charts" on p. 106.
89960
7/80
0. 3
0.6
0.8
1.0
90219
9046.1
90668
90844
8/80
9/80
10/80
11/80
5
6
7
8
11 I I I I I I I I I I I I i I I I I I I I I I I I I I I i I
1
-6
0
+6
+12
+18
+24
0.
1
2
3
4
1.1
1.3
1.4
1.5
90949
91091
91258
91347
12/80
1/81
2/81
3/81
9
10
11
1.7
1.7
1.7
91458
91530
9.1516
4/81
5/81
6/8.1
-
-J
..... .....I.....I.....I.....I.
12
-6
0
+6
+12
+18
Months from specific troughs
+24
+2
o
•go,ooo
Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns—Continued
8.
Deviations
from
reference
peaks
New orders for consumer goods and
materials, 1972 dollars, smoothed 1
Actual
data
for
current
cycle
I I I I I I I I I I 1 I I I I I I I I I I I I I I I I M I I II I I I I
Deviations
. New orders for consumer goods and
from
MONTHS
DEVIFROM ATIONS CURRENT MONTH
REF.
ACTUAL
AND
FROM
TROUGH
DATA
YEAR
1/80
materials, 1972 dollars, s m o o t h e d '
SERIES
8
B I L . DOL.
specific
troughs
Actual
data
for
current
cycle
Q
o
-12.4
1
2
3
4
-8.4
-5.4
-3.0
-2.4
33
34
35
35
.2.1
.28
.16
.37
8/80
9/80
10/80
11/80
5
6
7
8
-4. 3
-4. O
-4. 1
-2.4
34
34
34
35
.70
.78
.76
. 38
12/80
1/81
2/8 1
3/81
-2.5
-1.7
35 . 3 5
35 . 6 4
31 . 7 6
7/80
Percent
+ 20
+1
5
9
10
+ 10 # 4 °
+5
Percent
+ 40
4/81
5/81
MONTHS
DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM
ACTUAL
AND
TROUGH
5/80
DATA
YEAR
+ 30
0
• 36
-10
-15
3
0
0.
3 0.5.1
5/80
1. 4
4. I
8.9
12.4
30. 94
31.76
3 3.21
34.28
b/80
7/80
8/80
9/80
5
6
7
8
15. 3
16.0
13.7
14.0
35.16
35.37
34.70
34.78
10/80
11/80
12/8 0
1/81
9
10
11
12
-5
0
1
2
3
4
• 35
13.9
16.0
15.9
16.8
34.76
3 5 . 38
35.35
35.64
2/81
3/81
4/81
5/81
+ 20
• 34
+1
0
-25
MONTHS
DEVIFROM ATIONS CURRENT MONTH
REF.
FROM
ACTUAL
AND
TROUGH
1/80
DATA
YEAR
47.
Industrial
SERIES 47
1967=100
production
r
production
index
c,c,c I
Percent
0
Industrial
-8.1
14 0.4
1
2
3
4
-7.1
-5.6
-3.8
-2.2
141.8
8/80
14 4.1
9/80
14 6.9 10/80
149.4
11/8 0
5
6
7
8
-l.l
-0.7
-0.8
-0.3
151.0
15.1.7
151.5
15 2.2
1.2/80
1/81
2/81
3/81
9
1U
11
-0. 3
0. 1
0.
152.2
152.8
152.7
4/8.1
5/81
6/81
+ 30
7/8
index
C,C,C|
Percent
+ 10
• 165
+ 5
#160
• 155
0
• 150
•
+25
•
+ 1
0
1.0
2.6
4. 6
b.4
-10
141.8
144.1
146.9
149.4
8/80
9/80
10/8 0
11/80
7. 5
8.0
7.9
8.4
• 140
151.0
151.7
151.5
152.2
12/80
1/81
2/81
3/81
152.2
152.8
152.7
170
160
+1
5
• 145
140. 4
• 175
•
MONTHS
DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM
ACTUAL
AND
TROUGH
7/80
DATA
YEAR
0.
180
+ 20
SERIES 47
1967=100
- 5
• 32
• 30
-20
47.
• 38
SERIES
8
BIL. DOL.
4/81
5/8.1
6/81
• 155
7/80
• 150
+ 5
• 135
-15
11111111111
-12
-6
111111111111t111111I111111
0
+6
+12
+18
• 1 3 0
9
10
11
+24
Months from reference troughs
NOTE: For an explanation of these charts, see "How to Read Charts" on p. 106.
x
This series is an MCD moving average placed on the center month of the span.
2
Numeral indicates latest month used in computing the series.
18
0
> 145
• 140
-12
-6
0
+6
+12
+18
Months from specific troughs
+24
G. Experimental Data and Analyses—Continued
Cyclical Comparisons: Current and Selected Historical Patterns—Continued
• I • 1 • 1111
910.
• 11 • 11 • • • 11 • • • • • 11 • • I • I •
Composite index of 12 leading
indicators
Deviations
from
reference
peaks
Actual
data
for
current
cycle
MONTHS
DEVIFROM ATIONS CURRENT MONTH
AND
FROM
ACTUAL
REF.
TROUGH
DATA
YEAR
1/80
I I I I T j I MTTT I I I I I I I I I I I I I I I I I I I I I I I I I
910. Composite index of 12 leading
indicators
Deviations
from
specific
troughs
Actual
data
for
current
cycle
SERIES 9 1 0
1967=100
0
-4.9
128.1
7/80
1
2
3
4
-2.9
-0.1
0.4
1.5
130.8
134.5
135.2
136.7
8/80
9/80
10/80
11/80
5
6
7
8
1.4
0.4
0.4
1.5
136.6
135.3
135.2
136.7
12/80
1/81
2/81
3/81
9
10
11
2.2
0.6
-0.7
137.6
135.5
13 3.8
4/81
5/81
6/8.1
Percent
• 150
• 140
-,+30
• 155
+ 25
150
+ 20
MONTHS
DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM
ACTUAL
AND
TROUGH
5/80
DATA
YEAR
+ 15
SERIES 9 1 0
1967=100
• 130
• 140
1
2
3
4
• 120
-15
mo
-20
123.9
128.1
130.8
134.5
6/80
7/80
8/80
9/80
5
6
7
8
9.9
11. 1
11. 1
10.0
135.2
136.7
136.6
135.3
10/80
11/80
12/80
1/81
9.9
11.1
11.9
10.2
13 5.2
136.7
137.6
135.5
2/81
3/81
4/81
5/81
13
-10
0.7
4.1
6.3
9.3
9
10
11
12
-5
8.8
133.8
6/81
Composite index of 4 coincident
indicators r — i
c,c,u
+5
• 125
8/80
9/80
10/80
11/80
141.7
142. 4
142.9
142. 8
12/80
1/81
2/81
3/81
142.7
142.5
14 2 . 1
4/81
5/81
6/81
5
b
7
8
9
10
11
-2. 3
-2.5
-2.7
m
Percent
+ 20
160
+15
MONTHS
DEVIFROM ATIONS CURRENT MONTH
SPEC.
FROM
ACTUAL
AND
TROUGH
7/80
YEAR
DATA
^ M
+ 10
SERIES5 920
L967=100
-15
,!.,,,, 1 , , . , , 1 , , , , , 1 , M i l l
-12
-6
0
+6
I , , , , , |,
Months from reference troughs
136.5
1
2
3
4
0.3
1.4
2.6
3.4
136.9
138.4
140.1
141.2
8/80
9/80
10/80
11/80
3.8
4.3
4.7
4.6
141.7
142.4
142.9
142.8
12/80
1/81
2/81
3/81
9
10
11
4.5
4.4
4.1
142.7
142.5
142.1
+5
7/80
4/81
5/81
6/81
7/80
• 125
+12 +18 +24
NOTE: For an explanation of these charts,
0.
5
6
7
8
-10
1M,,,1,,,,,I,,,MIM,,,I,,,,,I,
-12
-6
0
+6
+12 +18 +24
Months from specific troughs
see "How to Read Charts" on p. 106.
•iso
• 145
0
• 135
• 130
7/80
136.9
138.4
140.1
141. 2
i i
136.5
-6.3
-5.3
-4. 1
-3.4
i i
• 155
Median
-6.6
1
2
3
4
- I +10
+5
135
920. Composite index of 4 coincident
indicators
0
Percent
+ 10
MONTHS
DEVIFROM ATIONS CURRENT MONTH
REF.
FROM
AND
ACTUAL
TROUGH
DATA
YEAR
1/8 0
SERIES 920
1967=100
920.
145
140
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
Historical
Series
data
descriptions
(issue date)
(*)
A
Series titles
Current issue
(page numbers)
Series
(See complete titles in "Titles and Sources of
number
Series," f o l l o w i n g this index)
Charts
Tables
Series
Historical
descriptions
data
(issue date)
(*)
Composite indexes
Coincident indicators
Accession rate, manufacturing
Agricultural products, exports
Anticipations and intentions
Business expenditures, new plant and equipment
Business expenditures, new plant and equipment, Dl
Consumer sentiment, index
Employees, manufacturing and trade, Dl
Inventories, manufacturing and trade, Dl
New orders, manufacturing, Dl
Prices, selling, manufacturing, Dl
Prices, selling, retail trade, Dl
Prices, selling, wholesale trade, Dl
Profits nst msnufscturino snd trsdG Dl
Sales, net, manufacturing and trade, Dl
Automobiles
Expenditures, personal consumption
Imports of automobiles and parts
16
56
61
92
18
64
61
970
58
974
975
971
976
978
977
972
973
24
38
22
38
38
38
38
38
38
38
38
8/80
8/80
67
76
65
76
76
76
76
76
76
76
76
3/81
3/81
8/80
10/80
10/80
10/80
10/80
10/80
10/80
1 0/80
10/80
34
34
31
48
48
43
43
49
48
48
48
65
92
4/81
8/80
50
64
Four coinciders
920
Four coinciders, rate of change
920c
Ratio to lagging indicator index
2
604
940
10
39
11
60
10
39
60
1/81
1/81
15
60
60
60
60
60
60
9/80
9/80
9/80
9/80
9/80
1/81
1/81
15
15
15
15
15
15
60"
1/81
1/81
9/80
15
15"
Lagging indicators
Six laggers
930
Six laggers, rate of change
930c
Leading indicators
TWGIVG 1 G c G r^
3J *
914
915
913
917
916
910
Twelve leaders, rate of change
910c
11
11
11
11
11
10
39
29
9
69
13,25
23
24
67
66
67
7/81
3/81
8/80
35
32
28
248
87
86
249
89
28
47
25
25
47
25
25
83
67
67
83
67
67
4/81
4/81
4/81
4/81
4/81
3/81
51
51
51
51
51
35
8
75
12,21
22
64
65
3/81
7/81
26
24
66
113
95
39
35
32
15,35
33
73
72
73
72
3/81
4/81
6/81
10/80
43
43
43
45
320
320c
322
322c
58
49
49,59
49
49
22
84,95
84,95
84
84
65
3/81
3/81
3/81
3/81
8/80
59
59
59
59
31
20
10
116
12,23
23
34
66
66
73
7/80
7/80
11/80
32
32
46
112
110
72
32
32
15,35
72
72
73
12/80
3/81
12/80
43
44
43
66
113
95
39
33
35
32
15,35
33
32
73
72
73
72
71
3/81
4/81
6/81
10/80
7/81
43
43
43
45
42
525
564
548
517
53
55
53
53
90
91
90
90
5/80
5/81
8/80
3/81
64
53
26
39
32
33
12,21
72
64
10/80
10/80
45
28
970
965
951
974
963
967
38
37
36
38
36
37
3/81
5/81
12/80
10/80
9/80
5/80
34
33
15
48
15
36
966
37
12/80
24"
962
975
952
950
964
36
38
36
36
37
11/80
10/80
12/80
12/80
9/80
18
48
15
15
26
971
968
976
978
977
960
972
973
961
38*'
37
38
38
38
37
38
38
36
76
75
74
76
74
75
79
75
78
74
76
74
74
75
77
76
75
76
76
76
75
76
76
74
77
10/30
12/80
10/80
10/80
10/80
10/79
10/80
10/30
9/80
48
36
48
49
48
Capital investment commitments
Inventory investment and purchasing
Marginal employment adjustments
Money and financial flows
Profitability
Construction
55
616
22
56
Building permits, new private housing
Contracts awarded, commercial and industrial bldgs.
. .
Expenditures, plus machinery and equipment sales . . . .
Gross private domestic fixed investment
Nonresidential, as percent of GNP
Nonresidential structures, constant dollars
3alance of payments-See International transactions.
3ank loans to businesses, loans outstanding
Bank loans to businesses, net change
3ank rates-See Interest rates.
Nonresidential, t o t a l , constant dollars
72
112
15,35
32
73
72
12/80
12/80
43
43
Residential, t o t a l , constant dollars
Consumer finished goods-See Wholesale prices.
"tank rp<;pr\/p^
Jallr\
Residential as percent of GNP '.
Housing starts
iCoClvoo
33
33
72
72
45
45
Free reserves
Member bank borrowing from Federal Reserve
3onds-See Interest rates.
Borrowing-See Credit.
3udget-See Government.
Building-See Construction.
Building permits, new private housing
3usiness equipment, industrial production
Business expenditures, new plant and equipment
3usinessexpenditures, new plant and equipment, Dl . . . .
Business failures, current liabilities
Business formation
3usiness incorporations
Business inventories—See Inventories.
3usiness loans-See Bank loans.
93
94
29
76
61
970
14
12
13
13,25
24
24
38
33
12,23
23
67
67
67
76
72
65
65
7/81
7/81
3/31
3/81
10/80
3/80
3/80
35
24
34
34
44
32
32
Business saving
295
46
82
5/81
37
9/80
9/80
Consumer goods and materials, new orders
Consumer goods
industrial production
Consumer installment debt
Debt outstanding
Net change
,
Ratio to personal income
.
Consumer installment loans, delinquency rate
ConsurnGr pncBs—SBB 31 s0 lntGrnstionBl compsnsons
All items, index
A l l items, percent changes
Food,index
Food, percent changes
Consumer sentiment, index
Consumption expenditures-See Personal consumption
expenditures.
Contracts and orders, plant and equipment, constant d o l . .
Contracts and orders, plant and equipment, current d o l . . .
Corporate bond yields
Corporate p r o f i t s - S e e Profits.
c
Costs-See Labor costs and Price indexes.
Credit
Canada-See International comparisons.
Capacity utilization
Manufacturing (BEA)
Manufacturing (FRB)
Materials
Capital appropriations, manufacturing
Backlog
Newly approved
Newly approved, Dl
Capital investment-See Investment, capital.
Capital investment commitments, Cl
Cash flow, corporate, constant dollars
Cash flow, corporate, current dollars
Civilian labor force-See also Employment.
Employment
Employment as percent of population
Total
Unemployed
Coincident indicators, four
Composite index
Composite index, rate of change
Diffusion index
Ratio to lagging indicators, composite index
Commercial and industrial buildings, contracts awarded . .
Commercial and industrial loans outstanding
Commercial and industrial loans outstanding, net change .
Compensation
Compensation, average hourly, all employees,
nonfarm business sector
Compensation, average hourly, all employees,
nonfarm business sector, percent changes
Compensation of employees
Compensation of employees, percent of national
income
Compensation, real average hourly, all employees,
nonfarm business sector
Compensation, real average hourly, all employees,
nonfarm business sector, percent changes
Earnings, average hourly, production workers,
private nonfarm economy
Earnings, average hourly, production workers,
private nonfarm economy, percent changes
Earnings, real average hourly, production
workers, private nonfarm economy
Earnings, real average hourly, production
workers, private nonfarm economy, percent changes .
Wage and benefit decisions, first year
Wage and benefit decisions, life of contract
Wages and salaries, mining, manufacturing, and
construction
Bank loans to businesses, net change
Borrowing, total private
83
82
84
20
20
20
64
64
64
9/79
9/79
9/79
25
25
25
97
11
965
24
24
37
66
66
75
10/80
10/80
5/81
33
33
33
914
35
34
11
29
29
60
70
70
Commercial and industrial loans outstanding
Consumer installment debt
Debt outstanding
Net change
Ratio to personal income
Consumer installment loans, delinquency rate
Mortgage debt, net change
,
Crude materials-See Wholesale prices.
9/80
4/81
4/81
15
37
37
D
D e b t - S e e Credit.
442
90
441
37
51
18
51
18,51
89
62
89
62,89
2/81
2/81
2/81
2/81
20
20
20
20
Defense
920
920c
951
940
9
72
112
10
39
36
11
23
15,35
32
60
1/81
1/81
12/80
9/80
3/81
12/80
12/80
15
D e f i c i t - S e e Government.
Military prime contract awards
National defense purchases
New orders, defense products
Obligations incurred
74"
60
66
73
72
,
Deflators-See Price indexes.
15 "
15
32
43
43
Delinquency rate, consumer installment loans
Deliveries, vendor performance
Diffusion indexes
Business expenditures, new plant and equipment
Capital appropriations, manufacturing
Coincident indicators
,
Employees, manufacturing and trade
345
49
87
11/80
56
345c
280
50
45
87
82
11/80
5/81
56
56
Industrial materials prices, components
64
30,47
70,83
4/81
56
Initial claims, State unemployment insurance
346
49
88
11/80
56
346c
50
88
11/80
56
New orders, durable goods industries
340
49
87
10/80
15
New orders, manufacturing
340c
50
87
10/80
15
341
49
87
10/80
15
341c
348
349
50
50
50
87
88
88
10/80
11/79
11/79
15
62
62
Workweek, mfg. production workers
53
19
63
6/81
22
Disposable personal income-See Income.
Employees on private nonagricultural payrolls
Industrial materials prices
Industrial production
Industrial production
,
components
Inventories manufacturing and trade
Lagging indicators
,
Leading indicators
New orders, durable goods industries, components . . . .
,
Prices, 500 common stocks
Prices, selling, manufacturing
Prices, selling, retail trade
Prices, selling, wholesale trade
Profits, manufacturing
Profits, net, manufacturing and trade
..
. . . . . . . .
Sales, net, manufacturing and trade
Workweek, mfg. production workers, components
. . . .
NOTE: CI, composite index; Dl, diffusion index; GPDI, gross private domestic investment; NIPA, national income and product accounts.
*The number shown indicates the page on which the series description appears in the HANDBOOK OF CYCLICAL INDICATORS (1977).
110
48
48
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)
(*)
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, Dl
Employment, ratio to population
Employment, total civilian
Help-wanted advertising in newspapers
Help-wanted advertising, ratio to unemployment
Initial claims, State unemployment insurance
Initial claims, State unemployment insurance, 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 nonagricultural activities
Quit rate, manufacturing
Unemployed, both sexes, 16-19 years old
Unemployed, females 20 years and over
Unemployed, full-time workers
Unemployed, males 20 years and over
Unemployment, average duration
Unemployment rate, 15 weeks and over
Unemployment rate, insured, average weekly
Unemployment rate, total
Unemployment, total civilian
Workweek, mfg. production workers
Workweek, mfg. production workers, components . . . .
Workweek, mfg. production workers, Dl
Equipment-See Investment, capital.
Exports-See Foreign trade and International transactions.
2
441
16
51
61
89
8/80
2/81
18
20
48
17
61
3/81
15
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
3/81
9/80
10/80
9/80
9/80
2/81
2/81
11/80
3/81
7/80
11/80
8/80
9/80
8/80
2/81
2/81
2/81
2/81
2/81
8/80
2/81
2/81
2/81
2/81
2/81
2/81
2/81
2/81
2/81
8/80
15
48
15
15
20
20
19
19
18
18
18
15
15
20
20
20
20
20
18
20
20
20
20
20
20
18
20
20
15
961
36*'
9/80
15*'
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
F
:
Fr66 TGS6rV6S
119
34
72
11/80
46
94
213
917
33
40
11
72
80
60
9/80
5/81
9/80
45
49
15
311
311c
48
48
84
84
5/81
5/81
58
59
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
8/80
8/80
5/81
4/81
7/80
8/80
7/80
8/80
8/80
5/81
5/81
7/80
8/80
5/81
4/81
4/81
65
65
65
64
64
54
54
65
64
65
64
64
54
54
65
64
54
54
54
93
ederal funds rate
:
ederal Government-See Government.
-ederal Reserve, member bank borrowing from
Final sales in constant dollars
-inancial flows, and money, Cl
-ixed investment-See Investment, capital.
-ixed weighted price index, NIPA
:
ixed weighted price index, percent changes, NIPA
"ood-See Consumer prices.
-oreign 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
1 mports, 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
-ranee-See International comparisons.
33
72
9/80
45
49
20
63
4/81
25
502
501
500
512
511
510
298
52
52
52
52
52
52
46
90
90
90
90
90
90
83
5/81
5/81
5/81
5/81
5/81
5/81
5/81
62
62
62
263
262
265
564
267
266
268
261
260
43
43
47
55
43
43
47
43
43
81
81
83
91
81
81
83
81
81
5/81
5/81
5/81
5/81
5/81
5/81
5/81
5/81
5/81
53
53
53
53
53
53
53
53
53
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
62
62
62
58
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)
Gross business product
Fixed weighted price index
Fixed weighted price index, percent c h a n g e s . . . . . . . . .
Gross domestic product, labor cost per unit
Gross national product
GNP constant dollars
GNP constant dollars, differences
GNP, constant dollars, percent changes
GNP, current dollars
GNP, current dollars, differences
,
GNP, current dollars, percent changes
GNP, ratio to money supply
«
Goods output in constant dollars
Implicit price deflator
Implicit price deflator, percent changes
Per capita GNP constant dollars
Gross private domestic invest.-See Investment, capital.
Current issue
(page numbers)
Series
number
Charts
Tables
Series
Historical
descriptions
data
(issue date)
(*)
48
48
30
84
84
70
5/81
5/81
4/81
58
59
39
19,40
31
20
48
48
40
63,80
80
80
80
80
80
71
63
84
84
80
5/81
5/81
5/81
5/81
5/81
5/81
4/81
4/81
5/81
5/81
5/81
49
49
49
49
49
49
40
25
49
49
49
46
60
17
17
61
61
11/80
3/81
19
19
21
1
16
12,16
8/80
8/80
15
15
961
36
61
61
77
74
9/80
15
28
29
89
249
25
13,25
25
47
67
67
67
83
3/81
7/81
4/81
4/81
35
35
51
51
310
310c
48
48
84
84
5/81
5/81
49
49
311
311c
68
50
50b
50c
200
200b
200c
107
49
310
310c
217
39*'
40
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 Dl
Housing
Housing starts
Housing units authorized by local bldg. permits
Residential GPDI, constant dollars
Residential GPDI percent of GNP
1
Implicit price deflator, GNP
Implicit price deflator GNP percent changes
Imports-See Foreign trade and International transactions.
Income
Compensation, average hourly, all employees,
nonfarm business sector
Compensation, average hourly, all employees,
nonfarm business sector percent changes
Compensation of employees
Compensation of employees, pet. of nat'l. income
Compensation, real average hourly, all employees,
nonfarm business sector
Compensation, real average hourly, all employees,
nonfarm business sector, percent changes
Consumer installment debt, ratio to personal income ..
Corporate profits with IVA and CCA
Corp. profits with 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,
private nonfarm economy, percent changes
Earnings, real average hourly, production
workers, private nonfarm economy
Earnings, real average hourly, production
workers, private nonfarm economy, percent changes .
Income on foreign investment in the U.S
Income on U.S. investments abroad
Interest net
Interest, net, percent of national income
National income
Persona! income, constant dollars
Personal income, current dollars
Personal income, less transfers, constant dollars
Personal income, less transfers, constant dols. rate of chg.
Personal income, ratio to money supply
Proprietors' income with IVA and CCA
Proprietors' income with IVA and CCA, percent
of national income
Rental income of persons with CCA
Rental income of persons with CCA, pet. of nat'l. income
Wage and benefit decisions, first year
Wage and benefit decisions, life of contract
Wages and salaries, mining, mfg., and construction . . . .
Incorporations new businesses
Industrial materials prices
Industrial materials prices, components
Industrial materials prices, Dl
Industrial production - See also International comparisons.
Business equipment
Consumer goods
Durable manufactures
Nondurable manufactures
Total
Total components
Total, Dl
Total rate of change
Installment debt-See Credit.
Insured unemployment
Avg. weekly initial claims, unemploy. insurance . . . . . .
Avg. weekly initial claims, unemploy. insurance, Dl . . .
Avg. weekly insured unemployment rate
345
49
87
11/80
56
345c
280
64
50
45
30,47
87
82
70,83
11/80
5/81
4/81
56
56
56
346
49
88
11/80
56
346c
95
286
287
225
224
111
50
15,35
45
47
40
40
40
88
73
82
83
80
80
80
11/80
6/81
5/81
5/81
4/81
4/81
4/81
56
43
37
37
22
22
22
340
49
87
10/80
15
340c
50
87
10/80
15
341
49
87
10/80
15
341c
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
10/80
7/80
7/80
5/81
5/81
4/81
6/81
6/81
6/81
10/80
2/81
5/81
15
65
65
57
57
55
22
283
284
285
348
349
53
13
23
47
45
47
50
50
19
23
28
83
82
83
88
88
63
65
69
79
75
5/81
5/81
5/81
H/79
11/79
6/81
3/80
5/80
56
5/80
36
67
65
63
63
63,94
78
75
7/81
7/81
7/81
7/81
7/81
24
24
24
24
24
12/80
7/81
24"
7/30
11/80
2/81
18
18
18
967
76
75
73
74
47
37 "
24
22
20
20
14,20,58
966
47 c
37
39
5
962
45
16
36
18
71 "
82
61
74
62
22
22
40
56
57
57
62
62
22
32
36
NOTE: Cl, composite index; Dl, diffusion index; GPDI, gross private domestic investment; NIPA, national income and product accounts.
*The number shown indicates the page on which the series description appears in the HANDBOOK OF CYCLICAL INDICATORS (1977).
11
1
ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)
Interest, net
Interest, net, percent of national income
Interest rates
Bank rates on short-term business loans
Corporate bond yields
Federal funds rate
Mortgage yields, secondary market
Municipal bond yields
Prime rate charged by banks
Treasury bill rate
Treasury bond yields
Intermediate materials-See Wholesale prices.
International comparisons
Consumer prices
Canada, index
Canada, percent changes
France, index
France, percent changes
Italy, index
Italy, percent changes
Japan, index
Japan, percent changes
United Kingdom, index
United Kingdom, percent changes
United States, index
United States, percent changes
West Germany, index
West Germany, percent changes
Industrial production
Canada
France
Italy
Japan
OECD, European countries
United Kingdom
United States
West Germany
Stock prices
Canada
France
Italy
Japan
United Kingdom
United States
West Germany
International transactions-See also Foreign trade.
Balance on goods and services
Balance on merchandise trade
Exports, merchandise, adjusted, exc. military
Exports, merchandise, total exc. military aid
Exports of agricultural products
Exports of goods and services, exc. military
Exports of nonelectrical machinery
Imports, merchandise, adjusted, exc. military
Imports, merchandise, total
Imports of automobiles and parts
I mports of goods 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 on hand and on order, net change
Inventories to sales ratio, mfg. and trade (deflated)
Inventory investment and purchasing, Cl
Manufacturing and trade, constant dollars
Manufacturing and trade, current dollars
Manufacturing and trade, current dollars, change
Manufacturing and trade, Dl
Materials and supplies on hand and on order, mfg
Materials and supplies on hand and on order, mfg.,
change
Investment, capital
Capital appropriations, manufacturing, backlog
Capital appropriations, manufacturing, new
Capital appropriations, manufacturing, new, Dl ,
Capital investment commitments, Cl
Construction contracts, commercial and industrial
Construction expenditures, business and machinery
and equipment sales
Gross private domestic investment
Fixed investment, constant dollars
Fixed investment, current dollars
Inventories, business, 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 dollars
Total, constant dollars
Total, current dollars
New orders, capital goods, nondefense, constant
dollars
New orders, capital goods, nondefense, current
dollars
Current issue
(page numbers)
Series
umber
Charts
Tables
Historical
Series
data
lescriptions
issue date)
(*)
288
289
45
47
82
83
5/81
5/81
57
57
67
116
119
118
117
109
114
115
35
34
34
34
34
35
34
34
73
73
72
73
73
73
72
73
3/81
11/80
11/80
11/80
11/80
11/80
11/80
11/80
46
46
46
46
46
46
46
46
59"
96
96
95
95
96
96
95
95
95
95
84,95
84,95
95
95
11/80
11/80
11/80
11/80
11/80
11/80
11/80
11/80
11/80
11/80
3/81
3/81
11/80
11/80
68
68
68
68
69
69
69
69
68
68
59
59
68
68
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
12/80
12/30
12/80
12/80
12/80
12/80
7/81
12/80
66
66
66
66
66
66
24
66
743
746
747
748
742
19
745
59
59
59
59
59
59
59
96
96
96
96
96
96
96
7/81
7/81
7/81
7/81
7/81
6/79
7/81
70
70
70
70
70
36
70
667
622
618
602
604
668
606
620
612
616
669
614
652
651
57
57
57
56
56
57
56
57
56
56
57
56
57
57
93
93
93
92
92
93
92
93
92
92
93
92
93
93
7/80
7/80
7/80
8/80
8/80
7/80
8/80
7/30
8/80
8/80
7/80
8/80
7/80
7/80
65
65
65
64
64
65
64
65
64
64
65
64
65
65
30
245
247
65
36
77
915
70
71
31
975
78
26,42
42
47
27
13,26
27
11
15,27
27
26
38
27
68,81
81
83
68
68
68
60
68
68
68
76
68
4/81
4/81
4/81
8/80
3/81
1/80
9/80
12/79
12/79
9/80
10/80
8/30
51
51
51
28
28
28
15
28
28
28
48
28
38
26
68
8/80
28
66
66
75
60
66
10/80
10/80
5/81
9/80
3/81
33
33
33
15
32
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)
Plant and equipment
Business expenditures, new
Business expenditures, new, Dl
Contracts and orders, constant dollars
Contracts and orders, current dollars.
Investment, foreign
ncome on foreign investments in U.S. .
ncome on U.S. investments abroad . . .
Italy-See International comparisons.
Current issue
(page numbers)
Series
number
61
970
20
10
24
38
12,23
23
3/81
3/81
7/80
7/80
34
34
32
32
652
651
57
57
7/80
7/80
65
65
30
15,30
30
29
4/81
6/81
7/80
7/80
39
39
39
1/81
1/81
12/80
8/80
15
Japan-See International comparisons.
733
733c
736
736c
737
737c
738
738c
732
732c
320
320c
735
735c
59*'
59"
59"
59"
59
49
49,59
Labor cost per unit of gross domestic product
Labor cost per unit of output, manufacturing
Labor cost per unit of output, private business sector . ..
Labor cost, price per unit of, nonfarm business
Labor force-See Employment and unemployment.
Lagging indicators, six
Composite index
Composite index, rate of change
Diffusion index
Layoff rate, manufacturing
Leading indicators, twelve
Composite index
Composite index, rate of change
Diffusion index
Liabilities of business failures
Liquid assets, change in total
Loans-See Credit.
930
930c
952
3
10
39
36
12,16
910
910c
950
14
104
10
39
36
33
13,31
112
60
1/81
1/81
12/80
10/80
2/81
15
18
15
15
44
40
M
Man-hours-See Employment and unemployment.
Marginal employment adjustments, Cl
Materials and supplies on hand and on order, mfg.
Materials and supplies on hand and on order, mfg.
change
Materials, crude and intermediate-See Wholesale p
Materials, industrial-See Price indexes.
Materials, new orders for consumer goods and
Materials, rate of capacity utilization
Merchandise trade-See Foreign trade.
Military-See Defense.
Money and financial flows, Cl
Money supply
Liquid assets, change in total
Money supply M1
Money supply M1, percent changes
Money supply M2
Money supply M2, percent changes
Ratio, GNP to money supply Ml
Ratio personal income to money supply M2 . . .
Mortgage debt, net change
Mortage yields secondary market
Municipal bond yields
60
913
78
9/80
8/80
26
8/30
12,21
20
3/81
9/79
28
11
9/80
104
105
85
106
102
107
108
33
118
117
13,31
31
31
13,31
31
31
31
32
34
34
2/81
2/81
2/81
2/81
2/81
4/81
2/81
7/81
11/80
11/80
40
40
40
40
40
40
40
42
46
46
27
24
8
20
10
548
7
6
23
23
12,21
12,23
23
53
21
21
8/80
8/80
3/81
7/80
7/80
8/80
3/81
3/81
26
26
26
32
32
26
26
26
964
971
37"
38
9/80
10/80
26
48
87
86
248
25
25
25
47
4/81
4/81
4/81
4/81
51
51
51
51
3/81
12/80
66
N
97
11
965
914
9
24
24
37
11
23
69
24
67
3/80
28
243
242
42
42
81
81
4/81
4/81
51
51
86
248
88
89
249
87
241
240
25
47
25
25
47
25
42
42
67
83
67
67
83
67
81
81
4/81
4/81
4/81
4/81
4/81
4/81
4/81
4/81
51
51
51
51
51
51
51
51
27
23
66
8/80
26
24
23
66
8/80
26
National defense-See Defense.
National Government-See Government.
National income-See Income.
New orders, manufacturers'
Capital goods industries, nondefense, constant d o l . . .
Capital goods industries, nondefense, current d o l . . . .
Consumer goods and materials, constant dollars
Contracts and orders, plant and equip., constant dol.
Contracts and orders, plant and equip., current dol. .
Defense products
Durable goods industries, constant dollars
Durable goods industries, current dollars
Components
Diffusion index
New orders, manufacturing, Dl
Nonresidential fixed investment, GPDI
Producers' durable equipment, constant dollars
Structures, constant dollars
Total, constant dollars
Total, percent of GNP
Obligations incurred, Defense Department
OECD, European countries, industrial production . . .
Orders-See New orders and Unfilled orders.
Output-See also Gross national product and
Industrial production.
Goods output, constant dollars
Labor cost per unit of
Per hour, nonfarm business sector
Per hour, private business sector
Per hour, private business sector, percent changes .
Ratio to capacity, manufacturing (BEA)
Ratio to capacity, manufacturing (FRB)
Ratio to capacity, materials
Overtime hours, production workers, manufacturing
517
721
49
62
358
370
370c
83
82
84
21
20
15,30
50
50
50
20
20
20
16
NOTE: Cl, composite index; Dl, diffusion index; GPDI, gross private domestic investment; NIPA, national income and product accounts.
*The number shown indicates the page on which the series description appears in the HANDBOOK OF CYCLICAL INDICATORS (1977).
Series
Historical
lescriptions
data
[issue date)
(*)
4/81
6/81
9/79
9/79
9/79
8/80
25
39
61
61
61
25
25
25
15
ALPHABETICAL INDEX-SERIES FINDING GUIDE-Continued
Current issue
(page numbers)
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)
Participation rates, civilian labor force
Both sexes, 16-19 years of age
Females 20 years and over
Males 20 years and over
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
Population, civilian employment as percent of
Price indexes
Consumer prices-See also International comparisons.
All items, index
All items, percent changes
Food,index
Food, percent changes
Deflators, NIPA
Fixed weighted, gross business product, index
Fixed weighted, gross business product, pet. changes
Implicit price deflator, GNP, index
Implicit price deflator, GNP, percent changes
Industrial materials
Industrial materials, components
Industrial materials, Dl
Labor cost, price per unit of
Sensitive prices, change in
Stock prices-See also Internationa! comparisons.
500 common stocks
500 common stocks, Dl
Wholesale prices
All commodities, index
All commodities, percent change
Consumer finished goods, ind
Consumer finished goods, per t changes
Crude matenals, index
Crude materials, percent changes
Intermediate materials, index
Intermediate materials, percent changes
Producer finished goods, index
Producer finished goods, percent changes
Price to unit labor cost, nonfarm business
Prices, selling
Manufacturing, Dl
Retail trade, Dl
Whulesale trade, Dl
Prime contracts, military
Prime rate charged by banks
Producer finished goods-See Wholesale prices.
Producers' durable equipment, nonresid., GPDI
Production-See Industrial production and GNP.
Productivity
Output per hour, nonfarm business sector
Output per hour, private business sector
Output per hour, private business sector, pet. changes .
Profitability, Cl
Profits
Corporate, after taxes, constant dollars
Corporate, after taxes, current dollars
Corporate, after taxes, with IVA and CCA,
constant dollar
Corporate, after taxes, with IVA and CCA, cur. dol. .. .
Corporate, with IVA and CCA
Corporate, with IVA and CCA, pet. of nat'l. income
Manufacturing and trade, Dl
Manufacturing, Dl
Per dollar of sales, manufacturing
Profitability, Cl
Ratio, profits to corporate domestic income
Ratio, profits with IVA and CCA to corporate domestic
income
Proprietors' income with IVA and CCA
Proprietors' income with IVA and CCA, pet. of nat'l. inc..
Tables
453
452
451
51
51
51
55
233
232
238
236
239
237
231
230
235
22
41
41
41
41
41
41
41
41
47
292
293
614
2/81
2/81
2/81
20
20
20
4/81
4/81
4/81
4/81
4/81
4/81
4/81
4/81
4/81
4/81
50
50
50
50
50
50
50
50
50
50
46
46
56
5/81
5/81
58
58
64
61
970
20
10
90
24
38
12,23
23
18
3/81
3/81
7/80
7/80
2/81
34
34
32
32
20
320
320c
322
322c
49
49,59
49
49
3/81
3/81
3/81
3/81
59
59
59
59
58
59
49
49
36
37"
29
13,28
69
79
75
70
69
5/81
5/81
5/81
5/81
5/80
5/30
7/80
4/81
60
13,28
37
69
75
3/81
12/80
85
85
6/81
6/81
6/81
6/81
6/81
6/81
6/81
6/81
6/81
6/81
7/80
59
59
60
60
60
60
60
60
60
60
10/80
10/80
10/80
5/80
11/80
48
49
Series titles
(See complete titles in "Titles and Sources of
Series," following this index)
Reserves, free
Residential fixed investment, constant dollars, GPDI
Residential fixed investment, percent of GNP
Residential structures-See Housing.
Retail sales, constant dollars
Retail sales, current dollars
Current issue
(page numbers)
Series
number
Series
Historical
data
description:
(issue date!
(*)
93
89
249
72
67
83
9/80
4/81
4/81
45
51
51
59
54
65
65
6/80
6/80
31
31
5/81
49
36
36
311
311c
310
310c
23
967
26
92
65
84,95
84,95
48
28
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 aod supplies on hand and on order
change
Surplus-See Government.
Treasury bill rate
Treasury bond yields .
40
57
56
973
77
59
54
24
14,22
22
38
27
22
22
67
65
65
76
68
65
65
8/80
1/80
1/80
10/80
1/80
6/80
6/80
28
28
28
48
28
31
31
295
298
290
292
293
46
46
46
46
46
82
83
82
82
83
5/81
5/81
5/81
5/81
5/81
37
58
58
58
58
13,28
69
4/81
60
13,2
37
27
75
3/81
12/80
8/80
36
36
28
8/80
28
11/80
11/80
46
46
26
114
115
U
330
330c
334
334c
331
331c
332
332c
333
333c
26
976
978
977
525
109
64
46
4/81
358
370
370c
916
50
50
50
11
60
9/80
61
61
61
15
18
16
28
28
69
69
4/81
4/81
37
37
80
79
286
287
972
960
15
916
22
28
28
45
47
38
37
29
11
29
69
69
82
83
76
75
70
60
69
4/81
4/81
5/81
5/81
10/80
10/79
7/80
9/80
4/81
37
37
37
37
48
81
282
283
29
45
47
70
82
83
4/81
5/81
5/81
37
56
56
8/80
18
284
5/81
57
285
5/81
57
Quit rate, manufacturing
Rental income of persons, with CCA
Rental income of persons, with CCA, percent of national
income
Historical
Series
data
descriptions
(issue date)
(*)
38
15
37
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
Quit rate, manufacturing
Unemployment rates
15 weeks and over
Insured, average weekly
Total
Unfilled orders, manufacturers'
Durable goods industries
Durable goods industries, change in
United Kingdom-See International comparisons.
Velocity of money
GNP to money supply M l , ratio
Personal income to money supply M2, ratio
Vendor performance
91
60
5
962
3
15,18
17
16
36
12,16
2/81
3/81
7/80
11/80
8/80
20
19
18
18
18
446
445
447
444
37
4
51
51
51
51
18,51
16
2/81
2/81
2/81
2/81
2/81
8/80
20
20
20
20
20
18
44
45
43
18
18
18
2/81
2/31
2/81
20
18
20
96
25
21
21
8/80
8/80
26
26
107
108
32
31
31
12,21
4/81
2/81
10/80
40
40
28
6/81
6/81
6/81
6/81
6/81
6/81
6/81
6/81
6/81
6/81
4/81
8/80
59
59
60
60
60
60
60
60
60
60
60
15
W
Wages and salaries-See Compensation.
West Germany-See International comparisons.
Wholesale prices
All commodities, index
All commodities, percent changes
Consumer finished goods, index
Consumer finished goods, percent changes
Crude materials, index
Crude materials, percent changes
Intermediate materials, index
Intermediate materials, percent changes
Producer finished goods, index
Producer finished goods, percent changes
Sensitive prices, change in
Workweek of production workers, manufacturing
Workweek of production workers, manufacturing,
components
Workweek of production workers, manufacturing, Dl .
330
330c
334
334c
331
331c
332
332c
333
333c
92
48
48
48
13,28
12,16
NOTE: Cl, composite index; Dl, diffusion index; GPDI, gross private domestic investment; NIPA, national income and product accounts.
*The number shown indicates the page on which the series description appears in the HANDBOOK OF CYCLICAL INDICATORS (1977).
113
TITLES AND SOURCES OF SERIES
Series are listed below according to the sections of this report
in which they appear. Series numbers are for identification
only and do not reflect relationships or order among the
series. " M " following a series title indicates monthly data;
"Q" indicates quarterly data. Data apply to the whole period
except when indicated by "EOM" (end of month) or "EOQ"
(end of quarter).
To save space, the commonly used sources listed below are
referred to by number:
Source 1—U.S. Department of Commerce, Bureau of
Economic Analysis; Source 2—U.S. Department of Commerce,
Bureau of the Census; Source 3—U.S. Department of Labor,
Bureau of Labor Statistics; Source 4—Board of Governors of
the Federal Reserve System.
Bureau of Economic Analysis and National Bureau of
Economic Research, Inc. (Used by permission. This
series may not be reproduced without written
permission from the source.)
(23,66)
10. Contracts and orders for plant and equipment in current
dollars (M).-Source 2 and McGraw-Hill Information
Systems Company; seasonal adjustment by Bureau of
the Census and Bureau of Economic 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 sales, all
manufacturing corporations (Q).—Federal Trade Commission and Securities and Exchange Commission;
seasonal adjustment by Bureau of Economic
Analysis
(29,70)
39. Percent of consumer installment loans delinquent 30
days and over (EOM).—American Bankers
Association
(33,72)
914. Composite index of capital investment commitments
(includes series 12, 20, 29) (M).-Source 1 (11,60)
16. Corporate profits after taxes in current dollars (Q).—
Source 1
(28,69)
915. Composite index of inventory investment and
purchasing (includes series 8, 32, 36, 92) (M).-Source
1
(1160)
18. Corporate profits after taxes in 1972 dollars ( Q ) . Source 1
(28,69)
38. Change in stocks of materials and supplies on hand and
on order, manufacturing (M).—Source 2
(26,68)
40. Number of employees in nonagricultural 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)
43. Unemployment rate, total (M).-Sources 2 and 3(18,62)
19. Index of stock prices, 500 common stocks (M).—
Standard & Poor's Corporation
(13,28,59,69,96)
44. Unemployment rate, persons unemployed 15 weeks and
over (M).-Sources 2 and 3
(18,62)
917. Composite index of money and financial flows (includes
series 104, 106, 110) (M).-Source 1
(11,60)
20. Contracts and orders for plant and equipment in 1972
dollars (M).-Sources 1, 2, 3, and McGraw-Hill
Information Systems Company
(12,23,66)
45. Average weekly insured unemployment rate, State
programs (M).-U.S. Department of Labor, Employment
and Training Administration
(18,62)
920. Composite index of four roughly coincident indicators
(includes series 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)
23. Index of spot market prices, raw industrial materials
(M).-Source 3
(28,69,79)
916. Composite index of profitability (includes series 19, 26,
80) (M).-Source 1
(11,60)
940. Ratio, coincident composite index (series 920) to lagging composite index (series 930) (M).—Source
1
(1160)
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)
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)
47. Index of industrial production, total (M).—Source
4
(14,20,39,58,63,78,94)
48. Employee-hours
(M).-Source 3
in
nonagricultural
establishments
(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
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 receiving
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
1
(19,63)
57. Manufacturing and trade sales in 1972 dollars ( M ) . Sources 1, 2, and 3
(14,22,65)
58. Index of consumer sentiment (Q,M).—University of
Michigan, Survey Research Center
(22,65)
59. Sales of retail stores in 1972 dollars (M).-Sources 1
2, and 3
(22,65)
TITLES AND SOURCES OF SERIES- Continued
60. Ratio, help-wanted advertising in newspapers (series
46) to number of persons unemployed (series 37)
(M).—Sources 1, 2, 3, and The Conference
Board
(17,61)
84. Rate of capacity utilization, materials (Q).—Source
4
(20,64)
61. Business expenditures for new plant and equipment,
total (Q).-Source 1
(24,67)
86. Gross private domestic fixed investment, total
nonresidential, in 1972 dollars (Q).-Source 1(25,67)
62. Index of labor cost per unit of output, total
manufacturing—ratio, index of compensation of
employees in manufacturing (sum of wages, salaries,
and supplements to wages and salaries) to index of
industrial production, manufacturing (M).—Sources 1
and 4
(15,30,70)
87. Gross private domestic fixed investment, nonresidential
structures, in 1972 dollars (Q).-Source 1
(25,67)
88. Gross private domestic fixed investment, nonresidential
producers' durable equipment, in 1972 dollars (Q).—
Source 1
(25,67)
63. Index of unit labor cost, private business sector (Q).—
Source 3
(30,70)
89. 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)
66. Consumer installment credit (EOM).-Source 4; FRB
seasonally adjusted net change added to seasonally
adjusted figure for previous month to obtain current
figure
(35,73)
92. Chance in sensitive crude materials prices (PPI of crude
materials less agricultural products) (smoothed) ( M ) Sources 1 and 3
(13,28,69)
93. Free reserves (member banks excess reserves minus
borrowings) (M).-Source 4
(33,72)
94. Member bank borrowings from the Federal Reserve
(M).-Source 4
(33,72)
68. Labor cost (current dollars) per unit of gross domestic
product (1972 dollars), nonfinancial corporations—ratio
of current-dollar compensation of employees to real
gross corporate product (Q).-Source 1
(30,70)
95. Ratio, consumer installment credit to personal income
(EOM).-Sources 1 and 4
(15,35,73)
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)
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)
952. Diffusion index of six lagging indicator components
(M).-Source 1
(36,74)
960. Diffusion index of net profits, manufacturing—about
700 companies (Q).-Dun & Bradstreet, Inc. (Used by
permission. This series may not be reproduced without
written permission from the source.)
(35,75)
961. Diffusion index of average workweek of production
workers, manufacturing—20 industries (M).—Sources 1
and 3
(36,74,77)
962. Diffusion index of initial claims for unemployment
insurance, State programs—51 areas (M).—Source 1
and U.S. Department of Labor, Employment and Training
Administration; seasonal adjustment by Bureau of
Economic Analysis
(36,74)
963. Diffusion index of number of employees on private
nonagricultural payrolls—172 industries (M).—Source
3
(36,74)
964. Diffusion index of value of manufacturers' new orders,
durable goods industries—35 industries (M).-Sources
1 and 2
(37,75,77)
965. Diffusion index of newly approved capital
appropriations, deflated—17 manufacturing industries
(Q).-The Conference Board
(37,75)
966. Diffusion index of industrial production—24 industries
(M).-Sources 1 and 4
(37,75,78)
967. Diffusion index of spot market prices, raw industrials—
13 industrial materials (M).-Sources 1 and 3
(37,75,79)
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 nonfinancial borrowers in
credit markets (Q).-Source 4
(32,72)
112. Net change in bank loans to businesses (M).—Source 4;
seasonal adjustment by Bureau of Economic
Analysis
(32,72)
80. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in 1972 dollars
(Q).-Source 1
(28,69)
115. Yield on long-term Treasury bonds ( M ) . - U . S .
Department of the Treasury
(34,73)
83. Rate of capacity utilization, manufacturing (EOQ).Source 1
(20,64)
951. Diffusion index of four roughly coincident indicator
components (M).-Source 1
(36,74)
105. Money supply Ml-B in 1972 dollars (M).-Sources 1, 3,
and 4
(31,71)
113. Net change in consumer installment credit (M).-Source
4
(32,72)
114. Discount rate on new issues of 91-day Treasury bills
(M).-Source 4
(34,72)
82. Rate of capacity utilization, manufacturing (Q).—Source
4
(20,64)
950. Diffusion index of twelve leading indicator components
(M).-Source 1
(36,74)
968. Diffusion index of stock prices, 500 common stocks—
53-82 industries ( M ) . - S t a n d a r d & Poor's
Corporation
(37,75)
79. Corporate profits after taxes with inventory valuation
and capital consumption adjustments in current 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)
(34,72)
1-C. Diffusion Indexes
85. Change in money supply Ml-B (M).-Source 4(31,71)
67. Bank rates on short-term business loans (Q)-Source
4
(35,73)
69. Manufacturers' machinery and equipment sales and
business construction expenditures (industrial and commercial construction put in place) (M).—Source
2
(24,67)
119. Federal funds rate (M).-Source 4
116. Yield on new issues of high-grade corporate bonds
( M ) . - C i t i b a n k 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)
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)
11 -A. National Income and Product
30. Gross private domestic investment, change in business
inventories, all industries, in 1972 dollars (Q).—Source
1
(26, 42, 68, 81)
50. Gross national product in 1972 dollars (Q).-Source
1
(19,39,40,63,80)
64. Compensation of employees as a percent of national
income (Q).-Source 1
(30,47,70,83)
200. Gross national product in current dollars (Q).—Source
1
247. Gross private domestic investment, change in business
inventories, all industries, as a percent of gross national
product (Q).-Source 1
(47,83)
(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)
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)
253. Imports of goods and services in current dollars;
national income and product accounts (Q).-Source
1
(44,82)
255. Net exports of goods and services in 1972 dollars;
national income and product accounts (Q).-Source
1
(44,82)
256. Exports of goods and services in 1972 dollars; national
income and product accounts (Q).—Source 1 (44,82)
257. Imports of goods and services in 1972 dollars; national
income and product accounts (Q).-Source 1 (44,82)
260. Government purchases of goods and services, total, in
current dollars (Q).-Source 1
(43,81)
261. Government purchases of goods and 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)
(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)
Il-B. Prices, Wages, and Productivity
310. Implicit price deflator, gross national product (Q).—
Source 1
(48,84)
311. Fixed-weighted price index, gross business product
(Q).-Source 1
(48,84)
320. Index of consumer prices, all items (M).-Source
3
(49,59,84,95)
322. Index of consumer prices, food (M).-Source 3(49,84)
330. Index of producer prices, all commodities (M).—Source
3
(48,85)
331. Index of producer prices, crude materials for further
processing (M).-Source 3
(48,85)
332. Index of producer prices, intermediate materials, supplies, and components (M).-Source 3
(48,86)
333. Index of producer prices, capital equipment (M).—
Source 3
(48,86)
334. Index of producer prices, finished consumer goods
(M).-Source 3
(48,86)
335. Index of producer prices, industrial commodities (M).—
Source 3
(48,85)
340. Index of average hourly earnings of production workers,
private nonfarm economy—adjusted for overtime (in
manufacturing only), interindustry employment shifts,
and seasonality (M).-Source 3
(49,87)
265. Federal Government purchases of goods and services as
a percent of gross national product (Q).—Source
1
(47,83)
266. State and local government purchases of goods and
services in current dollars (Q).-Source 1
(43,81)
267. State and local government purchases of goods and
services in 1972 dollars (Q).-Source 1
(43,81)
341. Index of real average hourly earnings of production
workers, private nonfarm economy—adjusted for
overtime (in manufacturing only), interindustry
employment shifts, and seasonality (M).-Source
3
(49,87)
268. State and local government purchases of goods and
services as a percent of gross national product (Q).—
Source 1
(47,83)
346. Index of real average hourly compensation, all
employees, nonfarm business sector (Q).—Source
3
(49,88)
280. Compensation of employees (Q).-Source 1
282. Proprietors' income with inventory valuation and capital
consumption adjustments (Q).—Source 1
(45,82)
348. Negotiated wage and benefit decisions, all industriesfirst year average (mean) changes (Q).—Source
3
(50,88)
237. Personal consumption expenditures, services, in current
dollars (Q).-Source 1
(41,81)
283. Proprietors' income with inventory valuation and capital
consumption adjustments as a percent of national
income (Q).-Source 1
(47,83)
349. Negotiated wage and benefit decisions, all industriesaverage (mean) changes over life of contract (Q).—
Source 3
(50,88)
238. Personal consumption expenditures, nondurable goods,
in 1972 dollars (Q).-Source 1
(41,81)
284. Rental income of persons with capital consumption
adjustment (Q).-Source 1
(45,82)
239. Personal consumption expenditures, services, in 1972
dollars (Q).-Source 1
(41,81)
285. Rental income of persons with capital consumption
adjustment as a percent of national income (Q).—
Source 1
(47,83)
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)
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
(45,82)
286. Corporate profits with inventory valuation and capital
consumption adjustments (Q).-Source 1
(47,82)
287. Corporate profits with inventory valuation and capital
consumption adjustments as a percent of national
income (Q).-Source 1
(47,83)
345. Index of average hourly compensation, all employees,
nonfarm business sector (Q).—Source 3
(49,87)
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)
Il-C. Labor Force, Employment, and
Unemployment
37. Number of persons unemployed, labor force survey
(M).-Sources 2 and 3
(18,51,62,89)
(45,82)
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)
442. Total civilian employment, labor force survey (M).—
Sources 2 and 3
(51,89)
290. Gross saving—private saving plus government surplus or
deficit (Q).-Source 1
(46,82)
444. Number unemployed, males 20 years and over, labor
force survey (M):-Sources 2 and 3
(51,89)
288. Net interest (Q).-Source 1
TITLES AND SOURCES OF SERIES- Continued
445. Number unemployed, females 20 years and over, labor
force survey (M).-Sources 2 and 3
(51,89)
565. National defense purchases as a percent of gross
national product (Q).-Source 1
(55,91)
47. United States, index of industrial production, total
446. Number unemployed, both sexes 16-19 years of age,
labor force survey (M).-Sources 2 and 3
(51,89)
570. Employment in defense products industries ( M ) . Source 3; seasonal adjustment by Bureau of 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)
I I 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)
Il-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, adjusted, excluding military
(Q).-Source 1
(57,93)
622. Balance on merchandise trade (Q).-Source 1 (57,93)
651. Income on U.S. investments abroad (Q).-Source
1
(57,93)
652. Income on foreign investments in the United States
(Q).-Source 1
(57,93)
667. Balance on goods and services (Q).-Source 1(57,93)
(54,91)
668. Exports of goods and services, excluding transfers under
U.S. military grants (Q).-Source 1
(57,93)
559. Value of manufacturers' inventories, defense products
(EOM).-Source 2
(54,91)
669. Imports of goods and services, total (Q).-Source
1
(57,93)
4
561. Value of manufacturers' unfilled orders, defense products (EOM).-Source 2
(54,91)
564. Federal Government purchases of goods and services for
national defense (Q).-Source 1
(55,91)
(14,20,39,58,63,78,94)
721. Organization for Economic Cooperation and
Development, European countries, index of industrial
production (M).—Organization for Economic Cooperation and Development (Paris)
(58,94)
722. United Kingdom, index of industrial production (M).—
Central Statistical Office (London)
(58,94)
723. Canada, index of industrial production (M).-Statistics
Canada (Ottawa)
(58,94)
725. West Germany, index of industrial production (M).—
Deutsche Bundesbank (Frankfurt)
(58,94)
726. France, index of industrial production (M).—Institut
National de la Statistique et des Etudes Economiques
(Paris)
(58,94)
727. Italy, index of industrial production (M).-lnstituto
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
(M).-Source 4
Il-F. International Comparisons
19. United States, index of stock prices, 500 common stocks
(M).-Standard & Poor's Corporation (13,28,59,69,96)
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).-lnstitut
National de la Statistique et des Etudes Economiques
(Paris); percent changes seasonally adjusted by Bureau
of Economic Analysis
(59,95)
737. Italy, index of consumer prices (M).—Instituto Centrale
di Statistica (Rome); percent changes seasonally
adjusted by Bureau of Economic Analysis
(59,96)
738. Japan, index of consumer prices (M).—Office of the
Prime Minister (Tokyo); percent changes seasonally
adjusted by Bureau of Economic Analysis
(59,95)
742. United Kingdom, index of stock prices (M).-The
Financial Times (London)
(59,96)
743. Canada, index of stock prices (M).—Statistics Canada
(Ottawa)
(59,96)
745. West Germany, index of stock prices (M).-Statistisches
Bundesamt (Wiesbaden)
(59,96)
746. France, index of stock prices (M).—Institut National de
la Statistique et des Etudes Economiques (Paris)
(59,96)
747. Italy, index of stock prices (M).—Instituto Centrale di
Statistica (Rome)
(59,96)
748. Japan, index of stock prices (M).—Tokyo Stock
Exchange (Tokyo)
(59,96)
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